Tech ETFs draw record inflows as Beijing pledges stability
China raises $217B from tech via IPO/bond over two years; CXMT chipmaker debuts $8.6B (+466%), shifting from subsidies to market funding for AI and chip competition. Policy-driven valuations expose Chinese players to overvaluation risk versus better-funded foreign rivals.
Chinese tech firms raised $217 billion through IPOs and bond sales over two years, but still trail U.S. peers by more than 6-to-1