A new bronze sculpture in southeast China, showing a bull firmly pinning a bear to the ground, has garnered swift attention in the country shaken by yet another meltdown in its equity markets.
Located in the city of Xiamen in Fujian province, the 3-tonne sculpture, which is 3.4 meters tall and 6 meters long, belongs to art collector Cai Ming Chao. According to the city's newspaper Hai Xia Dao Bao, Cai is also an avid stock investor who initially commissioned the building of the statue for good luck.
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By naming it "Gu Ye" or "Lord of Stocks," Cai now hopes that the bull-bear sculpture can soothe nerves of other mainland investors by acting as a lucky charm that could "represent a prolonged bull run which will keep the bear firmly under its feet."
The art collector also said he hopes that the massive figurine could become the mascot of Chinese stocks one day, like the brass "charging bull" near Wall Street, according to the Xiamen-based broadsheet. The sculpture reportedly cost "millions of yuan" and was delivered to its current location on August 13 from Beijing. Cai did not disclose the actual amount he spent.
Since the renewed turmoil in share markets this week, a handful of stock investors have been seen praying to the gigantic sculpture with incense sticks and offerings such as oranges, other local media reports said.