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> IPO at its relative late stage with a gigantic valuation, leaving little for retail investors to gain from.

Isn't this just following a trend for larger and later IPOs?

https://www.vox.com/2014/9/11/6134529/a-new-york-stock-excha...

> The IPO was a sensational draw for China’s retail investors who bid a record $3 trillion, equivalent to the entire annual economic output, for shares in the fintech giant.

:o that sounds quite frothy.

Yeah, for comparison Apple's valuation is 1.88T, compared to US's GDP of 20.8T.

Americans markets have been booming for the past 10 years, relatively robust and "policed", it also has something to do with the dollar dominance, so they kind of can take these bets?

But it's not the case for Chinese domestic markets.

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