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Why Does Tencent Earn Nearly 3x the Profits of the Entire STAR Market—Yet Its Valuation Is Only One Quarter of the Index? china stock market valuation mismatch chinese tech stocks equity market pricing logic garbo decodes china small cap investment china ai solomoat star market profits comparison tencent tencent valuation gap the niche hunter Jul 21, 2026

Market reality versus conventional wisdom: A valuation paradox

Earlier this year, investor Dan Bin highlighted a striking market paradox: in Q1 202...

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