China's richest investors cash out of stock market as masses pile in

Hong Kong

THE wealthiest investors in China's equity market are heading for the exits. The number of traders with more than 10 million yuan (S$2.2 million) of shares in their accounts shrank by 28 per cent in July, even as those with less than 100,000 yuan rose by 8 per cent, according to the nation's clearing agency.

While some of the drop is explained by falling market values, CLSA Ltd said that China's rich have taken advantage of state buying to cash out after the nation's record-long bull market peaked in June.