It's never too late to close your account in the A-share market at any time; as long as you stay in this market, losses are inevitable. Shareholder reductions, IPOs, refinancing, stamp duties, and cumulative commissions have led to an outflow of 35.65 trillion yuan from the A-share market, while dividends and share repurchases have cumulatively added up to 24.8 trillion yuan, resulting in a net outflow of 10.85 trillion yuan. Since 70% of dividends still end up in shareholders' pockets, and most of the repurchased shares are used for equity incentives, the actual inflow will be even less. Who is footing the bill for these tens of trillions? Naturally, it's all retail investors who are paying.