The real force powering China's market rally isn't mom-and-pop investors this time, says Goldman Sachs
China's stock markets have been on a hot rally after years of gloom, and Goldman Sachs says the bull run may have further to go. That's because, contrary to popular narrative, China's millions of mom-and-pop investors aren't the ones powering the surge.Data show that institutional investors have actually provided much of the capital, wrote analysts at Goldman Sachs in a Thursday note. Chinese equities have added about $3 trillion in market value this year across Hong Kong and mainland markets, according t ...