We study a well developed data base containing financial information on the equity markets of the two principal Chinese Exchanges, i.e., Shanghai and Shenzhen. The analysis is similar to those performed before by others in studying anomalies in more traditional and well explored equity markets. The study concludes that (a) the daily and monthly anomalies differ for each Chinese equity market; (b) an extensive analysis of outliers in the market returns indicate possibilities for trading strategies and perhaps in the future when the markets become mature, options trading may be permitted; and the analysis and its results would aid in decision making as well. Lastly, the study is unique in that it explores the meaning of times series data of equity markets not studied in such detail in previous studies.

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