Beware a sudden sentiment-fuelled Chinese stock market rally.
While China’s state-backed media celebrates the country’s biggest stock market rally in more than a year, investors with longer memories may recall a painful lesson from 2015: stock price surges that are not accompanied by climbing industrial profits can end in tears.
Back then, a chorus of official cheerleading and easy money bid up the main Shanghai stock index by about 150 per cent between June 2014 and June 2015. But then it collapsed and within less than a month it had slumped by 32 per cent.
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