@julianback
Why Insiders Cash Out During Recovery?
In Q3 2025, Perfect World's revenue surged 31% to ¥1.73B amid IP revivals, yet controller Chi Yufeng plans to offload 1.7% stake (~¥467M), totaling ~¥31B cashed since 2019. Star Hi Entertainment, profitable via asset sales (¥268M net), sees controllers Chen Yansheng/Chen Dongqiong eyeing ~¥200M exit.
Stated: Personal liquidity. Implied: Doubts on sustainable growth, old-IP reliance, sector volatility.
Signals: Bearish—overvaluation, fading momentum; prompts caution, potential sell-offs.
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