The Velvet Underground: Decoding Shanghai's $4.1 Billion Nightlife Paradox

SECTION 1: INDUSTRY ANATOMY• Market Dimensions (2025):- ¥32.8 billion valuation (19% CAGR since 2022)- 1,550 licensed venues (45% clustered in Huangpu)- 72% peak-night occupancy (Thurs-Sat)- 51% international patronage (predominantly Asian marke