What does China's IPO boom tell us? | Why the IEA changed its outlook | The Daily Brief #517 | 29 Jul 2026 | The Daily Brief by Zerodha

1. Executive Briefing (TL;DR)

• China's Shift to Equity Capital: CXMT’s 466% debut on the Shanghai Star Market displaced ICBC as mainland China's most valuable listed company, signalling a structural shift from state-bank credit allocation to capital markets to fund AI and tech infrastructure [00:00:39].
• Legacy Financial Repression: Historically, China maintained forced low deposit rates (3–4%) combined with strict capital controls to channel cheap capital into state-owned enterprises (SOEs) and real estate, fueling massive overcapacity and bad debts [].