The search term “stock market” is not available on Weibo. (Screenshot from Weibo)
Bloomberg reports that Weibo, a platform with 500 million active users, searched for the keyword “stock market” on the 9th and found no relevant information, implying that the term “stock market” may have been blocked. As of 11 a.m. that day, Weibo users could still post posts with the word “stock market” and successfully search for keywords such as “plunge”, “A-share” and “stock”. They could also successfully search for keywords such as “plunge”, “A-share” and “stock”.
The Shanghai Securities News, one of mainland China’s top-circulation financial newspapers, cited investment managers from several insurance agencies as saying that large insurance institutions had made net purchases of stocks on the 9th, but denied rumors that they had recently redeemed a large number of funds.
China’s major financial newspapers did not report on the recent plunge in A-shares on their front pages on the 10th, focusing instead on Chinese President Xi Jinping‘s defense talks during the National People’s Congress.
The bearish atmosphere is also a challenge for “national team” funds, as the stock market tumbles, overshadowing China’s major annual political event, the National People’s Congress. The CSI 300 index plunged 14% in 14 trading days from a 13-year high.
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