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Maritime rescue workers save a "victim" from drowning during a drill in Shanghai in June. CHEN FEI/XINHUA

Market participants are expecting that the central bank will raise rates again in September and then hike in December.

Market-people attribute some of that meltdown to fears that financial regulations are likely to get stricter. A potential crackdown on accounting frauds and other illegal practices by listed small technology companies is believed to be imminent.

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Market Barometer

Market analysts agree that recent protests could negatively affect both residential and commercial property markets.

Market absorption of office buildings in the city dropped about 47 percent year-on-year to around 92,000 square meters from January to September due to the COVID-19 pandemic, according to a report released by real estate service provider Savills in October. Vacancy rates continued to rise, reaching 15 percent by the end of the third quarter, up 5.9 percentage points on a yearly basis. The average rental for Grade-A office buildings fell to 354.8 yuan per square meter per month, down 3.5 percent year-on-year, it said.

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Many foreign companies have already entered Chongqing to expand their presence in China's inland.

Marc Lore has long been in competition with Amazon. (Walmart Photo)

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Many people from Wuhan, the center of the ongoing epidemic, had left the city for overseas trips before the lockdown of the city. Many flights back to Wuhan had been canceled afterward, leaving them stranded in other countries.

Market insiders expect Xiaomi to issue its prospectus as early as end-June and to get listed in the middle of July, although there is still no confirmation on the company's valuation.