The study looked at China's A and B stock markets to see if there were any patterns in how prices changed over time. They found that both cultural factors, like holidays, and structural factors, like how the markets are set up, affect stock prices in China. There is a special effect around the Chinese Lunar New Year, with prices changing more during that time. The two markets also show differences in how prices change on different days of the week. Overall, the A stock markets tend to give better returns when using certain strategies based on these patterns.