The highest form of evil is profiting most unscrupulously under the banner of utmost justice.

In 2016, U.S. aid to Ukraine amounted to only $222 million for the entire year. Yet from 2022 to 2024, the United States provided a total of $174.2 billion (approximately RMB 1.26 trillion) in aid to Ukraine over three years. Of course, calling this U.S. 'aid' to Ukraine sounds relatively benign—but in practice, the U.S. government allocates funds, purchases weapons from U.S. arms manufacturers, and then ships those weapons to Ukraine. Put simply: the U.S. government buys weapons from U.S. defense contractors and sends them to Ukraine. This model epitomizes the operation of the 'military-industrial complex.' Put bluntly, it resembles money laundering—legitimately and legally channeling both current taxpayer money and future debt-financed funds (U.S. Treasury bonds) into defense industry coffers. Ukraine functions merely as a 'container' in this colossal 'money-laundering scheme': money passes through Ukraine’s hands and lands legally—and profitably—in defense contractors’ pockets. Yet the 'container' itself still has to pay. The vast majority of military assistance provided to Ukraine is extended as loans. During World War II, Britain obtained military aid from the U.S. under the Lend-Lease Act; repayment of that wartime 'loan' continued until 2006—spanning a full 60 years. How many years will Ukraine take to repay its 'military aid' loans from the U.S.? Can Ukraine even afford to repay them? This leads directly to the third wave of wealth extraction: postwar profits. The Russia-Ukraine war will gradually move toward a ceasefire—and after the ceasefire, the largest task will be reconstruction. Ukraine has already been devastated and impoverished; where will it find the money for rebuilding? No worries—the U.S. has already devised a plan for Ukraine. The woman standing beside U.S. Secretary of State Antony Blinken is Penny Pritzker. Her parents are Ukrainian, but she is an American citizen—and also the U.S. government’s appointed 'Special Representative for Ukraine’s Economic Recovery.' This 'pseudo-Ukrainian' is solely responsible for Ukraine’s postwar recovery. Penny Pritzker belongs to the Pritzker family—the most influential Jewish business dynasty in the United States. Her brother, J.B. Pritzker, currently serves as Governor of Illinois. As one of America’s most powerful Jewish business families, the Pritzkers maintain close ties with Wall Street. In the 1990s, Penny Pritzker served as Chairman of Chicago’s Superior Bank and held equity stakes in numerous major Wall Street financial institutions. In 2013, President Obama appointed her U.S. Secretary of Commerce. To avoid conflicts of interest, she voluntarily divested shares in at least 221 companies and resigned from 158 corporate boards prior to assuming office. She is a quintessential representative of Wall Street’s financial capital conglomerate. After the outbreak of the Russia-Ukraine war—and given her Ukrainian heritage—President Biden appointed her 'Ukraine’s Full-Spectrum Reconstruction Envoy.' And she has become one of the key figures selling out Ukraine’s greatest national interests. Pritzker’s most significant achievement upon taking office was brokering a partnership between Ukrainian President Volodymyr Zelenskyy and BlackRock, Inc. In September 2022, Zelenskyy suddenly appeared on the NASDAQ’s giant screen—and rang the opening bell at the New York Stock Exchange (NYSE). This absurd scene unfolded brazenly before the world: a wartime head of state ringing the NYSE bell. While ringing the bell, Zelenskyy urged Wall Street: 'Ukraine needs your investment for postwar reconstruction—come invest in Ukraine!' This also signifies that 'Penny' has secured a lucrative new home for Ukraine on Wall Street.

Case Study: Regulatory Warning Letters Issued to Major Shareholders of Multiple Listed Companies for Share Reductions

Article 2, Paragraph 1: Under Articles 13 and 14 of the 'Measures for the Administration of Acquisitions of Listed Companies' ('Acquisition Measures'), the phrases 'increase or decrease by 5%' and 'increase or decrease by 1%' refer to investors and their concerted actors reaching or crossing integer multiples of 5% or 1% in shareholding ratio. Once an investor and its concerted actors reach (or exceed) 5% of a listed company’s issued shares, they must fulfill reporting and public announcement obligations under Articles 13 and 14 of the 'Acquisition Measures' whenever their shareholding ratio reaches (or crosses) an integer multiple of 5% or 1%, and must comply with restrictions prohibiting further trading of that listed company’s shares. If changes in a listed company’s share capital cause an investor and its concerted actors to passively reach (or cross) an integer multiple of 5% or 1%, such investors and their concerted actors are exempt from reporting and announcement obligations; however, the listed company must disclose this information per Article 3 of this Interpretive Opinion. What does 'reaching' an integer multiple mean? Simply put: when an investor’s shareholding ratio reaches or crosses an integer multiple of 5% (e.g., 10%, 15%, 20%, etc.) or 1% (e.g., 1%, 2%, 3%, etc.), the investor must file reports, make public announcements, and suspend trading within prescribed timeframes. In practice, disclosure requirements for 1%-increment thresholds are relatively flexible—approval suffices, and trading may continue without suspension. However, crossing a 5%-increment threshold triggers stricter regulatory oversight: trading must be suspended for three trading days (not calendar days), and a public announcement must be issued. When calculating shareholding ratios, holdings across ordinary securities accounts, margin accounts, and shares held via third-party accounts in the same listed company must be aggregated. If an investor’s shareholding ratio reaches or crosses an integer multiple passively due to changes in the listed company’s own share capital (e.g., new share issuances, share repurchases and cancellations, convertible bond conversions, etc.), the investor is exempt from filing equity-change reports and announcements; corresponding disclosure responsibilities fall on the listed company. Grandfathering clause: This 'Legal Interpretive Opinion' takes effect upon issuance. For violations committed prior to its implementation but discovered afterward, the principle of 'applying the older law unless the newer law is more lenient' shall apply. Major shareholders (those holding ≥5% of shares), actual controllers, and directors, supervisors, and senior management personnel reducing their shareholdings must also comply with additional requirements under regulations such as the 'Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies,' including stipulations on reduction methods, quantities, and advance disclosures—not merely the equity disclosure obligation alone.

Eurizon Capital Reduces DuPont Stake by Selling 380,560 Shares

14 hours ago

Eurizon Capital SGR sold 380,560 DuPont de Nemours shares in Q3, cutting its stake by 47.4%. The transaction occurred as DuPont reported better-than-expected earnings and revenue, maintaining a Moderate Buy rating.

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