Power–law properties of Chinese stock market

Price changes of primary returns of Chinese stock market are analyzed over a period of about 8 years. The probability distribution of relative changes in returns satisfies the power–law form. However, the distribution is not consistent with the analysis of US and other stock markets that seem to contain the exponent of an inverse cube. Furthermore, we find that the positive and negative returns do not behave consistently, which indicates a significant asymmetry in the distribution.