In 2015, during the A-shares deleveraging, umbrella trusts blew up. In the end, even 2x leverage was completely wiped out. At the final stage, liquidity dried up, and everything hit limit down. GJD stepped in at the very bottom with 30,000 long contracts in real money, and that’s when the miracle happened. As of yesterday, about 1/4 has blown up. Let’s check today’s data—it’s entering the final acceleration phase.