Ming Cheng warns of the risk of "collusion trading" in the Turkish stock market.

Mingcheng said that the transparency of the stock markets in Indonesia and Turkey is insufficient, and there are signs of "collusive trading" which could bring risks to investors. The author of the report stated, "The equity structure of the Indonesian market remains opaque, and collusive trading activities disrupt the fair pricing mechanism, casting doubt on the market's investability. Similar problems exist in the Turkish market, especially among small-cap listed companies." The report pointed out, "These issues will distort the price formation mechanism and exacerbate market volatility." Mingcheng also criticized the short-selling ban in the Turkish stock market. This ban was implemented in early March following the outbreak of the Iran conflict. Mingcheng wrote in the report, "Frequently changing regulatory rules, continuous addition of various restrictions, are not the mature and perfect state that a short-selling trading mechanism should have."