I would say I'm still in this mindset. Numbers are hard to come by but analysts optimistically put Chinese SaaS market at ~10% of the size of the US. Also I see that the gross margin for public Chinese SaaS is around 50% vs 80% for the US reflecting that SaaS in China is much more services and implementation heavy. So it feels like the direct to business SaaS's like Salesforce aren't really there and then then the selling to SaaS titans like Datadog have a much smaller flywheel to work in.

Happy to be wrong though if I'm missing something.