Public markets are astir, too, after a period when officials hit the brakes, fearful that IPOs sucked capital away from other stocks in a sagging market. Chinese firms have raised around $32bn this year, double the comparable figure for 2025 and triple that for 2024 (see chart). Big deals are back. CXMT, a maker of memory chips, is eyeing a $4.3bn listing, one of the biggest in recent years. Another ten tech firms are planning multibillion-yuan flotations. Shanghai’s tech-heavy STAR market, which had barred profitless startups from listing in 2024 and 2025, has let them back in. Unitree got its…