China tech frenzy turns into year of dismay for retail traders

Pedestrians walk across a street next to an electronic sign board showing the Hang Seng Index in Hong Kong on Thursday. What started out as a year of hope for China's stock market has turned into one of disillusion for its 250 million retail investors. Kicking off 2026, millions across the country plowed money into the market, betting that China's drive for self-sufficiency in artificial intelligence, semiconductors and robotics would produce a new generation of winners. Optimism turned feverish as China joined a global tech rally. Initial public offerings were subscribed thousands of times over as national champions came into the market, while spectacular debuts and runaway rallies minted fortunes overnight. In a time of both misinformation and too much information, quality journalism is more crucial than ever.