The post-pandemic era might witness a shifting landscape of international higher education, partially reflected by a restructuring of international student mobility (ISM) patterns. Notably, there is a nascent trend of Chinese returnees with degrees from Anglo-American universities pursuing doctoral studies at home. Previous research concentrates on the motivations of Chinese students learning abroad and the experiences of foreign students in China; understanding of the 'reverse' mobility of Chinese returnees is thin. This empirical study unveils the underlying incentives behind Chinese students' decision to return for doctoral degrees through an analytical framework exploring asymmetrical power relationships among ISM actors. 23 doctoral candidates/graduates from eight Chinese universities participated in semi-structured interviews. The findings reveal a narrowed gap in STEM (science, technology, engineering, and mathematics) doctoral education between Chinese and Anglophone universities. The promising industries and life prospects at China's megacities impel Chinese overseas students to return earlier for career paths. Meanwhile, they have suffered from multiple risks abroad including outsider identity, xenophobia, and safety concerns, while enjoying privileges for doctoral enrollment at home. As repositioning its peripheral status, China still has a lot to improve in the institutionalization of the application-assessment doctoral admission system, internationalization of the doctoral curriculum, and quality assurance of pedagogical practices.