They used to say you know it’s a stock market bubble when taxi drivers start offering stock tips. In the ongoing Chinese equities bull market, we’ve got livelier signs than that.
We have got, for instance, folk trying to limp across the Lo Wu border with suspiciously robotic gaits – the effects of having cash taped to every limb as well as stuffed into their shoes.
One woman nabbed by customs officers last week had HK$1.9 million in notes tucked away under her clothes. Records show she has been in and out of the country 90 times in 15 days, and one doubts she was here for milk powder.
Oh yes, then we’ve also got those young men who crashed their luxury sports cars while racing in a Beijing traffic tunnel; the owner of the now-crumpled Lamborghini said he purchased the car thanks to winnings in the Chinese equities rally. It is admittedly a fishy story, but another sign of the times.
This is a hooting, tooting, bona fide bull market. It started in China, where benchmark indices have doubled in a year, and is now spreading to Chinese equities listed in Hong Kong,