Equation founder Vida said in a post on his personal channel last night that he plans to allocate about $20 million to buying A-shares and has begun purchasing InnoLight Technology, CQQQ and Tencent Holdings (TCEHY). According to Odaily, Vida said some leveraged investors in the A-share market are being forced to sell holdings at low prices.

Vida said the ChiNext Index has fallen about 44% over four months, a pace of decline comparable to a three-month drop of about 55% in 2015, the only similar rapid decline he cited. He expects a possible sharp rebound similar to the movement in South Korean stock indexes from late July to mid-August.

Vida said that if the ChiNext Index falls another 5% today, he plans to buy more than $10 million worth of assets.