To me the most interesting question is the DiDi question. I think it will only be answered when some other Goliath IPO’s in China and we see what happens.

Speculation on my part is:

1. a lot of the liquidity is “black money”, that is fine to bring in a suitcase to buy hard assets, but not so good to buy stock & have it held electronically (for eg, CCP officials who don’t want to get caught up in “anti-corruption”)

2. There isn’t as much liquidity as it appears to be. The activity see could be the central bank trading with its-self (remember when they were propping up the market a few years ago, maybe they never stopped).

3. Maybe there are hidden barriers because if there are too many IPO’s property market will crash when wealth will flows out of property into equities thereby destabilizing the economy. So market regulators (Bureaucrats) want the IPO’s to be on a drip-drip (very few shares at a time), but DiDi wanted big money fast.

Obviously, no one is telling Xi what the real situation is.