Where did the retail investors' money go?

The highest market value of the Chinese stock market in 2021 was close to 100 trillion yuan, but the current market value is only more than 60 trillion yuan, and nearly 40 trillion yuan of funds have been wiped out. This money is not profit, most of it is the principal of retail investors. Where did this money go? In addition to what we know, the state took some stamp duties, brokers took some commissions, and listed companies reduced their holdings and earned a lot of money, but these added up to only a small fraction of 40 trillion yuan. So, who took the remaining funds?

Please help me!

From another perspective, who is the biggest beneficiary of the stock market decline? It turns out that 40 trillion yuan can buy a lot of goods, but now everything is back to zero. Can anyone explain it clearly? #Meme板块普涨 #Mt.Gox将启动偿还计划 #CryptoTradingGuide #Blast空投 $SOL #美国PCE数据将公布 $PEPE $PEOPLE