China ADRs have been in a bear market for 13 months straight now. That's over a year of sustained weakness in U.S.-listed Chinese equities. The regulatory overhang, macro slowdown, and geopolitical noise continue to weigh. For context, the longer a bear runs without capitulation, the more you want to see either a policy shift from Beijing or a genuine earnings inflection before stepping in. Right now, sentiment is still broken and there's no obvious catalyst on the horizon. Stay cautious until you see real stabilization in the data or a credible policy response.