Director Xing Xiao sold 1,065,396 shares for $23,516,560.57 across 6 transactions (Oct 4-8), reducing stake 31.3% to 2,338,510 shares
Xing Xiao's sale of 1,065,396 shares (1.07M shares) at blended average price $22.07 represents a material reduction of 31.3% in his directorial stake. The 6 separate transactions spanning three trading days (October 4–8, 2024) executed across a price range of $21.13–$26.01, with the highest execution prices on October 7 before recent price weakness to the current $21.80 level. Against a company fundamentally strong—43.4% annual revenue growth, P/E of 3.63, and latest quarterly net income of $24,210,000.00—a director-level position reduction of this magnitude warrants investor attention to whether internal capital allocation or liquidity priorities have shifted. The stock's -35.7% decline from its 52-week high of $33.91 also provides context that these sales occurred during a period of significant drawdown from recent peaks.