Why are Chinese concept stocks all cheap, yet their prices stay flat for a long time?

I truly admire those who persist in investing/speculating in the A-share market and can still maintain stable profits over time.
It's said that investing is about fishing where there are many fish, but compared to A-shares and U.S. stocks, it's clear that U.S. stocks are more suitable for investment.
Because in China's policy system, shareholder returns are not the top priority.
Compare the priorities:
🇺🇸 The American capital market's priorities are closer to:
Shareholder value, profit growth, capital efficiency.
🇨🇳 China's policy priorities are more like:
Financial security, social stability, industrial upgrading, employment, common prosperity, national security.
So if a company is very profitable but its profit-making methods are considered to pose systemic risks, regulators will still intervene.
For example:
Platform finance makes money but may leverage;
Education training makes money but increases family anxiety;
Gaming makes money but affects minors;
Community group buying makes money but impacts small vendors;
Platform commissions make money but squeeze merchants and couriers;
Data export facilitation but brings security risks.
From an investor's perspective, one might think:
“The company is making so much money, why suppress it?”
But from a regulatory perspective, the logic is:
“You can make money, but not at the expense of undermining financial security, social fairness, and national data security.”
There is no absolute right or wrong here; the key point is: the capital market will therefore discount these stocks.
What is the largest weight among Chinese concept stocks?
Alibaba, Tencent, Meituan, JD.com, Pinduoduo, Baidu, NetEase, Bilibili, Didi, KE Holdings, Manbang, Boss Zhipin, New Oriental, TAL Education…
Many of these companies belong to:
Internet platforms, data platforms, education, consumer finance, content, gaming, life services.
All of which are industries sensitive to regulation.
So the market is seeing not just a single policy, but a whole set of signals:
Platforms cannot expand infinitely;
Data cannot be exported arbitrarily;
Finance cannot bypass regulation;
Education cannot be overly capitalized;
Gaming cannot grow without limits;
E-commerce cannot rely on monopoly and price wars to squeeze merchants.
This may not be entirely wrong for social governance, but it hurts shareholder valuation.