"The most difficult time has passed." In a little more than a month, the Shanghai Composite Index quickly slid from its high position of 6124 points to below 5000 points. The stock index dropped by more than a thousand points, exceeding the expectations of many investors. However, it was precisely this major adjustment in a little over a month that caused the overall valuation level of the A-share market to begin returning to rationality in the last month of the fourth quarter of 2007.