The article explores how the stock markets in China and ASEAN countries are connected during financial crises. By analyzing market data, the researchers found that negative events in one market can significantly increase volatility in the other market. This means that bad news in China can impact stock prices in ASEAN countries, and vice versa. The study also showed that the two markets became more closely linked during recent crisis periods. Overall, the findings suggest that the Chinese and ASEAN stock markets are more integrated than previously thought, reacting not only to local news but also to events in each other's markets.