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Analysis – Law without order: investors grapple with China s regulatory risk
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Everyone Is In The Crosshairs : China Sees Panic Selling Amid Unprecedented Crackdown
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Jul 25, 2021
An index launched a year ago to give investors greater exposure to China’s internet giants is now the world’s worst-performing major technology gauge.
The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary on Tuesday, was up 59% at its February peak but has since seen more than $551 billion in market value wiped out amid Beijing’s clampdown on the sector.
That has reduced the gain to nearly 6%, compared to more than 40% for the MSCI World Information Technology Index and the Nasdaq-100 Index. The measure also lags onshore peers: the ChiNext Index is up 35% in the period.
(July 24): Global investors from Tiger Global Management to Temasek Holdings Pte are reeling as China prepares to impose its harshest curbs yet on its $100 billion private tutoring and online education sector.
China is considering asking companies that offer tutoring on the school curriculum to go non-profit, people familiar told Bloomberg News, potentially wiping out a big chunk of the billions that private equity and venture capital funds have staked on a once red-hot sector.
In rules currently under debate, the platforms may lose their ability to raise capital or go public depriving their backers of the exits they need to cash out. And foreign capital could be banned from the sector, with uncertain ramifications for the likes of Singapore’s Temasek and GIC Pte as well as Warburg Pincus and SoftBank’s Vision Fund that have all invested in many of the industry’s big players.
An index launched a year ago to give investors greater exposure to China’s internet giants is now the world’s worst-performing major technology gauge. The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary on Tuesday, was up 59% at its February peak but has since seen more than $551 billion in market value wiped out amid Beijing’s clampdown on the sector. That has reduced the gain to nearly 6%, compared to more than 40% for the MSCI World Information Technology Index and the NASDAQ-100 Index. The measure also lags onshore peers: the ChiNext Index is up 35% in the period.
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