> It's really interesting that someone can know all of these domestic Chinese names and yet declare the industry generally a "smoking ruin".

They're different things. Just like you can be the most famous actor or singer and still be poor. Being popular, having good products and actually making money is not the same.

And it's all relative. Today if NASDAQ dropped 20% the world would declare it in ruins. Are the companies still "alive"? Yes.

> Because anyone who used these companies' products in China would see a pretty large ecosystem that's making a lot of money.

Not true. A lot of them e.g. the public listed 1s have reported increased competition and reduced margins.