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A jest circulating on social media regarding the slump of Inner Mongolia Xingye Silver & Tin Mining has quickly gained traction: "The one buying the dip in Xingye YINXI turns out to be the Board Secretary. He used three years' salary to buy at the bottom today. The retail investors selling at the limit-down price sold their shares to the company's director."
After the market closed on February 3rd, Inner Mongolia Xingye Silver & Tin Mining released an "Announcement on the Increase of Shareholdings by Senior Management." The announcement revealed that the company's Board Secretary, Sun Kai, purchased 40,000 shares of the company's stock at a price of 49.83 yuan per share on that day, with a total transaction value of approximately 1.9932 million yuan. The price of 49.83 yuan per share was precisely the daily limit-down price for the company, marking the third consecutive trading day that Inner Mongolia Xingye Silver & Tin Mining had hit the lower limit.
However, according to available data, Sun Kai's annual compensation for 2022, 2023, and 2024 was 567,800 yuan, 705,500 yuan, and 859,500 yuan respectively. The recent transaction amount of 1.99 million yuan is nearly equivalent to the sum of his salaries over the past three years.
Against the backdrop of consecutive limit-down declines, market sentiment was highly tense, with trading dominated by panic selling. It was precisely within this trading environment that this share purchase appeared particularly conspicuous. The announcement did not disclose the specific timing of the transaction, but the fact that the purchase was made at the limit-down price was sufficient to spark market discussion.
Following the completion of this share acquisition, Sun Kai's total holdings in Inner Mongolia Xingye Silver & Tin Mining reached 240,000 shares. Calculated at the day's closing price, the market value of his holdings was approximately 12.45 million yuan. A review of his share accumulation path indicates this was not a spur-of-the-moment decision, but rather the latest transaction in a personal investment strategy sustained over 12 years.
Public records show that Sun Kai spent his early career extensively engaged in securities affairs and management within the listed company system. He previously held positions including Head of the Securities Department, Securities Affairs Representative, Director, Board Secretary, Deputy General Manager, and Financial Controller at Inner Mongolia Xingfa, later becoming Vice President of Inner Mongolia Xingye Group Co., Ltd. Since 2011, Sun Kai has been appointed as the company's Board Secretary, a role he has held for over a decade.
When he first assumed the position of Board Secretary, the company was named Fulong Thermal Power. It subsequently underwent name changes to Xingye Mining and then to its current name, Inner Mongolia Xingye Silver & Tin Mining. While the company's name and business structure have changed multiple times, Sun Kai's personal shareholdings have been accumulated gradually over an extended period.
On January 24, 2014, Sun Kai made his initial purchase of 20,000 company shares at approximately 7.21 yuan per share, investing 144,200 yuan. Later, due to a company capital reserve转增 (bonus share issue), this portion of shares increased to 40,000 shares. On May 5, 2017, he purchased another 40,000 shares at 7.41 yuan per share; on September 19, 2020, he acquired 40,000 shares via judicial auction at 7.617 yuan per share; on June 9, 2023, he increased his holding by 40,000 shares at 9.12 yuan per share; and on December 31, 2024, he again purchased 40,000 shares at 11.61 yuan per share.
Including the transaction on February 3rd, Sun Kai has conducted six separate share purchase actions, with his total shareholding ultimately stabilizing at 240,000 shares. It is noteworthy that none of these 240,000 shares were obtained through equity incentive plans; all were acquired personally either through the secondary market or judicial auctions, and as of now, not a single share has been sold.
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