Under a non-completely competitive market framework, we establish a game model of equilibrium price in stock market based on the trader structure of informed traders, rational traders and noise traders and study the pricing strategy of the informed traders under the separating equilibrium and the pooling equilibrium of the refined Bayesian equilibrium. The conclusion demonstrates that, when the informed traders receive favorable information, they prefer the separating equilibrium and will reveal the information completely, but when they receive unfavorable information, they prefer the pooling equilibrium and will hide some information, which provide a new perspective for the explanation on the hypothesis of “positively-biased individual stock earnings” and “conditioned information disclosure”