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Another reason is that software for stealing information from computer systems or databases on the internet is becoming available online these days, said Zhu Wei, deputy director of the Research Center on Communication Laws at the China University of Political Science and Law.

Anutin Charnvirakul (C), Thai Deputy Prime Minister. [Photo/IC]

Apart from Douyin and Sougou, three other companies involved are advertisement and media production enterprises. Under the advisory of the State Administration for Market Regulation, the Beijing Administration of Industry and Commerce is now investigating the five companies and the punishment will be released in a timely manner, the release said.

Another clear signal from the leadership is that the China Central Television's flagship daily news show Xinwen Lianbo has covered the A-share market several times this year, which was rare in its history. The latest coverage was on Aug 8 where CSRC Vice-Chairman Li Chao said the A-share market's capacity to withstand external risks is increasing, citing the market's low valuation and reduced leverage risks, along with relatively stable investor sentiment despite trade frictions with the US.

Apart from focusing on middle-income earners, China's millennials will have more purchasing power because many of their parents not only own an apartment but are not weighed down excessively by accommodation or mortgage concerns, said Ma Yu, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.