Retail investors in China shied away from stocks as markets dropped in 2022 and 2023, but they’ve been roused awake this year by Beijing’s efforts to bolster the economy.

Retail investors are cashing out from China’s exchange-traded funds, risking further market volatility if Beijing fails to boost sentiment, according to analysts.

Speculative fever in Chinese stocks is running red hot and catching the attention of some global funds, who figure local money is worth following into market segments sheltered from tariffs and likely to ride an eventual economic recovery.

Shares were mixed in Asia on Wednesday, with Chinese shares leading gains, after U.S. stocks rose to records despite President-elect Donald Trump’s latest talk about tariffs. Tokyo’s Nikkei index fell 0.