Tunneling refers to some trading phenomenon in listed companies. From NBER working paper series, thank you!

The behavior of listed companies or major shareholders who control listed companies eroding the interests of small and medium-sized investors through various legal and illegal means is called "hollowing out". In other words, the major shareholders of listed companies will always dig shady underground tunnels through various means, dig away the wealth in the hands of small and medium shareholders, transfer the assets or profits of listed companies, and hollow out listed companies. There are many ways of tunnel behavior.

Wikipedia or Baidu Encyclopedia have detailed explanations. Come on LZ!