Many are buzzing about Myanmar A today, but few actually understand what it entails. Xu Xiang, however, cracked the code of the national team's playbook. Every time the national team surged, he would “intercept” and follow suit. By using this strategy, he managed to amass hundreds of millions of dollars over just a few years. It might not have raised eyebrows if he had kept his success low-profile, but Xu took it further by establishing a high-profile fund, leading a group to follow his “interception” of the national team’s movements.
The issue? The national team wasn’t just any group—it was backed by the Red Family. Not long after, Xu was charged with market manipulation, fined, and sentenced. His fortune, amounting to over 10 billion, disappeared overnight.
In response, the China Securities Regulatory Commission (CSRC) revised its rules, implementing price limits under the guise of protecting retail investors. In reality, these price limits were designed to stop individuals like Xu. The limits prevent funds from entering at critical moments, and when the limit is lifted, it’s the perfect exit point for the national team.
Economist Wu Jinglian once remarked that China’s stock market is even more treacherous than a casino. While others can see your cards, you are blind to theirs. The national team plays the dual role of both player and referee, adjusting the rules at their convenience. In such an environment, how can fair play even exist?

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