What happened in China StellarStack, a Chinese industrial metal 3D printing startup, raised a tens-of-millions RMB angel round at an approximately $70 million post-money valuation. The round is small by the standards of Chinese deep tech fundraising — Spirit AI, for comparison, raised RMB 3 billion (≈ USD 420 million) in two rounds over just 30 days — but the valuation assigned at angel stage tells a different story. Investors are pricing in the expectation that StellarStack will compete in a market currently dominated by established Western names. The backdrop matters enormously. China's domestic metal 3D printing market reached a valuation of approximately USD 385 million in 2024. That number is not yet threatening on a global scale, but it represents a deep and fast-moving home market where Chinese startups can iterate, reduce costs, and win customers before ever considering international expansion. The playbook is familiar. The timeline is…