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And statistics do bear the fact that the online paid knowledge market is on the cusp of a boom in China. Last year, the industry generated more than 4.9 billion yuan in economic output, up 300 percent year-on-year, according to a recent industry report from iResearch, a market consultancy firm.

Analysts said off-balance sheet debt raised through such financing vehicles, which do not disclose the size, posed risks to the nation's financing system.

And in 2019, the per capita GDP of Guangzhou reached more than 150,000 yuan, approaching the level of high-income countries and regions, the report said.

Analysts say low valuations, solid fundamentals, border standoff, movie are catalysts

And while those companies certainly haven’t gone away, there’s a new breed that’s making its mark.