The Chinese stock market sell-off may be far from over

Although Beijing might be cheering the swift rebound in the A-share market after the worst rout in seven years, its nightmare may not be over. In terms of valuation, a 30 per cent correction is not enough to justify the doubling of the A-share market price between October and June in an economy that is slowing down. More importantly, the rescue measures by Beijing in using the most extreme administrative measures to intervene in the market could hurt stock price performance in the longer term as...