Chinese A-shares experienced another sharp decline on the 2nd, with the market in a state of despair. Unexpectedly, a large number of Chinese stock investors chose to gather on the Weibo account of the US Embassy in China to vent their grievances, triggering a “giraffe incident”…
(Background:
China’s “anti-short-selling” measures for rescuing the stock market: CSRC suspends restricted stock lending, is a bottom reversal possible?
)
(Background Supplement:
Chinese investors and institutions are rushing to invest in cryptocurrencies! Analysts say that the decline in the stock market will provide stronger momentum for the surge in crypto.)
Recently, the Chinese stock market has been in a continuous decline. According to First Financial News, the Shanghai Composite Index (Shanghai Composite), one of the three major indexes of A-shares, hit a new low since March 2020, dropping to 2,666.33 points on Friday (2nd), only to rebound and barely hold above the 2,700-point mark by the close.
Compared to the momentum of the US stock market, since the beginning of 2024, the Shanghai Composite Index (Shanghai Stock Exchange) has fallen by 6.27%, the Shenzhen Component Index has plummeted by 13.77%, and the ChiNext Index has dropped by as much as 16.81%, all recording the largest monthly decline since the Chinese stock market crash in 2015.
Faced with the poor performance of A-shares, Chinese stock investors, who are bleeding both financially and emotionally, have chosen to flock to the Weibo account of the US Embassy in China to vent their frustrations.
Further reading:
China’s “anti-short-selling” measures! Largest brokerage firm suspends margin trading for retail investors
Chinese stock investors flock to the US Embassy in China’s Weibo to vent their grievances
Here’s how it happened: On Friday evening (2nd), the Weibo account of the US Embassy in China posted an article about giraffe conservation. However, instead of discussing animal conservation, the comments section was flooded with pleas for help and self-deprecating remarks from Chinese stock investors.
Numerous netizens left comments on the post, such as “Do you want to protect me? Giraffes are life, and so am I,” “Before investing in stocks, I loved my country too,” “They say cancer support groups are more confident than A-share groups,” and “Save the poor Chinese stock investors. I love the United States.”
Some stock investors even bluntly stated that now is the best time to attack China due to the current disillusionment of the people: “Take us to the Nasdaq,” “May democracy come to China,” and “The US Embassy never thought they would become the crying wall for Chinese people on a Chinese platform.”
Why choose the embassy?
As of the time of submission, the post has received over 190,000 likes, more than 34,000 comments, and over 6,300 shares. As for why so many netizens chose to leave comments on the Weibo account of the US Embassy in China, it is speculated that even if China wants to control public opinion, it may have to negotiate with the embassy to delete the comments. Some netizens also said, “Embassy accounts won’t be blocked,” which attracted a large number of users to comment, jokingly calling it the “giraffe incident” and saying, “For the first time, I feel the freedom in the air.” Screenshots of successfully intercepted comments (sharp criticism) have been included below the video.
Related Reports
WSJ: Cryptocurrency trading in China is “illegal but prevalent”: VPNs, WeChat for finding currency dealers, face-to-face transactions offline…
People’s Bank of China’s “Financial Stability Report 2023”: We have successfully contained the financial and technological risks of cryptocurrencies!
Trading USDT in China “can be banned for more than five years”: Guangdong court precedent: it constitutes the crime of illegal buying and selling of foreign exchange, endangering national financial security.