Hong Kong's stock market is in a bear market.
The Hang Seng index fell 1.7% and closed at 22,757, down 20% from its April 27 high of 28,558.
It has now moved from being in a technical correction to being in a bear market.
Year-to-date the index is down 1.2%.
While the fortunes of Hong Kong are largely determined by developments in China, in comparison, the benchmark Shanghai Composite index has risen by 15% over the same time period.
It would be interesting to see where the Composite would be trading had the government not stepped in to underpin the once free falling market.