Being overseas, “remotely” manipulating A-share small and medium-sized stocks has continuously created miraculous surges, even being deified as a stock god—indeed, there is such a blogger with an avatar of an anime girl who has recently gone viral, highlighting a phenomenon that warrants vigilance in the A-share market.

Source: Entrepreneurial Board Observation

This finance blogger is named “Serenity”, who has 758,000 followers on an overseas social platform. Due to her avatar of a white-haired anime girl, she is referred to by domestic investors as “White-haired Stock God” or “White-haired Witch”, participating in the A-share market in an almost absurd manner.

Market controversy has arisen. The actions of the “White-haired Stock God” blowing stocks across borders reportedly triggered a public backlash from domestic brokerage analysts, saying, “These idiots will eventually pay the price, thinking that running abroad means they can do whatever they want.”

What has garnered even more attention is how to effectively avoid this closed-loop path of cross-border stock promotion—information flooding back domestically—raising stock prices?

• Event Review: “Mentioned in Passing” Leads to Two Stocks Surging to the Limit

On June 8, the stock market underwent substantial adjustments, but the intelligent robot concept stock Green's Harmonics and the smart new energy concept stock Easi-Trans both hit a 20cm limit up. The connection between these two originally unrelated companies is the aforementioned overseas social platform finance blogger “Serenity”.

The surge of “A-share magic” by “White-haired Stock God” Serenity began on June 5, driving two stocks to limit up with two “mentions in passing”.

First, Green's Harmonics. On June 5, Serenity posted overseas, stating, “Green's Harmonics is my most favored Chinese listed target in the humanoid robot field.” At that time, NVIDIA's CEO Jensen Huang had just made optimistic remarks about industrial robotics, leading to a collective rise in related sectors. However, Serenity's post, after being rapidly translated and flooded back into domestic communities, became a catalyst, causing Green's Harmonics’ stock price to soar straight to a 20cm limit up in the afternoon. On June 8, the stock surged again by nearly 9%, with an accumulated increase of almost 40% this month.

“Green's Harmonics is my most favored Chinese listed target in the humanoid robot field.”

Next, Easi-Trans. Just three days later on June 8, Serenity released a list of more than 30 companies related to the 800V DC concept stock, where Easi-Trans, with the code “300376.SZ”, was prominently listed. Within 15 minutes of the post, Easi-Trans' stock price also shot up to a 20cm limit up. In the face of such a frenzied trajectory, even Serenity herself posted overseas, exclaiming: “Everyone knows this is just a crowdsourced list, how did it rise by 20%?”

The 800V DC concept stock list mentioning “300376.SZ” Easi-Trans.

The White-haired Stock God seems to be reveling in this “victory”. Regarding the two stocks hitting the limit up in the A-share market, her latest post also mentioned, “Looks like I’ve become the focus of Chinese news? I just published a research report on Green's Harmonics and its role in the humanoid robot supply chain. Looks like the Chinese robot sector is up, and Green's Harmonics is also limit up? Thanks everyone for calling me 'Overseas God'”.

Serenity posts thanking fans for the title “Overseas God”.

As Serenity's influence in China has grown exponentially, some domestic investors have even messaged her to request “product promotion”, explicitly stating, “I know you are Chinese... I can pay you.” The reporter noted that Serenity's follower count has reached 758,000, and with the two stocks hitting their limits, the following is still increasing. In her latest biography, Serenity herself has added the label “White-haired Stock God”.

As the effect of the “White-haired Stock God” continues to amplify, it has not only sparked speculation among domestic investors regarding the true identity of the “White-haired Stock God”, but has also reportedly provoked public backlash from domestic brokerage analysts, suspected domestic analysts posted on their personal circles saying: “These idiots will eventually pay the price, thinking that running abroad means they can do whatever they want.”

