These days, a hidden bomb has exploded in the entertainment industry. Huayi Brothers, once hailed as the "Number One Chinese Film and Entertainment Stock," the industry overlord, has officially filed for bankruptcy reorganization.

When the news broke, many people's first reaction was disbelief. After all, Huayi was once the backbone of China's film market.
But what made people even more upset was what happened afterward: just as Huayi's big ship was about to sink, the earliest investors who had boarded the ship back in the day had already filled their pockets and jumped ship.
Let's first talk about Jack Ma. In 2006, Jack Ma met Wang Zhongjun at a gathering of entrepreneurs, hit it off, and Jack Ma casually took out 675k yuan from his pocket to invest in Huayi.
At that time, e-commerce was just getting started, and no one paid much attention to this.
But who would have thought that after Huayi went public in 2009, Jack Ma's small investment would skyrocket into astronomical figures?
Before the listing, he had invested less than 675k yuan in total, yet he became the third-largest shareholder with over 10% stake.
In the following years, Jack Ma began a textbook-level precise cash-out: in 2010, he reduced his holdings by 3 million shares, netting over 90 million yuan; in 2011, he sold several million shares again, earning billions.
Altogether, he had liquidated more than 600 million yuan just through secondary market sales.
By 2015, he, along with Alibaba Ventures, invested 1.53B yuan in a rights issue, then separated this new stake from his early investments and original shares, taking a step back and hiding his moves—his tactics resembled a Tai Chi move in the capital market.
By the end of last year, Alibaba Ventures made another large block trade, directly reducing its stake by...