Chinese technology companies have wiped out a combined $823 billion since their February peaks, and Beijing’s expanding crackdown on the sector is fueling investor concern that the selloff is far from over. 中国政府镇压迪迪全球对美国IPO之后将进一步抛售压力在中国最大的科技公司,包括腾讯、阿里巴巴,JD.com,百度和业内。 中国科技公司已经摧毁了2月份的峰值以来总计8230亿美元,和北京的扩大打击部门引发投资者担心抛售还远未结束。
Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.<\/a>’s contentious decision to go public in the US. That has put further selling pressure on China<\/a>’s biggest technology names including Tencent Holdings Ltd.<\/a>, Alibaba Group Holding Ltd.<\/a>, JD.Com Inc., Baidu Inc.<\/a> and Meituan.
“The selling will continue in the third quarter,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. He says he sold two thirds of his technology stock holdings, including in Tencent<\/a> and Alibaba<\/a>, in May. “The measures from authorities will keep coming.”
The Hang Seng Tech Index, whose members include many of China<\/a>’s biggest tech firms, fell as much as 1.9% Wednesday, poised for its sixth consecutive day of declines. Tencent<\/a> and Meituan fell as much as 3.7%, among the biggest decliners on the Hang Seng Index. Alibaba<\/a> dropped 2.1%.
China’s sweeping warning Tuesday followed the opening of a security review by the nation’s internet regulator last week into Didi and a demand for app stores to remove it. The move stunned investors and industry executives and has hammered the Hong Kong shares of peers such as Tencent—one of Didi’s largest backers.
Investors worry that the latest security-based probes have opened a new front in President Xi Jinping’s broader campaign against China’s internet giants that began in November with the collapse of Ant Group Co.<\/a>’s mega IPO and subsequent antitrust investigations into Alibaba and Meituan. Over the weekend, China moved against two other companies that also recently listed in New York—Full Truck Alliance Co. and Kanzhun Ltd.
Investors are likely to take a “sell first, talk later” approach to limit policy<\/a> risks in their portfolio, said Justin Tang, the head of Asian research at United First Partners in Singapore. Stock prices are likely to be driven by near-term sentiment swings as opposed to company fundamentals, Jian Shi Cortesi, a Zurich-based fund manager at GAM Investment Management, wrote in an email.
To be sure, valuations may start to look attractive. Tencent, Alibaba and Baidu Inc.<\/a>—among the earliest Chinese tech companies to enter public markets and the biggest—trade at an average of 22 times forecasted earnings over the next 12 months. That compares with the 10-year average of 26 times, according to data compiled by Bloomberg.
“In case the market sentiment goes into extreme pessimism and we see the Hang Seng Tech Index down 20% from here, it could be a rare opportunity to buy some fast-growing Chinese internet companies at extremely attractive prices,” GAM’s Jian Shi said.
The Hang Seng Tech Index is down 31% from its February high. Investors in mainland China, who accounted for about a third of turnover in Tencent shares this year, turned net sellers of the stock in June.
“While the long-term future of Chinese tech remains, it will be a caveat emptor for investors in the near term,” said United First’s Tang.
