currency deflation and falling stock market was the reason for some (a small fraction who were aware of its existence) Chinese investors to turn to domain market with the money they pulled out of stocks, deposits etc
im not saying 4L.coms have already peaked out yet - with a little less than 500,000 names it was pretty easy to drive the prices tenfold with only a couple of $ mln more pouring into the market. that said, the tide may reverse its direction as fast as it came if/when the same small $$$ amount get sucked back on stocks improving, currency stabilizing etc
i dont think even 1% of 4Ls will ever see any development or end user interest - the vast majority if not all sales are flippers/investors hoping to double/triple their money riding the trend... which may abruptly come to its end as soon as Shanghai index shows signs of stable and healthy recovery. with no end user interest and no new money coming from clueless investors traders will start to dump their inventory on each other at some point.
while 4L may be able to stay afloat for a year or two at the current or even higher price levels, all those 4-5-6-7N orgs/info/co/etc will be a disaster for those who left holding the bag...
again, not saying it will happen overnight, but i would seriously consider taking profits and exiting now for those who bought at $15-20 a year or two ago.
buying "Chinese premiums" i.e. worst letters unpronounceable/random/not-acronyms-of-anything-imaginable 4Ls now at $200-300 is already extremely risky and highly speculative to me as i see no fundamental reasons for them to rise higher long term rather than a lottery win (there are 160,000 "Chinese premium letters" names, how many sold at retail prices?)
classical bubble to me...
..would also never touch anything from 4L to 4N to 100N in net-org-info-other-crappy-tlds - unless a dozen of low $x,xxx sales out of 100,000 5N .infos is a good reason for you to collect "patterns" which meaning (or even its presence) you dont understand if you are not chinese enough..
just an opinion