The Cyberspace Administration of China (CAC), in collaboration with financial regulatory departments, recently legally disposed of a batch of accounts and websites that spread false information about the capital market, engaged in illegal stock recommendations and hyped virtual currency transactions, etc.. The involved accounts and websites have been closed.

Meanwhile, multiple accounts on social media platforms such as Douyin, WeChat official accounts and Weibo that engaged in illegal stock recommendations have also been closed.

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These accounts conducted illegal stock recommendations by using inflammatory or suggestive words to guide investors to pay to join investment groups, and claiming that they could predict stock market trends and buy certain stocks for guaranteed profits.