That's an oxymoron. It's true that the Hong Kong guys know something many westerners know about China. China still has a population of only about 120 million, not 1.2 billion. These are the 120 million who have some money to buy consumer products. Yes, the signals are much more mixed.
Intentions can change.
Secondly, based on my hard-learned lessons, the number one problem with investing in China is actually a moral hazard. People are given positions of responsibility without appropriate systems of punishment and rewards to govern their behavior. The world has too much supply of everything. I know that the Chinese government will do whatever it takes to gets its people to consume more. Red chips are a moral hazard.