Legal analysis: Gray industry is an industry that is neither reasonable nor legal, such as registration industry chain, game industry chain, etc. Those suspected of gray industry generally have serious consequences for social order. The court will comprehensively consider factors such as criminal motivation, subjective malignancy, social harm, recidivism, surrender, meritorious service and other mitigating circumstances, as well as the parties' guilty plea attitude and other factors. For example, when sentencing for the crime of illegal business operations, generally speaking, the penalty is fixed-term imprisonment of not more than five years or criminal detention, and a fine of not less than one time but not more than five times the illegal income, or a fine of not less than one time and not more than five times the illegal income; if the circumstances are particularly serious, the person is sentenced to fixed-term imprisonment of not less than five years and criminal detention. A fine of not less than one time but not more than five times the illegal income or property confiscation may be imposed.

Legal basis: Article 225 of the "Criminal Law of the People's Republic of China" The following fixed-term imprisonment or criminal detention, and concurrently or solely a fine of not less than one time but not more than five times the illegal income, or a fine of not less than one time but not more than five times the illegal income; if the circumstances are particularly serious, the sentence is to be not less than five years in prison and a fine of not less than one time but not more than five times the illegal income, or confiscation of property:

(1) Operating special items or other restricted items stipulated in laws and administrative regulations without permission;

(2) Buying and selling import and export licenses, import and export origins Certificates and other business licenses or approval documents stipulated in laws and administrative regulations;

(3) Illegal operations of securities, futures, and insurance businesses without approval from relevant national competent authorities, or illegal fund payment and settlement Business;

(4) Other illegal business activities that seriously disrupt market order.