According to the administrative penalty decision issued by the Securities Regulatory Commission, the CSRC opened a case investigation into Chen Guanghua's fabrication and dissemination of false information. It was discovered that the person concerned had the following illegal facts: 1. Chen Guanghua spread false information. Chen Guanghua used a self-media account certified by his real name. The number of followers exceeded 1.03 million, and he had a certain influence on the Internet. Chen Guanghua used the above self-media account to post information including tax rate adjustments on February 3, 2026. After investigation, the above information was false. 2. False information disrupts the securities market. As an influential self-media person, Chen Guanghua failed to fulfill the necessary duty of care and spread false information without considering and verifying the authenticity of the relevant information, disrupting the securities market. Chen Guanghua had no illegal proceeds from the above acts. The above illegal facts are proven by evidence such as transcripts of inquiries from relevant personnel, media platform data, and screenshots of WeChat group information, which is sufficient to determine. According to the facts, nature, circumstances and degree of social harm caused by the person concerned, according to section 193 (1) of the Securities Law, the Securities Regulatory Commission decided to fine Chen Guanghua 200,000 yuan.

According to the administrative penalty decision issued by the Securities Regulatory Commission, the CSRC opened a case investigation into Chen Guanghua's fabrication and dissemination of false information. It was discovered that the person concerned had the following illegal facts: 1. Chen Guanghua spread false information. Chen Guanghua used a self-media account certified by his real name. The number of followers exceeded 1.03 million, and he had a certain influence on the Internet. Chen Guanghua used the above self-media account to post information including tax rate adjustments on February 3, 2026. After investigation, the above information was false. 2. False information disrupts the securities market. As an influential self-media person, Chen Guanghua failed to fulfill the necessary duty of care and spread false information without considering and verifying the authenticity of the relevant information, disrupting the securities market. Chen Guanghua had no illegal proceeds from the above acts. The above illegal facts are proven by evidence such as transcripts of inquiries from relevant personnel, media platform data, and screenshots of WeChat group information, which is sufficient to determine. According to the facts, nature, circumstances and degree of social harm caused by the person concerned, according to section 193 (1) of the Securities Law, the Securities Regulatory Commission decided to fine Chen Guanghua 200,000 yuan.