huangthomas

China's Worst Bear Market

Just released in Chinese if you read Chinese. The stamp tax of stock transaction will be lowered from 3 to 1% on April 24. Two days ago, Chinese SEC clamp down on floating more shares onto the market. Any large block share owners (DaFei) require SEC approval if they are going to float more than 1% of the company stocks. Shanghai market seems to be responding and the Shanghai stock index bounce back 6% from 3,094.33, which could be near term bottom. American market is also responding to the news this morning.