With the dismal 10% drop in China Zhongdi Dairy’s IPO as it started trading, it appears Chinese investors are losing faith in the highest-flying stocks. Following Monday’s miracle afternoon rescue, ChiNext (tech-heavy) and Shenzhen (tech and growth-heavy) indices are plunging. Shanghai, which initially rose thanks to strength in housing stocks, has given up all its gains as last night’s Schrodinger PMIs were neither good nor bad enough to prompt immediate massive monetary liquidity tsunami.