abstract In this paper, I use the Fama and Macbeth regressions to study the contrarian performance in Shanghai Stock Exchange and Shenzhen Stock Exchange A-share market as a whole and on different price levels from January 2008 to October 2015 The research indicates contrarian performance doesnt exist in our whole A-share market. However, low-price past two year loser portfolio can achieve 0.89% monthly reverse return in the coming one year significantly. On the Fama-French risk-adjusted basis, I find the monthly abnormal return still remain significant When I adjust returns by liquidity and market risk, the risk-adjusted return of low-price past two year loser portfolio still remain significant. My empirical evidence is generally consistent with the overreaction hypothesis and is meaningful for market practice Key Words: contrarian performance; A-share market; price level; overreaction hypothesisII Abstract In this paper, I use the Fama and Macbeth regressions to study the contrarian performance in Shanghai Stock Exchange and Shenzhen Stock Exchange A-share market as a whole and on different price levels from January 2008 to October 2015. The research indicates contrarian performance doesn’t exist in our whole A-share market. However, low-price past two year loser portfolio can achieve 0.89% monthly reverse return in the coming one year significantly. On the Fama-French risk-adjusted basis, I find the monthly abnormal return still remain significant. When I adjust returns by liquidity and market risk, the risk-adjusted return of low-price past two year loser portfolio still remain significant. My empirical evidence is generally consistent with the overreaction hypothesis and is meaningful for market practice. Key Words: contrarian performance; A-share market; price level; overreaction hypothesis