Monday A-Share Stats

Some stats from Monday's post-PBOC 3% rally in the Shanghai Composite.

229 stocks were limit up 10%.

The worst performing stock was Zhejiang Yongtai Technology (002326). It plunged an incredible 2.70%. Only 10 other shares were down on the day. Out of 2651 stocks.

Bull on.

Related: Chinese shares are looking decidedly frothy

The bubbles are particularly extreme in Shenzhen, and in technology: the median tech stock traded in the city is priced at 65 times forward earnings (the median Nasdaq tech stock is at 19 times). There are exceptions. Banks, which make up more of the Shanghai market, are still priced for bad news. Still, Longview Economics calculates that large state-owned enterprises have performed very similarly to large completely private companies in the CSI 300 index over the past year.