News Analysis China’s corporate insiders are cheating small American investors of billions of dollars through advance information that enables lucrative trades just before the stock price falls. The total losses that insiders of Chinese companies listed on American exchanges have avoided by selling prior to price drops are at least $10 billion between 2016 and the middle of 2021, according to a new study of their security filings. Chinese company shares fell an average of 21 percent a year after the Chinese company insiders sold large quantities of stock, compared to a 2 percent rise after insiders from American companies sold. Given inflation, that American number zeros out. Not so, China’s 21 percent. The Alibaba Case The Wall Street Journal covered the study and used Alibaba Group Holding Ltd. as an example. In October 2020, “Alibaba’s payments affiliate, Ant Group Co., was preparing for its initial public offering, a move …