Nowadays, more and more executives and controlling shareholders of the listed companies inject funds through private placement, and what is the motivation? In different market quotation, did enterprises have existed market timing in the private placement, did shareholders have tunneled their way to send interest to themselves from the listed company through market timing? And what are the factors that affect the proportion of senior executives' subscription? In this paper, based on the case of

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... he directional private placement to senior executives of Zhejiang Hangxiao Steel Structure Co. Ltd. (shorted for "HXSS"), we have studied the motivation of directional private placement to senior executives, and we have further analyzed market timing and the market reaction after the private offering.