Who is buying it, by the way? What is the probable source of their money?
Lots of free money flowing around in China, they're sniffing in the US too. Investment in Chinese tech companies is booming at a rate that dwarfs the dot-com bubble.
The use of margin debt to trade mainland shares has climbed to all-time highs, while investors are opening stock accounts at a record pace. More than two-thirds of new investors have never attended or graduated from high school, according to a survey by China’s Southwestern University of Finance and Economics.