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Baillie Gifford funds swept up in China tech sell-off
Scottish Mortgage, which holds around one fifth in Chinese stocks, fell 4% on Tuesday, while Baillie Gifford China Growth dived 6%
Baillie Gifford’s big bets on China have come back to bite the Edinburgh manager as the government’s latest crackdown on the education sector has prompted investors to flee.
Over the weekend Beijing introduced sweeping rule changes to China’s $100bn private tutoring industry, barring businesses from turning a profit, listing on stock exchanges worldwide and accepting foreign investment.
The announcement wiped billions off the market value of New York-listed Chinese education companies New Oriental Education and TAL Education and stoked fears of further regulatory intervention.