If some group is able to naked short CTIX at will with virtually no limits, can't they just do the same with IPIX:

1) EvilMM short sells 1M CTIX shares to open a naked short position, iHang board buys them.
2) CUSIP change.
3) EvilMM short sells 1M IPIX shares to open new naked short position, EvilMM buys them to close previous 1M CTIX naked short position.
Result: iHang board is still holding 1M shares and EvilMM is still short 1M shares.

I suspect it isn't that easy as sometimes naked shorts have to cover as with AMBS. I don't really understand why they sometimes need to cover. One would have to think the SEC/FINRA was watching the action during the IPIX CUSIP change so such shenanigans like the above couldn't happen.

If we set aside the whole naked shorting theory, could Aspire selling into the excitement of the CUSIP change have accounted for the increase in volume (more buyers but Aspire was taking advantage of demand) but no change in price?

Seems there is no way to know without an SEC litigation release that may drop in 2019/2020.