The market has already reached a consensus on Zhaoxin’s market value— the bottom is already set at three trillion yuan.

So, by no means—absolutely千万千万不要 get carried away and short it. You’ll be in for a very惨 fate.

Here’s a funny story about Zhaoxin’s listing: the worst case is Yang Guoqiang. In 2021, Country Garden bought 900 million shares of Zhaoxin for 2 billion yuan. Three years later, he transferred them to Hefei state-owned assets. If he had kept holding, the value would have exceeded 40 billion yuan, which would be a 20-fold gain— and Country Garden could have turned its fortunes around directly.