Chinese equities are in a bear market, with more than $3 trillion of value wiped out as major indexes erased a year of gains.
What started out as a year of hope for China’s stock market has turned into one of disillusion for its 250 million retail investors. Kicking off 2026, millions across the country plowed money into the market, betting that China’s drive for self-sufficiency in artificial intelligence, semiconductors and robotics would produce a new generation of winners. Optimism turned feverish as China joined a global tech rally.
Initial public offerings were subscribed thousands of times over as national champions came into the market, while spectacular debuts and runaway rallies minted fortunes overnight.
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