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Since the completion of its merger deal with Cable & Wireless HKT Limited (HKT) in August 2000, Pacific Century CyberWorks Limited (PCCW) had been gripped by the full teeth of the bear. By early April 2001, the counter had seen its share price plummet by nearly 90%. While many retail investors in Hong Kong were mourning their losses, some corporate insiders managed to find a clean exit route and were able to earn substantial profits. An interesting question to the general investors was: had they followed the inside track, would they have been able to beat the market? This case may be used to explore issues of insider dealing and market efficiency. It helps students to understand the legal and regulatory environment surrounding insider dealings in Hong Kong. The case may also be used to explore the delicate linkage between prices, trading and information within the framework of efficient markets.