I wouldn't necessarily call pricing and volumes over there legitimate, especially when you take into consideration that wash trading and front running of orders happens there as well, and the latter is technically not even a crime, legally speaking. The only difference is that the institutions participating in such activities know how to make it look natural, while in the crypto space (especially in China) no one even cares since the odds of being prosecuted for shady activity is close to zero.

The problem with these emerging stocks is that they are very difficult to price properly, because it's not just a matter of looking at the fundamentals and whatnot, but also the fact that in most cases 50% of their value is based on nothing but speculation, especially when you have retail investors jump on board like there is no tomorrow. We'll only find out whether or not current values are 'legitimate' when they back it up with actual results because that's what everyone expects from a company, and I very much doubt that they will come through with that.