An interesting story to reflect how immature Chinese stock market is.
Chinese investors are very glad to see 8s while buying stocks. Yan Caigen, featured in the front page story, bought Jilin Yatai Co. stocks just because the stock’s ticker number 600881 contains a double-eight. Fortunately, Yatai was doing very well after his purchase and earned him about $50000.
A lot of investors are feeling lucky now in China. With the booming stock market, it’s hard to pick a poor performing stock. The benchmark Shanghai Composite Index is up 56% this year and quadruple its level at mid-2005. People are crazy about the bull market, and they are pulling money from the personal saving account, from real estate, or even from retirement saving to the stock market. Up to now, everybody seems happy with this. Individual investors make up 60% to 80% of trading in China. While I got my US dollars exchanged to RMB in one of Construction Bank branches in Beijing, an old lady next to me are buying the stock funds. While she has no idea about stock share, return, or even the transaction fee charged to her account, she didn’t hesitate at all to continue her investment with the help of the teller. Or I should say her gamble.
Back to the luck number, the kick-off time for Beijing Olympic Games is 8PM, on 8-8-2008. The three keys 6, 8 and 9 wear out first just because they have the best homonyms in Chinese. I guess I’m lucky too. My cell phone number 606-6876, randomly assigned to me by T-Mobile, may worth thousands of yuan with this many 6 and 8 in it.