As Chinese markets came crashing down at the start of 2025, a joke circulated among investors: “What is the most valuable asset in the market?” The answer, they replied with a chuckle, was “retail investors”. China’s stockmarkets are dominated by amateurs. They buy high and sell low, helping the professionals eke out a living. They also seem to be in endless supply, no matter how much money is lost. “They get cut down like leeks but grow right back,” goes a popular saying.

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