Chinese investors despair as gains wiped out in tumbling stock market

More than 80% of investors in China are individuals, and on the streets of Shanghai, everyone knows someone who has lost money in stock market crisis

"Ah, of course I have lost money," exclaims Cindy Wang, putting her hand to her face. She has lost around half her investments. "My husband has also lost money. It is very common," she adds, shaking her head.

Unlike many other stock markets, the majority trading on China's exchanges are not banks and pension funds but individual investors like Wang. Almost 90 million people hold shares, and according to state media estimates, the average loss since the market dropped has been more than 420,000 yuan (43,000). On the streets of Shanghai, everyone knows what is happening on the markets; even if they have not invested themselves, they know people who have - and who have lost money.

Related: Why is China's stock market in crisis?