It is exactly because of this comment that Serenity's series of actions has triggered controversy regarding cross-border stock promotions and market manipulation. The controversy lies in whether the “White-haired Stock God” has achieved special purposes through blowing stocks on overseas social media platforms, necessitating vigilance regarding information floods back into the domestic market.

Such individuals, if their true identity is indeed domestic teams or individuals, by releasing stock recommendation information on overseas social platforms and then utilizing domestic social media (Weibo, WeChat groups, Xueqiu, etc.) for backflow and dissemination, thus attracting domestic retail funds to follow suit and inflate stock prices, have become typical and malicious “exporting to domestic sales style cross-border promotions.” This raises suspicions of bypassing domestic regulatory compliance, collaborating with funds or even major shareholders to inflate stock prices and deliver benefits, ultimately to profit from retail investors.

The reporter noticed that there was a highly liked comment in Serenity’s post, where a fan mentioned, “This is how the Chinese stock market operates; any slight change can trigger a wave of quantitative trading and retail buying, rapidly pushing up stock prices, and then everyone waits for the next buyer to take over.”

• Controversy Point One: Is there cross-border stock promotion and market manipulation involved?

Serenity’s ability to precisely drive a 20cm limit up with just a “casual mention” leads us to the most heated and divisive core issue: are her actions merely “pure, neutral sharing of overseas investment views,” or do they involve “cross-border stock promotion and market manipulation”?

In her latest post, Serenity seemed to respond to this incident, which looks more like a “disclaimer”. She stated, “All media in China, like me, are confused about this stock code (referring to Easi-Trans). By the way, these are all stocks recommended by fans, not my personal recommendations. I only compiled everyone’s recommendations into a list of over 30 stocks related to 800V DC.” It is worth mentioning that Serenity is not a licensed investment adviser or institutional investor, and she has repeatedly added “DYOR (Do Your Own Research, risks assumed by yourself)” as a disclaimer in her tweets.

Serenity states that the stocks she showcases are not personal recommendations but fan recommendations.

Based on discussions with regulatory compliance personnel from brokerages and some lawyers, currently there are four points of discussion.

First, if Serenity has not built a position in the relevant A-shares before posting, or strictly holds them for long-term investment after building a position, and simply shares research results with no compensation or profit-sharing, this falls under the scope of overseas freedom of speech and normal expression of views, bearing no legal liability.

Second, if she or her associated interests had already accumulated a large amount of domestic chips before publishing the lists of “Green's Harmonics” or “Easi-Trans”, using her internet celebrity effect to guide retail funds to inflate stock prices, and then cashing out by selling at high prices during the stock price surge of the “20cm big profit”. This behavior of “first building a position, then promoting stocks, then dumping them” is clearly defined as “front-running trading type” market manipulation in any mainstream securities legal system.

Third, if Serenity’s posting is merely for overseas community discussions, and domestic investors or self-media spontaneously carry her content back into domestic communities, leading to a follow-up by funds. In this case, the limit up of individual stocks would belong to “spontaneous market behavior triggered by internet celebrity effects.” Her statement, “Everyone knows this is just a crowdsourced list, how did it rise by 20%?”, if genuinely expressed, would lean more towards passive market following.

Fourth, whether there is intentional dissemination. If there are domestic funds paying overseas internet celebrities to issue lists, and then utilizing domestic self-media teams to disseminate in WeChat groups, Xueqiu, Weibo on a large scale, guiding retail investors to charge. Once this closed loop is formed, both the overseas “speaker” and the domestic “disseminator” would have crossed the red line of cross-border market manipulation.

Behind a series of controversies lies the need to verify Serenity's true identity, a fact that would increase suspicions about whether she is an overseas promoter for domestic entities or if she has collaborations with domestic institutions or groups, needing further verification. She claims to be a former AI research scientist, with the market packaging her as the “AI semiconductor supply chain master” and a representative of the “bottleneck theory”.

Serenity adds a note on her personal page stating she is the White-haired Stock God.

