The latest move by big shareholder Zhang Jianping has come out.
This time, he newly entered the top ten shareholders of two companies. One is Kexiang Co., Ltd., where he became the seventh-largest shareholder, holding more than 9.46 million shares, accounting for 2.17%. The other is Yunnan Germanium Industry, where he became the fourth-largest shareholder, holding more than 6.65 million shares, accounting for 1.02%.
When you look at these two trades together, they’re quite interesting because their situations are completely opposite.
First, look at Kexiang Co., Ltd. In the first half of the year, revenue was 2.129 billion yuan, up 17.88% year over year—on the surface, it doesn’t look bad. But net profit is a loss: it lost 66.3792 million yuan, and the loss is larger than the 62.03 million yuan lost in the same period last year. After non-recurring gains and losses are excluded, the loss is even bigger—75.2785 million yuan. In other words, the business is expanding, but the money is still leaking out.
Look at Yunnan Germanium Industry again—it’s a completely different scene. In the first half of the year, revenue reached 732 million yuan, up 38.21% year over year. Net profit was 74.2699 million yuan, up 235.31% year over year. Even more astonishing is the quarterly pace: the first quarter earned just 9 million yuan, while the second quarter pushed to 65 million yuan, up 615% quarter over quarter. The company explains clearly in its interim report that the growth was driven by downstream data center and optical communications demand, and the sales volume of compound semiconductor materials has risen noticeably.
Why am I focusing on this instead of only looking at who made money and who lost money?
Zhang Jianping is one of the A-share ‘smart money’ retail investors who has been studied the most thoroughly. His changes in holdings are themselves a signal the market watches. In the crypto world, this game is just called something else: tracking smart money. You look at large transfers on-chain, net outflows from exchanges, and how certain ancient wallets that had been inactive suddenly become active—at its core, you’re asking the same question: where does the money go for the people who truly have information advantage?
With this move by Yunnan Germanium Industry, what it hits is the supply chain for AI infrastructure. Data centers need computing power, and computing power needs optical-communication interconnection. Optical communications and compound semiconductor materials are the underlying pieces of the puzzle. This theme has been repeatedly traded by the market over the past couple of years because it is truly tied to the hardest demand in the AI narrative. On the crypto side, AI-related token projects and holdings tied to mining-machine chips also follow this same chain in terms of sentiment.
But what I want to say is a deeper layer.
Zhang Jianping bought two companies at the same time—one was seeing high growth while making money, and the other was still losing money while expanding scale. What does that tell you? It shows that even for a ‘smart money’ retail investor that everyone is watching, he doesn’t make every single move with a sure bet. KeXiang is still losing money; what he bought might be his judgment about some future turning point, or he might have simply gotten it wrong.
Put it in crypto and it’s exactly the same. If you copy a certain whale address’s playbook, the other party might be hedging positions, might be acting as a market maker, or might just be making a bad bet. Before following along, you have to think clearly: are you seeing a signal, or just noise?
My habit is to treat this kind of news as observation samples—not as trading instructions. When smart money enters a company, it’s worth looking into its industry position, cash flow, and real demand, rather than rushing in just because you recognize a name. On-chain smart money is the same: first figure out the motivation behind that money, then decide whether you should act.
In the market, no one’s position is something you absolutely must follow. Information has value, but how to use it—that’s your own responsibility.