BlockBeats news, on June 9, Caixin, a leading Chinese media outlet under the supervision, ownership, and control of the Shanghai Newspaper Group, published an article today warning that Serenity, known as the "White-Haired God of Stocks" on X, who is based overseas, is allegedly remotely orchestrating a series of dramatic price surges in small- and mid-cap A-shares—a situation that warrants caution.
The article states that a series of actions by Serenity have sparked controversy over cross-border stock promotion and market manipulation. The concern is whether the "White-Haired Stock God" deliberately used overseas social media platforms to promote stocks for specific purposes, raising alarms about information backflow. If such individuals are indeed domestic teams or individuals, and they post stock recommendations on overseas social platforms, then amplify and disseminate this information through domestic social media (such as Weibo, WeChat groups, and Xueqiu), they attract retail investors in China to follow suit and drive up stock prices. This constitutes a typical and severe form of "export-to-domestic" cross-border stock promotion. Such activities are suspected of circumventing domestic regulatory compliance, coordinating with capital flows and even major shareholders of listed companies to inflate stock prices and transfer benefits, ultimately profiting at the expense of retail investors.
Behind the controversy lies the unverified identity of Serenity—a fact that raises suspicions about whether he is a Chinese national promoting stocks abroad or collaborating with domestic institutions or groups, requiring further investigation. Currently, if Serenity is merely a foreign-based blogger deeply focused on industry chain analysis, whose impressive track record has led some speculative capital in China’s A-share market to deify him as a “golden touch,” this would only indicate excessive speculative behavior among certain small- and mid-cap stocks in the A-share market. Conversely, if this is not the case, heightened caution is warranted.
Under China’s Securities Law, any individual or institution that provides securities investment advice to investors and directly or indirectly receives economic benefits without obtaining approval from the China Securities Regulatory Commission (CSRC) or the qualification for securities investment consulting services constitutes illegal stock recommendation. Although practical enforcement against overseas individuals exploiting cross-border dissemination to influence A-shares currently faces significant real-world challenges, if Serenity accepts a “payment” request from domestic interested parties to promote specific stocks, even if its servers and accounts are hosted overseas, Chinese regulators still have jurisdiction as long as the effects of its actions occur in the A-share market.