In Chinese culture, digit 8 (4) is taken as lucky (unlucky). We find that the numerological superstition has a profound impact across China’s stock, bond, foreign exchange and commodities markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., the probability of asset price ending with a lucky (unlucky) digit far exceeds (falls short of) what would be expected by chance, is prevalent. The effect is driven by investors’ reliance on superstition as an anchor to face uncertainty in asset pricing and the overoptimism of unsophisticated investors. While the superstition effect does not lead to systemic mispricing for assets traded by sophisticated investors, it implies overpricing for assets involving more unsophisticated investors.