 (Bloomberg) -- Like millions of amateur investors across China, Min Hang has become infatuated with the country's surging stock market."There's no way I can lose," said the 36-year-old, who works at a technology startup and opened her first trading account in Beijing on Tuesday. "Right now, I'm feeling invincible."Five years after China's last big equity boom ended in tears, signs of euphoria among the nation's investing masses are popping up everywhere. Turnover has soared, margin debt has risen at the fastest pace since 2015 and online trading platforms are struggling to keep up. Over the past eight days alone, Chinese stocks have added more than $1 trillion of value -- far outpacing gains in every other market worldwide.While it would be easy to dismiss as a replay of this year's Robinhood rally in the U.S., China's budding equity mania could in many ways be more consequential. Unlike in most major markets, the nation's individual investors account for the lion's share of local stock trading and have been prone to extreme swings in sentiment that can have ripple effects on the economy and monetary policy.For now, indicators of market overheating are still comfortably below levels reached during the height of equity bubbles in 2007 and 2015. The risk is that breakneck gains -- stoked in recent days by bullish articles in state-run media -- could eventually result in a destabilizing crash.There are key differences between now and the start of the melt-up in 2014 for investors to consider, including a lower starting point
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