'China didn't anticipate big data becoming a powerful thing,' Perth Tolle, the founder of Life + Liberty Indexes, told me. Two days later it collapsed under regulatory scrutiny. As a result, a slew of Chinese companies - including TikTok owner ByteDance, medical tech company LinkDoc, fitness app Keep, and vegetable-delivery startup Meicai - have all paused their plans to launch initial public offerings on Wall Street.Д¬hinese ride-hailing app Didi Global raised $4.4 billion in its debut on Wall Street. Over the span of four weeks, Didi lost $29 billion in market value, and China proposed new rules requiring big tech companies to undergo a cybersecurity review before listing their shares on overseas markets. On July 2, only two days after the Chinese ride-hailing app Didi Global raised $4.4 billion in its debut on the New York Stock Exchange, Chinese regulators announced an investigation into the company on the grounds of protecting national security. As of May, the US-China Economic and Security Review Commission said, there were 248 Chinese companies listed on US exchanges with a total market capitalization of $2.1 trillion.Д«ut this month the 'certainty' provided by an undemocratic regime started to seem less like a sure bet and more like a giant gamble. So it's no wonder that when the hottest Chinese tech companies decide to go public on US exchanges, their order books are usually oversubscribed, meaning that demand by eager investors exceeds the available supply of shares. Markets like actually totalitarian governments, where you have an understanding of what's out there.' As Larry Fink, the CEO of BlackRock, the world's largest money manager, said 10 years ago: 'Markets don't like uncertainty. It helps that China exemplifies the kind of certainty that authoritarian regimes supposedly provide. Charlie Munger, Warren Buffett's right-hand man, has repeatedly sung praises of the Chinese government for allowing businesses to flourish and people to make money.Дriven by an insatiable hunger for growth and profit, Wall Street has long looked to the world's second-largest economy for opportunities. The legendary investor Ray Dalio, the founder of the world's largest hedge fund, warned last year that the world was underweight Chinese stocks and bonds. Goldman Sachs, JP Morgan Chase, Morgan Stanley, Citigroup, BlackRock, you name it, America's largest and most powerful financial institutions are racing to do business in China.

Over the past year, the Financial Times reported, investors worldwide have bought more than $800 billion worth of Chinese stocks and bonds, a 40% increase compared with the year before.

It's a truth universally acknowledged: Wall Street loves China.

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