Chinese investors are buying the dip: China's largest tech fund, the Star 50 ETF, attracted a record +$2.0 billion in inflows on Monday, its largest daily intake on record. This is more than twice the previous record set in December 2020. As a result, the Star 50 index surged +11% on Tuesday, its biggest daily gain in nearly 2 years. This follows a -17% decline last week as investors unwound leveraged positions by the largest amount since the 2015-2016 equity market crash. China’s "National Team" ETFs have attracted +$10.0 billion in inflows over the last 3 trading sessions, the largest intake since April 2025. Meanwhile, at least 5 of China's largest insurers have pledged to boost stock market investments, with China Life alone buying over +$1.5 billion of stocks and funds. Chinese investors remain eager to buy dips.(The Kobeissi Letter)