Forty Years in the Stock Market: The Cultivation of Huazai, a Retail Investor

In 1988, Huazi, a street vendor in Guangzhou, put down 3,000 hard-earned yuan on a red paper stock certificate printed with "Shenzhen Development Bank," following the crowd. He knew nothing about candlestick charts or price-to-earnings ratios. He'd only heard that "you can double your money," never imagining that this single purchase would become a gamble on the next forty years of his life.

From the frenzied rush at brokerage halls to the chaos of the August 10 incident; from the nationwide stock-trading fever at the 6,124-point peak to the tears of leveraged investors wiped out at 5,178; from losing everything when ST stocks were delisted to value returning under the registration-based IPO system... He falls into every trap that retail investors do: buying junk stocks on rumors, getting forcibly liquidated after using leverage, and following the latest hot concepts until two years of wages vanish. He also experiences every emotion familiar to stockholders: the childish delight of selling after making 500 yuan, the regret of smacking his thigh after missing a chance to double his money, the despair of losing sleep when his account is cut in half, and the peace of mind that comes from holding long term and collecting dividends.

Over forty years, China's A-share market transforms from a lawless rumor-driven bazaar into a mature, institution-led market, while Huazi goes from street vendor to silver-haired veteran retail investor. He witnesses red paper stock certificates give way to electronic trading, sees the market repeatedly battle around 3,000 points before breaking through 4,000, and bears witness to the collective memory of 240 million retail investors struggling, awakening, and growing amid greed and fear.

This is no stock-trading manual, but an epic of its times, written in the blood, tears, and wisdom of ordinary people. When the Shanghai Composite Index climbs above 4,000 points in 2025, Huazi stands at a wealth management center with his son, who has just entered the market. As his fingertip glides over the ETF holdings on the screen, he finally voices the truth he's kept to himself for forty years: "The stock market is no casino. It's about sticking with the times until you make it through..."