New TA/Charting, page-7216

It works similar on all explorers transitioning to miners.
Orphan period is just a combination of time, human psychology, funding and macro environment drivers.

In nutshell:
1-2 years is long time in stock market. It's relatively easy to hold stock when stock advances in large moves and pullbacks are shallow and short timeframe.
But it's not that easy when stock starts trading flat or declining over longer period, rallies are short lived and new lows instead of new highs become regular thing.
Retail speculator, traders and instos start exiting stock to chase other hot stock/sector. Some start exiting with intention to come back later in time, etc.
Then would be LT investors (especially not experienced ones) start feeling under pressure as their expectations of new ATH on procession of ann (they believe will lift SP up) end up being sold into and usually SP retreats even lower.
The conspiracy theories of manipulation down to takeover company for peanuts, etc start circulating forums, etc.
Rumors of problems, fighting, etc on forums.
The perma-bulls that seemed geniuses in bull rally start looking silly with never-ending predictions of never to be seen cheap prices that keep getting cheaper; predictions of bottoms and rallies that burn shorters that keep being wrong.
All that has effect on LT investors that find comfort in leadership from others and safety of being in group. They start doubting perma-bulls leadership and their investment, then sell.
In the meantime insto funds start hedging their holdings with shorts, stop supporting SP and turn to sucking shares lower and lower (the churn). Shorts start betting on funding CRs lower, delays and problems.
The longer timeframe to production = the harder it becomes to keep eye on the prize.

The macro environment, sector strength, timeframe and funding requirements during the process will also have big impact on how deep or shallow orphan period retrace goes.

Hope that helps (I don't know great deal about CHN so can't add anything company specific)