The Chinese stock market experienced unprecedented volatility and trading volume as mainland markets reopened after the Golden Week holiday. The CSI 300 Index initially surged 11% before quickly retracing, while Hong Kong stocks plummeted 10%. This frenzy was driven by investors rotating from Hong Kong to mainland shares, disappointment over lack of new stimulus details, and a rush of new, young investors entering the market12. The extreme swings and record-breaking turnover have led some analysts to draw parallels with previous boom-bust cycles in Chinese stocks, raising concerns about the sustainability of the recent rally.