$NIO(NIO.US) has a friend who lost 300,000 yuan in Nio in January. He bought a Nio car last year...

There is a psychological concept called Familiarity bias, which is translated into Chinese as 熟悉性偏好 or 熟悉度偏见。

Simply put, when faced with uncertainty or hesitation, ordinary people tend to trust what they are familiar with, believing they have some informational advantage over more familiar things and hold a more optimistic attitude.

In October 2022, many people bottom-fished Tencent instead of Meta for the same reason—they were too familiar with Tencent, using WeChat and Honor of Kings every day, while Meta is a global company with no policy ceiling. Later, the gains of the two stocks were vastly different.

Almost any Chinese concept stock in the U.S. market has a counterpart company with similar business~~~got it?