Grandmas, cab drivers and college kids were all making small fortunes in a frenzy of "chao gu" or stir-frying stocks -- Chinese slang for trading.
And the stock rally came at a time when the wider economy was slowing, puzzling many financial analysts. But now they say gravity is taking effect.
"China's stock market had become detached from the reality of China's own economy, and appallingly overvalued," Patrick Chovanec, managing director at Silvercrest Asset Management, posted on Twitter.
And the stock rally came at a time when the wider economy was slowing, puzzling many financial analysts. But now they say gravity is taking effect.
"China's stock market had become detached from the reality of China's own economy, and appallingly overvalued," Patrick Chovanec, managing director at Silvercrest Asset Management, posted on Twitter.