CCTV Commentary: Cut off "vulgar bets" — Don't treat the stock market as a casino.

Recently, stocks like Offcn Education and Gongjin Electronics triggered an online frenzy among investors due to "vulgar bets" on stock forums. The former saw two limit-up moves in four days, while the latter had one limit-up move, staging a series of absurd stock price anomalies.

In response to the anomalies, the listed companies issued risk warning announcements, stating that their production and operations were normal, and that no significant changes had occurred or were expected in their internal or external operating environments. At the same time, the Shanghai and Shenzhen stock exchanges quickly took action: the Shenzhen Stock Exchange reported that, in response to abnormal trading behaviors affecting the normal trading order of Offcn Education, it had already taken regulatory measures such as suspending trading for relevant investors in accordance with regulations. The Shanghai Stock Exchange also stated that it was closely monitoring the trading of related stocks and would take self-regulatory measures such as suspending trading for abnormal trading behaviors that affect normal trading order in accordance with regulations.

This stock price anomaly driven by "vulgar bets" was promptly put on hold by decisive regulatory intervention.

Such "vulgar bets" are highly exaggerated and misleading: claims like "20x in one year" are purely hyperbole, and the vulgar "hooks" are forcibly associated with hot concepts such as "color stocks" (a pun on adult content) and AI hardware during transmission, seriously interfering with investor decision-making. This type of traffic manipulation is more insidious than stock market "rumor articles": there is no need to fabricate specific favorable lies; as long as the content is sufficiently vulgar and sensational, the curiosity and algorithm recommendation mechanisms will amplify the "misleading" nature on their own.

The resulting stock price anomalies lack fundamental support and are purely driven by online diffusion, leveraging sensational content to stir emotions and trigger the herd effect among retail investors. This chaos runs counter to the regulatory stance of cracking down on "speculating in small and poor-performance stocks" and combating the manipulation of stock prices through online traffic.

From the past crackdown on stock market "rumor articles" to the current direct action by exchanges against abnormal accounts, regulation has taken another step forward: not only will fabricating favorable false news be punished, but even if one relies on vulgar memes and emotional manipulation of pricing through traffic, one cannot escape being "hit as soon as the head appears." The signal value of this incident goes far beyond cooling down individual stock price anomalies; it also sets a clear red line for all attempts to "harvest retail investors" using vulgar and sensational tactics.

The capital market is highly sensitive to information. From "rumor articles" to "superstitious speculation" and then to "vulgar bets," often the "story" comes before fundamentals, and false or misleading information severely affects the stable operation of the market. One important reason for the frequent occurrence of such incidents is the low cost of illegal activities and the high returns from traffic. Some online platforms and self-media operators, in pursuit of traffic or commercial interests, ignore the authenticity of information, creating and spreading hot topics through exaggeration and tampering.

The internet is not a lawless land. Article 56 of the Securities Law clearly stipulates: "It is prohibited for any unit or individual to fabricate or disseminate false information or misleading information to disrupt the securities market." Intentionally fabricating and spreading rumors not only disrupts the order of the capital market but also damages social public order, and will ultimately face severe regulatory punishment that "grows teeth and thorns."

Investors should also be more sober: before using stock forum bets as a buying logic, they should first examine whether their own trading behavior is rational and whether it will cross the red line. Price discovery is the core function of the capital market, and it cannot tolerate any vulgar, traffic-driven manipulation. Abandoning the mentality of gambling on greater fools and returning to rational investment is the long-term path.

Source: CCTV.com Comment

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