A-share market

Leaked conversation reveals insiders' secret A-share pessimism

The recording of two financial professionals sharing a bearish outlook during a private chat is made public.
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Shanghai's benchmark index could easily fall to less than 1,950 points, say insiders
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<div style="text-align: left;"> Shanghai's benchmark index could easily fall to less than 1,950 points, say insiders </div>

The leak of two industry experts’ private conversation about the outlook for A-shares has spooked the market, with retail investors waking up to the fact that domestic stocks may not be as attractive as many Chinese professionals would publicly claim.

The supposedly off-the-record chat between Cheng Dinghua, a well respected strategist at Essence Securities, and Xu Xiang, an influential fund manager at Zexi Investment, was recorded by a third party and released on the internet last week.

The conversation offers a rare opportunity into the true sentiment of Chinese industry professionals towards a market where only those with the right connections are able to make big profits,...

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