BlockBeats News, June 9th. An article published today by China's mainstream media Caixin, hosted by the Shanghai Newspaper Industry Group and under its actual control, warned about the overseas influence of the "White-Hair Stock God" Serenity on A-share small and medium-cap stocks, which have been experiencing continuous surges.

The article pointed out that Serenity's series of actions have sparked controversies regarding cross-border stock promotion and market manipulation. The concern is whether the "White-Hair Stock God" has a specific agenda through overseas stock promotion on social media, raising alarms about the possibility of information backflow. If individuals like Serenity, whose true identity may be a domestic team or individual, promote stocks on overseas social media platforms and then utilize domestic social media (Weibo, WeChat groups, Xueqiu, etc.) for information backflow and dissemination, attracting retail investors to follow the trend and drive up stock prices, this would constitute a typical and malicious "export-to-domestic" cross-border stock promotion. This tactic is suspected of circumventing domestic regulatory compliance, colluding with funds or even major shareholders of listed companies to boost stock prices and engage in benefits transfer, ultimately leading to the exploitation of retail investors.

Behind the series of controversies lies the yet-to-be-verified identity of Serenity, which raises questions about whether they are a Chinese national promoting stocks overseas, or if they have collaborated with domestic institutions or groups. Further verification is needed. Currently, if Serenity is merely a foreign blogger engrossed in industry chain deduction and whose outstanding performance has been mythologized by some speculative funds in A-shares as a "golden touch," it indicates the excessive speculative trend in some A-share small and medium-cap stocks. However, conversely, extreme vigilance is required.

According to the Securities Law of China, any individual or institution that has not obtained approval from the China Securities Regulatory Commission or the qualifications for securities investment advisory business, offering securities investment advice to investors and receiving economic benefits directly or indirectly is considered illegal stock promotion. Although the gray area of overseas individuals using cross-border influence to impact A-shares poses significant enforcement challenges, once Serenity accepts "payment" requests from relevant domestic parties to promote stocks, even if their servers and accounts are located overseas, as long as the consequences occur in the A-share market, Chinese regulatory authorities still have jurisdiction.