"a high percentage of young entrepreneurs there are just opportunists. They are not interested in sitting down and building something useful. Instead, they just want to quickly raise/burn money and go public."

I worked for several SF startups and most are the same. So I don't agree there are way more Theranos' in China. I would say they are probably around the same level in terms of many people claiming they are for something when they are not.

This doesn't just happen in tech though. I have seen it in banking as well when it was booming. When there is a booming industry, it tends to attract a lot of posers that exasperates the hype.