The study looked at how investors in Chinese A- and B-share markets tend to follow the crowd, especially during market downturns. They found that investors in A-share market tend to herd for small and growth stocks in all market conditions, while in B-share market, herding happens for various types of stocks. Interestingly, herding in A-share market is more pronounced during market downturns, while in B-share market, it remains consistent. There were no spill-over effects between A- and B-share markets. During financial crises, investors in B-share market tend to follow non-fundamental information more often. Understanding these herding behaviors can help manage financial risks.