Caijing Media Warns of 'Export-Import Style Cross-Border Stock Promotion' by 'White Hair Stock God'

Huoxing Finance reports that on June 9, Caixin, a leading Chinese media outlet under the supervision, ownership, and control of the Shanghai Newspaper Group, published an article warning that Serenity, known as the “White-Haired Stock God” on X, is based overseas and is allegedly remotely orchestrating a series of dramatic price surges in small- and mid-cap A-shares—a phenomenon that warrants caution. The article states that Serenity’s activities have sparked controversy over cross-border stock promotion and market manipulation. The central concern is whether Serenity is using overseas social media platforms to promote specific stocks for targeted purposes, raising alarms about information backflow. If Serenity is indeed a domestic individual or team operating from abroad, posting stock recommendations on overseas platforms and then funneling this information back into domestic social media channels (such as Weibo, WeChat groups, and Xueqiu) to amplify its reach and attract retail investors to follow suit and artificially inflate stock prices, this constitutes a classic and severe case of “export-to-domestic” cross-border stock promotion. Such behavior raises suspicions of circumventing domestic regulatory compliance, colluding with capital or major shareholders of listed companies to manipulate stock prices and transfer benefits, ultimately profiting at the expense of retail investors. Underlying these controversies is the unresolved question of Serenity’s true identity. Establishing whether Serenity is a Chinese national promoting stocks from abroad—or whether he is collaborating with domestic institutions or groups—is critical and requires further investigation. Currently, if Serenity is merely an overseas content creator genuinely focused on industry analysis whose impressive track record has led some speculative A-share traders to deify him as a “golden touch,” this would only reflect the excessive speculative culture among certain small- and mid-cap A-shares. However, if the opposite is true, heightened vigilance is essential. Under China’s Securities Law, any individual or entity that provides investment advice to investors and directly or indirectly receives economic compensation without obtaining approval from the China Securities Regulatory Commission (CSRC) or the requisite qualification for securities investment consulting services is engaging in illegal stock recommendation. Although enforcing regulations against such overseas individuals influencing A-shares through cross-border channels presents significant practical challenges, if Serenity accepts payment from domestic parties to promote specific stocks—even if his servers and accounts are hosted overseas—Chinese regulators retain jurisdiction as long as the impact of his actions occurs within the A-share market.