中文X关于A股科技股追高与投资亏损的讨论，新增机构仓位调整、付费荐股争议及亏损责任归属三个角度。Herman Jin称，量化资金和险资此前进入科技仓位后持续减持，并对其所述监管卖出限制作出解释。AB Kuai.Dong称，任泽平旗下公众号“泽平宏观”显示因违规被禁止关注，同时提及其2980元付费群曾因科技板块投资建议陷入维权风波。华尔街没有名字则以提问方式讨论听从他人建议买股后应如何归责。这些帖子延续追涨风险与推荐者责任的讨论，并非同一笔交易的交叉证明。候选材料没有监管文件、完整荐股记录或平台处罚说明，不能确认限制措施、投资损失及公众号处理之间的因果关系。
Participated post: The Chinese market is in a dump. The 5% single-day plunge yesterday was one of the worst in the past 3 years — a 2.65-sigma event.
Many are blaming the bursting semi bubble and the French, but Chinese economic data are better than expected, and yields are at historical lows. Given that this year’s growth target is within reach, policy support will be more directly market-related than traditional stimulus. Recently, large buy-ins in broad-based ETFs clearly signal the national team at work.
An overlooked catalyst for the selloff is the SFC investigation into irregular IPO activity. The SFC found that many IPO subscription processes had been rigged to create a false appearance of oversubscription. It's basically a pump-and-dump scheme. By some estimates, over half of the IPOs involved some form of rigging. Such frauds undermine market confidence, harm retail investors' interests, and could trigger a sell-off due to investigations and penalties.
Tax law changes around rich Chinese offshore family trusts and potential penalties also didn't help. There are many catalysts for the selloff. Every snowflake is guilty when there is an avalanche.
HK valuations are now <10x, vs. the US at >19x. We warned of an accelerated late-stage selloff in this episode of our monthly podcast. The good news is that the harder the selloff, the stronger the rebound later. $FXI $KWEB $EWH $PGJ $BABA $CQQQ $YINN $YANG $ASHR
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