A wave of social media fund influencers has emerged alongside the 2023 A-share market rally, with one post-2000s influencer, known as "Xiao Yang," standing out through her flashy income screenshots.
Xiao Yang operates multiple accounts across platforms, including Xiaohongshu, amassing nearly 200,000 total followers across four profiles. Her content primarily focuses on bullish predictions for specific stock market sectors, accompanied by real-time portfolio updates showing purchased funds, amounts, and returns. However, over the past month, Xiao Yang has faced not only portfolio drawdowns but also complaints from followers regarding unlicensed stock recommendations, solicitation of tips, and broker client referrals.
How does a post-2000s fund influencer transition from showcasing portfolio gains to unlicensed stock advice and alleged broker client recruitment? This investigation, drawing on interviews with investors, industry professionals, and legal experts, attempts to uncover the monetization strategies behind these influencers and the compliance boundaries they navigate. Notably, Xiao Yang has recently reduced her social media activity, with her trading portfolios and multiple WeChat public accounts ceasing updates.
In May, Zhang Li stumbled upon Xiao Yang's posts on social media, primarily sharing her personal fund trades. During the A-share tech sector rally, Zhang Li was persuaded to invest 200,000 yuan in funds based on the "direction" Xiao Yang suggested. Zhang Li told reporters that persistently liking and commenting on Xiao Yang's posts was the key to gaining entry into her WeChat fan group. After securing this "entry ticket," Zhang Li joined a group of over 200 members, named with a "bestie" theme, where followers addressed Xiao Yang as "X-bao."
Group member Xiao Xiao explained the funnel: Xiao Yang first attracts followers on social media, then redirects them to her WeChat public account, and finally guides them to add her personal WeChat and join the group. As followers moved from social media to WeChat, Xiao Yang cultivated a private community built on "bestie" and "X-bao" terminology, transforming the relationship from content consumer to investment partner working for profit. The group was just the beginning. Around June, Xiao Yang introduced tipping and paid articles on her WeChat public account. Xiao Xiao noted initial tips were small, but one follower tipped 188 yuan, a screenshot Xiao Yang repeatedly shared in the group, seemingly to pressure others.
Some investors described feeling compelled to tip daily and "make data" on multiple platforms, meaning they had to interact with Xiao Yang's posts to boost engagement metrics. Investor Liu Wei disclosed total tips of approximately 4,200 yuan, including an 888 yuan birthday transfer via WeChat. For paid articles, Xiao Yang reportedly set a price of 18.88 yuan, explicitly stating, "If you're not familiar, you're out (kicked), I can see everything," which pressured many followers into paying. Reporter research found Xiao Yang had four WeChat public accounts, all registered between April and June, but all ceased updates on August 4th.
Xiao Yang presented herself as a "Jiangsu-Zhejiang-Shanghai only daughter," but registration details show her public account is linked to an individual business established in January of this year. Multiple investors stated she is a current university student, having attended a vocational college in Jiangsu and later transferring to a Nanjing-based technology institute. Liu Wei, also a "Jiangsu-Zhejiang-Shanghai only daughter," was initially drawn to Xiao Yang's similar background, feeling a "little sister" affection. The key attraction, however, was the impressive stock and fund returns. "Seeing her daily return screenshots in April, May, June, when the market was good, everyone made money, so we believed she could help us make money," Liu Wei said.
The turning point came in July amid market volatility. Complaints about Xiao Yang surfaced on social media, accusing her of unlicensed stock recommendations and soliciting tips. Hao Ran, a complainant, stated Xiao Yang warned the group, "Those who don't tip and only make data will be kicked out," with a dedicated person tracking tips to determine entry into a core group for the top 25%. Liu Wei, fearing expulsion for not tipping or engaging, would pre-arrange leaves with Xiao Yang. Xiao Yang's own fund portfolio reveals a bias towards equity funds. Reporter investigation found two real-time trading accounts on one platform, totaling approximately 1.6 million yuan. As of August 13th, one account held 1.0342 million yuan across 7 funds, with a one-month return of -14.83%; the other held 615,000 yuan across 10 funds, with a one-month return of -15.38%. Both accounts share four overlapping funds, heavily invested in popular tech stocks like Zhongji Innolight, Eoptolink Technology, Hengtong Optic-Electric, and Yuanjie Semiconductor. Holdings in funds like China Southern SSE STAR Semiconductor Materials & Equipment Thematic ETF C, Huatai-PineBridge Quality Growth Mixed C, and Caitong Quality Selection Mixed C each exceeded 200,000 yuan. Some fund returns were over 18%, while others showed losses near 15%.
During the tech rally, Xiao Yang would daily share portfolio amounts and returns in the group, which were "all green (gains), inspiring envy," according to Liu Wei. Xiao Xiao acknowledged that initial fund purchases were profitable, and the subsequent market pullback was not blamed on Xiao Yang. However, in the "core group," Xiao Yang began recommending individual stocks. Entry required a weekly "gesture" (tips) placing in the top 25%. Liu Wei revealed that Liu Mei handled tip tracking and group management. When asked if the core group would share stock buy/sell points, Liu Mei stated, "The core group is like being spoon-fed." According to multiple investors, Xiao Yang recommended stocks like Dongshan Precision, Shijia Photonics, Yuanjie Semiconductor, and Yongding, and shared her own stock holdings. Notably, she posted an "operating guide" mentioning a specific investment advisor by name and registration number, clarifying it was "for reference only, not investment advice." Liu Wei said Xiao Yang had purchased this advisor's paid course for about 10,000 yuan, with some followers sharing the cost. Reporter investigation confirmed the advisor works for a Shanghai-based company, but no evidence links them to Xiao Yang's group operations.
Investors also complained about Xiao Yang's broker client referrals. She allegedly implied she could earn a commission of around 400 yuan per valid account opened. Xiao Yang reportedly said, "I can teach you stock trading. Beginners can open accounts, do it through 'boss' (Liu Mei)." Liu Mei posted a QR code linking to a state-owned broker offering 0.86 bps for A-shares and 0.5 bps for ETFs. Liu Wei was unaware of the commission complaints until late July. Li Yong, who opened an account via Liu Mei at Dongguan Securities, confirmed the process. Reporter contact with the broker's Chengdu branch found the financial advisor, "Xiao H," claiming ignorance of the commissions. Dongguan Securities Headquarters stated they had no information on the matter, while the Chengdu branch manager promised an internal investigation. Reporter reached out to Liu Mei, who stated about 130 people had opened accounts through her, but she was unaware of any commissions, claiming Xiao Yang handled the broker relationship. Multiple attempts to contact Xiao Yang for comment regarding the complaints were unsuccessful.
According to industry regulations, securities companies and their personnel cannot directly or indirectly return commissions to investors. Legal expert Xu Jinzhong analyzed that if Xiao Yang, lacking securities business qualifications, solicited client accounts with per-account commissions, this constitutes illegal securities business operations. The determination of unlicensed stock recommendations hinges on whether the individual provides investment advice to unspecified persons without proper qualifications and derives economic benefit, which can come from memberships, course fees, tips, or broker referrals. Xu warned that violators face confiscation of illegal gains, hefty fines, and potential criminal liability for severe cases. For investors who followed Xiao Yang, her profitable screenshots during the bull market built trust, leading some to invest 200,000 yuan, others to tip and purchase paid articles, and some to open brokerage accounts. Now, with the market correction and complaints surfacing, these investors are questioning whether they were paying for investment information or simply funding a "profitable persona."