In our write-up dated June 22nd (http://tinyurl.com/sycee), we shared our view that a correction in general is healthy for capitalmarkets. The Shanghai market up to its recent peak in mid-June, rallied 112% without any consolidation. So, a healthy correction was long overdue. This round of liquiditydriven rally in the A-shares market has led stock prices to climb to unreasonable levels with valuations that detach from fundamentals. It is therefore normal that market forces will drive asset prices back to their intrinsic value level.