How bad is the A-share market right now? People probably don’t have much of a sense of it:

1. Out of 227 funds that have doubled, only 19 are still doubled so far; most of them are in massive drawdowns.
2. A former colleague of mine, who had first-hand information on industry, funds, and more, also went bankrupt in this round after adding leverage—truly regrettable.

Recently, US stocks, A-shares, and Korean stocks have all fallen in a way that defies expectations. I admit AI trading is crowded, but a market cap of a trillion worth almost halves in a month is simply too extreme.

You really have to respect the market—always keep a backup plan.