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The reason behind the strange trend in Hong Kong and US internet stocks has been found
In the positions disclosed on June 30, 2026, they actually took over at high levels the shares of Jinhang Holdings and Jianpiaojiceng Board.
Jinhang Holdings fell 60–70% not long after, while Jianpiaojiceng Board dropped 50%.
Buying the “falling knife” at the high end, then getting buried.