Amateur shareholders are a force to be reckoned with. Japan has "Mrs Watanabe", the personification of a small-time punter. Britain’s equivalent dates back to the 1980s “Tell Sid” campaign. But for sheer clout, Chinese retail investors have few rivals. They hold more than three-quarters of all stocks and account for nearly 90 per cent of daily trading volume.

That gives companies that own household names, such as Alipay, a big edge. Its operator Ant Financial, Alibaba’s payment affiliate, is reportedly considering a dual listing for its shares in Hong Kong and mainland China. When it does, its $150bn private valuation from its last fundraising round - 70 per cent higher than that of Goldman Sachs - will look cheap.

That might seem a stretch. Ant was unprofitable in 2018. Low transaction fees make it difficult for it to offset high operating costs. Powerful local regulators are imposing strict limits on high-margin and fast-growing businesses such as online lending.