阿尔法工场研究院·2025-06-10 10:19Core Viewpoint - The article highlights the rampant insider trading in the A-share market, indicating that the frequency and audacity of such activities have reached unprecedented levels, overshadowing previous regulatory efforts [3][22]. Group 1: Instances of Pre-announcement Price Surge - Guokewi announced on June 6 its intention to acquire 94.366% of Zhongxin Ningbo's equity, leading to a 20% price surge on May 20, just before the announcement [5]. - Shangluo Electronics saw a 22.82% increase over four trading days prior to its announcement on June 4 regarding the acquisition of Guangzhou Ligong Technology [6]. - Bangji Technology's stock price surged on June 4 before announcing its acquisition plans [7]. - ST Jinbi experienced a 7.13% increase in the two trading days leading up to its announcement on June 4 regarding a share transfer [8]. - Huamao Technology's stock rose by 11.16% in the three trading days before its June 4 announcement of acquiring Shenzhen Fuchuang Youyue Technology [9]. Group 2: Long-term Price Increases Before Major Announcements - Honghui Fruits and Vegetables saw a 38.14% increase from April 1 to June 6, despite only a 2.97% rise on the announcement day [23]. - Maipu Medical's stock surged over 69.61% from April 7 to May 21, with significant increases noted before its announcement [23]. - Haitai Development's stock rose by 73.84% from April 7 to June 5, despite only a 1.73% increase on the announcement day [23]. - Feiyada's stock increased by 50.76% in May, with multiple days of over 9% gains leading up to its announcement on June 4 [23]. Group 3: Techniques of Insider Trading - The article discusses the strategy of creating false market signals to mislead investors, as seen in the case of Qunxing Toys, which experienced a sudden surge in trading volume before announcing a major asset restructuring [29]. - The practice of buying shares before creating favorable news is highlighted, with examples such as Diou Home, where the actual controller's shareholding was transferred to a related party [31]. - The article notes that insider trading is often concealed effectively, making it difficult for regulatory bodies to detect [34]. Group 4: Regulatory Challenges - The article emphasizes that even significant price increases do not necessarily trigger regulatory scrutiny, as companies can claim no insider information was leaked [36][38]. - Instances of companies reporting substantial price increases before announcements without facing consequences illustrate the challenges in enforcing regulations [40][41].