两上市公司前高管，被拘捕！

Core Viewpoint - The article discusses the recent market manipulation and corruption allegations involving two former executives of a listed company, which has led to a significant rise in the semiconductor industry chain stocks [11][12][13]. Market Performance - On July 25, Hong Kong's three major stock indices all fell, with the Hang Seng Index down 1.09% to 25,388.35 points, the Hang Seng Tech Index down 1.13% to 5,677.9 points, and the Hang Seng China Enterprises Index down 1.16% to 9,150.49 points [1]. - The total market turnover was HKD 281.77 billion, with southbound funds net buying over HKD 20 billion [1]. - The Hang Seng Index has increased by 2.27% and the Hang Seng Tech Index by 2.51% for the week [1]. Stock Movements - Notable declines in blue-chip stocks included Kuaishou down 4.86%, New Oriental down 3.36%, and Meituan down 3.20% [3][4]. - The semiconductor sector saw significant gains, with Huahong Semiconductor rising 9.09% to HKD 42.60 per share [14][16]. Sector Analysis - The semiconductor industry chain experienced a sharp increase in stock prices, with Huahong Semiconductor leading the rise [14]. - Other semiconductor stocks also saw substantial increases, including Jingmen Semiconductor up 6.67%, QPL International up 6.45%, and SMIC up 4.98% [16]. - CICC's report indicates that the semiconductor and components industry is expected to grow due to the deepening penetration of generative AI technology and the acceleration of domestic substitution [16]. Regulatory Actions - The Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption conducted a joint operation on July 23, targeting a sophisticated criminal group suspected of manipulating a listed company's shares through corrupt means [12]. - Two former executives were arrested for allegedly conspiring to use false documents to misrepresent the company's agreements and manipulate its stock price [12].