The risk of a 'real Lehman moment' occurring in China is increasing due to a growing shadow banking crisis in the country, warned Chris Wood, Jefferies' global strategist. Chinese asset manager Zhongzhi's failure to make interest payments is likely just the beginning, Wood said in a newsletter. Another significant concern is that Chinese equities remain a value trap. Furthermore, the anti-corruption campaigns initiated by President Xi Jinping have dampened entrepreneurial spirits, along with last year's Covid-19 lockdowns.