BREAKING: Margin financing in China is up to a record $390 billion. This has officially surpassed the 2015 stock market bubble peak of ~$380 billion. Margin debt has nearly DOUBLED since the end of 2024, driven by risk appetite from retail investors. As a % of free float market cap, margin trading is up to 5.0%, near the highest since the 2015 crash. By comparison, this percentage hit ~9.5% in 2015 when it doubled in just a few months. Additionally, margin debt as a % of daily turnover is up to 12.0%, matching the highest level in 11 years. Chinese investors are borrowing to buy stocks is at record levels.(The Kobeissi Letter)