What is “bottleneck theory”? The core logic lies in not directly investing in terminal giants like NVIDIA, but finding the most “critical” upstream core links in the construction of AI computing power centers (such as optical communication, silicon photonics, indium phosphide substrates, optical modules, testing equipment, etc.). Serenity became famous for her precise bullish stance on the global indium phosphide substrate giant AXT, which has seen its stock price increase four to five times this year.

As it stands, Serenity's true identity cannot be verified, but the reporter browsed through the comment section and found that many fans are trying to piece together her personal information, with the current prevailing conclusion being that Serenity is a Chinese individual living overseas. She has also responded to such questions, stating, “I am very internationalized. I am now in Japan, learning Japanese; I lived in China for some time, so I know some Chinese; I played soccer in Mexico, so I can speak Spanish; and I often play League of Legends with Korean friends.”

• Controversy Point Two: Is this illegal stock recommendation? How will regulators intervene?

Currently, if Serenity is just a pure overseas blogger obsessed with industrial chain evolution, who has been deified as a “golden hand” by some speculative funds in the A-share market due to her impressive track record, it only indicates that speculation among certain small and mid-cap stocks in the current A-share market is too rampant, but conversely, vigilance is warranted.

Under the “Securities Law” of our country, any institution or individual who has not obtained permission from the China Securities Regulatory Commission and has not acquired qualifications for securities investment consulting business, providing investors with securities investment advice and receiving financial benefits directly or indirectly, constitutes illegal stock recommendation. Although there are significant practical barriers to enforcing laws against such overseas individuals utilizing cross-border dissemination to influence A-shares, once Serenity accepts a “payment” request from relevant domestic interests to promote specific stocks, even if she sets her servers and accounts overseas, as long as her actions result in effects in the A-share market, Chinese regulatory bodies still retain jurisdiction.

Will regulators take action? Currently, it is unknown, but given recent years’ regulatory attitudes towards influential figures, in a market like the A-share where the retail base is vast and highly sensitive to technology concepts, such cross-border capital chaos has evidently entered the regulatory sights. Domestic regulatory authorities have continuously cracked down on illegal stock promotion behavior online and managed the violations of influential figures in recent years.

For example, accounts like “Captain Jack Macro Strategy” and “Captain Jack Macro Strategy Gossip”. Since August 2023, a person named Hu has controlled these accounts, using Weibo to continuously fabricate and disseminate false information or misleading information pertaining to capital market regulatory dynamics and policies, disrupting the normal order of the securities market, violating relevant provisions of the “Securities Law”, and constituting the act of fabricating and disseminating false information. In response, regulatory authorities have made administrative punishment decisions against Hu, imposing an 800,000 yuan fine and three years of ban from the securities market.

• Controversy Point Three: Why is this happening? Be wary of cross-border information flooding back.

Behind the two 20cm limit ups triggered by “White-haired Stock God” Serenity, apart from the speculation regarding the true identity of the celebrity, a phenomenon that deserves the heightened vigilance of the entire A-share market is emerging, namely cross-border information backflow.

The so-called “information backflow” refers to specific interest groups or speculative funds within the country, utilizing gray areas of domestic and foreign regulation and information disparity, employing overseas social platforms as “packaging factories” and “sounding boards”, then directing small writings “exporting and re-importing” them towards domestic communities, thus precisely manipulating A-share stock prices.

Due to sustained high-pressure crackdowns by domestic regulators on “illegal stock recommendations”, black industrial chains, and “black mouth” small writings, the survival space for traditional illegal promotions domestically has been greatly compressed. Consequently, the interests chain has begun to extend overseas, and the ultimate goal of information backflow is always the harvesting of funds.

What’s even more alarming are the screenshots of private messages leaked from communities, with domestic parties attempting to request this overseas influencer to promote domestic targets through payment. This indicates that cross-border “information backflow” may show signs of becoming fixed, commercialized, and industrialized.

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