China Tech Crackdown Cycle Nearing an End, Top Fund Manager Says
Bloomberg 1 hr ago Livia Yap and Jeanny Yu
(Bloomberg) Beijing’s antitrust crackdown on homegrown tech giants may be coming to an end, leaving stock valuations of some of the major firms at attractive levels.
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That’s the view of Hyomi Jie at Fidelity International Ltd., whose China consumer equity funds oversee $7.3 billion in assets. One has beaten 96% of peers in the past year. Hong Kong-based Jie sold some of her holdings in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. earlier in the year, though they remain among her largest positions.
HSI +1.1%, HSCE +0.9%, CSI300 +0.2% FTSE China A50 +0.2%
June 1 (Reuters) - Hong Kong stocks closed higher on Tuesday, supported by a bounce back in tech heavyweights, as investors hunted for bargains following sharp losses in May. At the close of trade, the Hang Seng index was up 316.20 points or 1.08% at 29,468.00. The Hang Seng China Enterprises index rose 0.93% to 10,990.75. Leading the gains, the Hang Seng tech index and the Hang Seng IT index climbed 2.5% and 3%, respectively. Kuaishou Technology ended up 9.2%, after a 26% slump in May, Meituan rebounded 6.5%, while Alibaba Group Holding Ltd gained 3.4% after losing 6.2% in May. Sentiment was also aided by continued inflows from mainland investors, who on Tuesday purchased net 6.4 billion yuan ($1.00 billion) worth of Hong Kong shares via the Stock Connect linking mainland and the city island, according to Refinitiv data.