Shanghai's tech-focused Star 50 index is up 29% in 2026, and its P/E ratio is 150+, above Nasdaq 100's 35, fueled by Beijing's tech push and an investor frenzy (William Sandlund/Financial Times)

William Sandlund / Financial Times:
Shanghai's tech-focused Star 50 index is up 29% in 2026, and its P/E ratio is 150+, above Nasdaq 100's 35, fueled by Beijing's tech push and an investor frenzy  —  Support from Beijing has helped power 29% gain for Star 50 index this year  —  Backing from Beijing and an investor frenzy …