When the stock market falls, money is generally transferred by investors who make profits in advance. For example, if an investor buys when the stock price rises to 15 yuan, and then the stock market continues to fall, some people will buy when it falls to 14 yuan, and when it falls to 10 yuan, some people will be less optimistic and choose to cut the meat.
Then the investors who lost money were those who bought after 15 yuan, those who lost the most money were those who bought after 15 yuan, and those who made money were those who sold before 15 yuan.
Finally, money is generally earned by major shareholders, some institutions, hot money and retail investors.
Take the company's major shareholders as an example: the major shareholders of listed companies are generally familiar with the actual valuation of their own stocks. When the stock price is found to be abnormal, major shareholders are likely to reduce their holdings in the secondary market. In addition, the holding cost of the company's major shareholders is very low. For example, if the share price is only 1 ~ 2 yuan, they will sell tens of dollars in the secondary market and retail investors will take over. If shareholders reduce their holdings, then other investments in the market.
Take institutional investors as an example: institutional investors usually have more money and know more about stocks. When they make money, they will sell stocks, and then the investors they buy will become the targets of being cut.