Beiqingsong Actual Controller Ma Xuejun Fined RMB 11.84 Million for Manipulating Securities Market

36Kr learned that Beiqingsong announced that its controlling shareholder and actual controller, Ma Xuejun, has received an Administrative Penalty Decision from the China Securities Regulatory Commission (CSRC). Ma had previously been placed under investigation on suspicion of manipulating the securities market and received a Notice of Prior Administrative Penalty in June 2026. The decision shows that seven individuals, including Ma Xuejun, manipulated the stock of "Beiqingsong." They are ordered to forfeit illegal gains of RMB 10.1183 million and pay fines of RMB 30.3548 million, for a total of RMB 40.4731 million, of which Ma Xuejun is responsible for RMB 11.8419 million. Ma is also subject to a five-year securities market ban and a five-year prohibition on securities trading. The company stated that the matter is a personal issue of the controlling shareholder and is unrelated to the company's production and operations.