Feng Jun understood as soon as he heard it. So the stock's rise was some institutions making one final push before fleeing.
More news came from over there: someone really was continuing to lend out shares while the price was rising. It was unclear whether they were small shareholders kept in the dark or people trying to scare off a relatively large short seller like him.
Feng Jun leaned toward the latter. The other side was probably trying to frighten him away. There really were not many good people among Sister Hua'er's crowd.
However, he was able to borrow far fewer shares that day. Especially in the afternoon session, virtually no one was lending.
Yet Bairui's share price remained high and even surged upward from time to time.
By Tuesday, Bairui finally announced the laboratory theft, but stressed that most of what had been lost was "outdated material." The losses were still being assessed, and the company had rushed to file a considerable number of patent applications.
In short, the losses were minor. At the same time, out of hatred for its "fellow thieves," Bairui offered an enormous reward—our losses really are not that great, but in order to clean up the industry, we are offering a hefty reward for the capture of those hateful people.
Thus, when trading opened on Tuesday, Bairui Pharmaceuticals' share price fluctuated briefly before quickly stabilizing and surging again.
By then, Feng Jun could no longer borrow any shares through his account. Not only could he no longer short the stock, he had to watch its price continue climbing.
The people Yu Qingzhu had entrusted over there took the initiative to contact Zhang Caixin. They believed someone might be trying to wipe out the account before releasing bad news. The key was that the statement