Founders Sell, Chairmen Buy: Insider Splits Widen

The most striking pattern from filings reported on 7 to 8 September is a clear divergence between founders cashing out and executives doubling down.

Zetrix AI Berhad's founder and CEO, Wong Thean Soon, filed disclosures showing he sold the equivalent of roughly $44 million across six separate open-market transactions between 1 and 4 September. The sales, at prices ranging from HKD 0.20 to HKD 0.28 per share, were persistent and methodical. The scale of the selling relative to the company's float makes this the most significant founder exit in the dataset.

In contrast, Ma Jianrong, Executive Chairman of 2313 Shenzhou International Group, spent three consecutive days buying. Filings reported 7 September show he purchased approximately $25.6 million worth of shares across 1 to 4 September at prices around HKD 36 to HKD 37. That kind of clustered, discretionary buying from a sitting chairman carries real conviction weight.

2331 Li Ning's controlling vehicle, Viva China Holdings, filed purchases totalling over $64 million in the week to 7 September, adding to a buying run that began in late August and pushed cumulative open-market purchases above $130 million since 27 August. The scale is notable given that institutional holders including JPMorgan have been trimming.

On the US side, UBER President and COO Andrew Gordon MacDonald filed a discretionary purchase of $4.1 million on 4 September, a clean open-market buy with no 10b5-1 plan attached.

Note: EDGAR Form 4 tables were unavailable in this environment; US data relies on vendor filings. Activist 13D data could not be retrieved.