$Zhibao Tech(ZBAO.US) rose +43%, with trading volume surging a hundredfold—the announcement of the Chengdu digital insurance platform going public and the new CFO appointment is real, but with a market cap just over $20M and such turnover, it's all short-term capital flowing in and out, and it has already started to pull back after hours.

$Haoxi Health Tech(HAO.US) is even harsher: it rose the day before riding the wave of the communications sector, only to drop -66% the next day, closing at a historical low, followed by a post-market $4M discounted share placement. A shell stock with a market cap of less than one million dollars raising funds after being pumped up—this script has been repeated too many times with low-priced China concept stocks.

Those who went long on $Zhibao Tech(ZBAO.US) based on the announcement and those who tried to catch the falling knife of $Haoxi Health Tech(HAO.US) are most likely the same group of people.