A life governed by law, wisdom like an ocean, a sincere heart like a bell, and working together with Dehe. Every lawyer at Dehe holds the original aspiration of serving the people, adheres to the service philosophy of "diligence, craftsmanship, and excellence", and marches forward bravely on the broad road of the rule of law with an energetic spirit. They shine and excel in their beloved fields. In the "Personality Interview" of Dehehantong, we invite you to join us in exploring the diverse lives of the Dehe people.

In recent years, the process of legal reform in the capital market has accelerated, and the regulatory signal of zero tolerance for financial fraud has been continuously strengthened. The investigations of landmark cases such as Kangmei Pharmaceutical and Zanzhai Island have clearly delineated the extensive legal net for administrative, criminal and civil accountability. This article will, through the review of typical judicial cases, focus on analyzing the core logic, evidence transformation path and key challenges in current accountability practices for financial fraud from administrative determination to criminal prosecution, aiming to provide guidance for all market participants in understanding and responding to the legal risks of financial fraud.

A $2 billion acquisition deal, a Chinese AI star company that had been praised by CCTV, a lightning-fast headquarters relocation, and a review notice from the Chinese Ministry of Commerce - this was the most talked-about Manus acquisition by Meta in the AI market and the global tech circle in 2025-2026. Too many enterprises have set sail with technological dreams and business ambitions, but they do not fully understand the rules of geopolitical and international regulatory waters. The compliance review of Manus is still pending, but due to its unique development trajectory and the current review predicament it faces, it is likely to become a typical case of tech companies going global in the future. It clearly reveals a core proposition: In today's world where technology has become a key focus of competition, the internationalization path of enterprises is no longer simply market expansion or capital operation; it is a multi-dimensional compliance journey involving technology exports, cross-border data, company structure, investment review, cross-border mergers and acquisitions, etc. This article will review Manus' journey, analyze the legal logic behind the review, and attempt to provide a guide for all Chinese tech companies that are currently or plan to go global.

Micro-dramas refer to short episodic works with relatively short duration and mainly played in portrait mode. They have now become one of the entertainment choices for an increasing number of people. The "White Paper on the Development of China's Micro-Dramas (2025)" shows that in 2025, the user base of micro-dramas in China was 696 million, and it is estimated that the number of independently produced and released vertical-screen dramas throughout the year would be approximately 40,000.

In a legal life, wisdom is as vast as the sea, the original aspiration is as clear as a chime, and virtue and kindness go hand in hand. Every lawyer of Dehehantong, with the original aspiration of serving the people in their hearts, adheres to the service philosophy of "diligence, craftsmanship and excellence", and strides forward with high spirits on the broad road of the rule of law, shining in the fields they love. Dehehantong's "Character Interviews" invite you to explore the diverse lives of Dehe people together.

Since 2024, the regulatory authorities have significantly strengthened their enforcement efforts on the content of advertising citations. Particularly in industries such as infant formula milk powder, electric vehicles, and restaurant chains, cases involving illegal advertisements citing the "Market Position Confirmation Certificates" issued by third-party market research institutions have been on the rise. Against this backdrop, the State Administration for Market Regulation recently released the "Admission Draft of the Enforcement Guidelines for Advertising Citation Content" (hereinafter referred to as the "Enforcement Guidelines"), aiming to provide clear enforcement guidelines for grassroots law enforcement departments and delineate compliance red lines for advertisers, advertising operators, and advertising publishers. This article will conduct a brief analysis of the Enforcement Guidelines from a legal perspective, based on recent typical administrative penalty cases, with the aim of providing reference for enterprises' advertising compliance work.