The web of 350 fake social media profiles aims to discredit the West, sometimes with garish cartoons.
The move comes as Chinese firms listed in the US face increasing scrutiny by Beijing and Washington.
Authorities in China are scrambling to control the spread of the virus by ramping up testing and vaccinations.
The cyclists appeared on the podium wearing the badges in a potential breach of Olympic rules.
In recent months Beijing has cracked down on China's technology and private education industries.
The city of 11 million people is known to be the site where the coronavirus first emerged in 2019.
To ultra-nationalists online, losing an Olympic medal is being "unpatriotic", experts say.
More victims are discovered following the severe floods that engulfed Henan province in July.
Authorities are carrying out mass testing and have imposed sweeping lockdowns across 15 provinces.
The event is described as "exceptional" by experts, as panda reproduction is notoriously difficult.
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