Panel A: Sample Restriction Firms Firm-Days Description Obs. Obs. Observations from 10 January to 31 March 2020 with CSMAR and RESSET data 3635 187,030 Less: financial companies −108 −5522 Less: missing data for measuring variables −52 −2703 Final sample 3475 178,805 Panel B: Distribution by Month Firm-Days CIPHT = 0 CIPHT = 1 Month Obs. Obs. Obs. January 34,147 33,910 237 February 68,645 21,675 46,970 March 76,013 58,875 17,138 Total 178,805 114,460 64,345 Panel C: Distribution by Industry Firm-Days CIPHT = 0 CIPHT = 1 Industry Obs. Obs. Obs. Accommodation and food 468 300 168 Comprehensive 1092 706 386 Construction 4775 2787 1988 Culture, sports, and entertainment 2953 1808 1145 Education 416 236 180 Farming, forestry, animal husbandry, and fishery 2027 1464 563 Health and social work 572 353 219 Information transmission, software, and information technology services 14,413 8582 5831 Leasing and business services 2688 1514 1174 Manufacturing 115,676 74,983 40,693 Mining 3578 2516 1062 Production and supply of electricity, heat, gas, and water 5344 3573 1771 Real estate 5903 3559 2344 Resident services, repair, and other services 52 27 25 Scientific research and technical services 2798 1747 1051 Transportation, warehousing and postal services 5248 3405 1843 Water conservancy, environment, and public institution management 2648 1769 879 Wholesale and retail trade 8154 5131 3023 Total 178,805 114,460 64,345