There are quite a few people comparing the A-shares and US stocks, which is understandable. Speaking of which, A-shares are indeed similar to US stocks in many aspects — you have the Dow Jones, and we have the Shanghai Composite Index; you have Nasdaq, and we have the ChiNext Index, and they correspond one-to-one.

But the underlying logic is quite different. A-shares are fundamentally a financing market, where companies mainly think about how to raise more money from the market. US stocks are different; they are a capital market, focusing on how to better reflect and facilitate the value and liquidity of corporate capital. Although it looks like both are trading stocks, they are actually playing two completely different games.