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... 65,000 lots of TeLi A had quietly grown in value to nearly 190 million yuan. With a cost basis of 9.5 yuan and a current price of 29.23 yuan, he was netting 1,973 yuan per lot.

“It’s time to start cashing out,” he thought.

If his position were just a couple of million yuan, Lu Liang might have waited until the price hit 45 yuan before exiting. Smaller players can move in and out freely. But with nearly 200 million yuan tied up and the realization that TeLi A’s liquidity wasn’t a ...

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