A 32-year-old investor in central Hunan never expected a routine phone call about stock tips would leave him nursing heavy losses.
In a post on RedNote, he said a caller claiming ties to private equity firms offered daily stock recommendations, urging him to buy within fixed quotas in exchange for sharing half the profits.
“It was sketchy – I’m now trapped in the market and down almost 20 per cent,” he said on Thursday.
His experience reflects a broader surge in scams targeting retail investors, as fraudsters pose as market experts to sell tips and services.
Chinese authorities have shut down around 10 social media accounts for illegally recommending individual stocks, luring users into paid chat groups and selling misleading stock-picking software, the Cyberspace Administration of China said in a statement on Thursday
The accounts operated across platforms including Weibo and RedNote, as well as video sites such as Bilibili and Kuaishou.
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