Influence is mutual, but China definitely has the stronger hand on XHS now. First, Chinese population on XHS is bigger. Second, Chinese people set the rules (e.g., content policies, recommendation, technology standards). Third, the foreigners coming to XHS now wants to be civilized by the Chinese, the missionaries preaching liberal propaganda arrived to China and XHS long ago.
I agree with your sentiment but this phenomenon can be explained by people who think they can carve out a new major audience.
its definitely wealth too. wealth in asset valuations isn't wealth, when its that high it is 有价无市. You can never liquidate it all at once without destroying the value.
XHS is firmly inside the wall. Foreigners are there under 100% Chinese content control and management. THAT is the uniqueness.
