Rescue Mission Underway.docVIP

Rescue Mission Underway 　　Lin Hong， a 28-year-old software engineer， is an amateur stock trader living in Beijing. The three weeks from June 15 to July 3 proved to be a nightmare for him. The market value of the stocks， worth half a million yuan（$80，530） when he bought them， evaporated by 40 percent amid a market slump. 　　“Since the bullish market started last year， there had been several rounds of minor adjustments. Therefore， when the market first started to decline in mid-June， I thought it was nothing but a new round of minor adjustments. Later， when I realized it was more than that， the regulatory authorities had started to save the market and I pinned high hopes on their policies. Then， when those policies failed to lift the market， stock prices had already slumped and it was too late for me to escape，” Lin recalled the three weeks. 　　“I started trading stocks in 2012， and my earnings from the previous three years have almost been lost，” Lin said. 　　Lin attributed his sobering loss mostly to greediness. “Before the dramatic fall， I had wanted to sell the stocks for many times. But I kept on thinking maybe the price would go even higher tomorrow， and I should wait for another day. That’s what got me where I am today.” 　　Lin is just one of the tens of millions of stock traders who have suffered heavy losses， or maybe sleepless nights， over the past few weeks amid a downward spiral in stock prices. 　　China’s A-share market has been on a roller coaster ride over the past six months. The stock market staged a stunning surge from last November to mid-June， when the Shanghai Composite Index （SCI） soared from less than 3，000 points to its peak of 5，166 points on June 12. 　　To the surprise of many， after the rally， the stock market witnessed its worst threeweek loss since 1992. The SCI tumbled by nearly 30 percent in the three weeks from June 15 to July 3. For the Shenzhen Component Index and the ChiNext， the Nasdaq-style board that tracks growth enterprises