Why is it hard to make money in the Chinese A-share market?

What’s the positioning of that thing here — to raise capital or to invest? If it’s for fundraising, and you’re using it to invest, well, you get it. Look at it against global data: its scale is so tiny, yet its share of total funding is surprisingly close to half. It’s like a kid giving 200cc of blood every day — if they don’t shrink, that’s already a win. How could they possibly grow? If the positioning hasn’t changed, how can you expect to grab a slice of the pie? Everyone’s in this as risk-focused fundraisers.