If you provide information posting or instant messaging, you must require users to provide their real identity information

In plain words

If your website lets people post or chat, you must ask for their real identity information when they sign up for the service. If they don't provide it, they can't use it. The usual way is to store the real name on the back end, let the user choose which nickname shows on the page, and verify with a mobile phone number. If you don't require real-name registration, you are first ordered to correct it. If you don't, the fine is 50,000 (5万) to 500,000 (50万) CNY, and the site may also be shut down.