China's stock market is experiencing wild swings, undermining a $21 trillion bull case. China's 200 million retail investors, who sit on $21 trillion of deposits and were expected to help the market turn a corner, have instead become a source of weakness. ETFs that invest in Chinese stocks are struggling amid lost faith in Beijing's stimulus measures. In Japan, China stock ETFs saw a short-lived surge echoing tulip mania. Chinese stocks erased gains after a government briefing lacked major stimulus announcements, disappointing investors. China's hedge funds were caught off guard by an abrupt market surge. Despite the volatility, a renowned Chinese macro hedge fund is advising retail investors to buy stocks now, citing relatively low valuations and the government's policy support as positive tailwinds. China's pledge to provide more support to the troubled property sector has failed to restore investor confidence.