(ECNS) -- China's investors have been urged to be careful when publishing and spreading stock market information, otherwise they may face heavy fines.
The China Securities Regulatory Commission (CSRC) has recently punished individuals involved in five cases of stock market violations, the China Business Daily reported on Wednesday.
Liu Qintao was fined 150,000 yuan ($22,800) for advising people to take a short position on a rail company's shares on June 2, 2015. Liu's post was viewed 42,700 times and had about 81 comments.
The securities regulator said Liu's post violated laws, and he was fined for spreading fake information.
The CSRC warned against spreading rumors that can cause panic and disorder in the stock market, seriously undermine market confidence, and inflict huge losses for the country and investors.
The punishment has raised hot debate online.
Some netizens think of Liu as the "god of stocks," which has helped him avoid heavy losses in the volatile stock market.