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8310亿美元,中国科技公司抛售可能远未结束
当局周二发表了一项全面警告全国最大的公司,誓言要加强监督的数据安全及海外上市几天后迪迪全球公司。的有争议的决定在美国上市。进一步加大销售压力中国最大的技术包括名字腾讯控股有限公司。,阿里巴巴集团(Alibaba Group Holding Ltd .)JD。Com Inc .)百度(bidu . o:行情)。和业内。
恒生科技指数,其成员包括许多中国最大的科技公司,周三下跌1.9%,将连续六个交易日走低。腾讯Meituan跌幅一度高达3.7%,恒生指数跌股最大的。阿里巴巴下降了2.1%。
周二中国全面警告之后的国家安全审查的互联网监管机构上周迪迪和删除它的应用商店的需求。此举震惊了投资者和业内高管和香港股市重创的同行如Tencent-one迪迪最大的支持者。
投资者担心最新安全调查开辟了一条新战线在习近平副主席的广泛的反对中国的互联网巨头,11月开始崩溃蚂蚁集团有限公司的阿里巴巴和业内大型IPO和随后的反垄断调查。上周末,中国移动对其他两个公司,最近还在新上市York-Full co .)和Kanzhun卡车联盟有限公司
投资者可能会采取“销售第一,待会儿再谈”的方法来限制政策风险投资组合,贾斯汀唐说,美国亚洲研究主管第一次在新加坡合作伙伴。股票价格近期可能会受到情绪波动与公司基本面,剑Cortesi,总部位于苏黎世的GAM投资管理公司基金经理,在一封电子邮件中写道。
可以肯定的是,估值可能会开始看起来有吸引力。腾讯、阿里巴巴和百度(bidu . o:行情)。在中国最早的科技公司进入公开市场的平均和最大的贸易未来12个月预测收益的22倍。相比之下,10年期平均26倍,据彭博社采集数据显示。
”情况下,市场人气极度悲观,我们看到从这里恒生科技指数下降了20%,这可能是一个难得的机会去买一些快速增长的中国互联网公司极有吸引力的价格买船,”施GAM的剑说。
恒生科技指数从2月的高点下跌了31%。投资者在中国大陆,约占营业额的三分之一在腾讯股价,今年6月将股票的净卖家。
“虽然中国科技的长远未来,这将是一个为投资者在短期内购者自慎,“美国第一的唐说。
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Chinese technology companies have wiped out a combined $823 billion since their February peaks, and Beijing’s expanding crackdown on the sector is fueling investor concern that the selloff is far from over.
Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.<\/a>’s contentious decision to go public in the US. That has put further selling pressure on China<\/a>’s biggest technology names including Tencent Holdings Ltd.<\/a>, Alibaba Group Holding Ltd.<\/a>, JD.Com Inc., Baidu Inc.<\/a> and Meituan.
“The selling will continue in the third quarter,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. He says he sold two thirds of his technology stock holdings, including in Tencent<\/a> and Alibaba<\/a>, in May. “The measures from authorities will keep coming.”
The Hang Seng Tech Index, whose members include many of China<\/a>’s biggest tech firms, fell as much as 1.9% Wednesday, poised for its sixth consecutive day of declines. Tencent<\/a> and Meituan fell as much as 3.7%, among the biggest decliners on the Hang Seng Index. Alibaba<\/a> dropped 2.1%.
China’s sweeping warning Tuesday followed the opening of a security review by the nation’s internet regulator last week into Didi and a demand for app stores to remove it. The move stunned investors and industry executives and has hammered the Hong Kong shares of peers such as Tencent—one of Didi’s largest backers.
Investors worry that the latest security-based probes have opened a new front in President Xi Jinping’s broader campaign against China’s internet giants that began in November with the collapse of Ant Group Co.<\/a>’s mega IPO and subsequent antitrust investigations into Alibaba and Meituan. Over the weekend, China moved against two other companies that also recently listed in New York—Full Truck Alliance Co. and Kanzhun Ltd.
Investors are likely to take a “sell first, talk later” approach to limit policy<\/a> risks in their portfolio, said Justin Tang, the head of Asian research at United First Partners in Singapore. Stock prices are likely to be driven by near-term sentiment swings as opposed to company fundamentals, Jian Shi Cortesi, a Zurich-based fund manager at GAM Investment Management, wrote in an email.
To be sure, valuations may start to look attractive. Tencent, Alibaba and Baidu Inc.<\/a>—among the earliest Chinese tech companies to enter public markets and the biggest—trade at an average of 22 times forecasted earnings over the next 12 months. That compares with the 10-year average of 26 times, according to data compiled by Bloomberg.
“In case the market sentiment goes into extreme pessimism and we see the Hang Seng Tech Index down 20% from here, it could be a rare opportunity to buy some fast-growing Chinese internet companies at extremely attractive prices,” GAM’s Jian Shi said.
The Hang Seng Tech Index is down 31% from its February high. Investors in mainland China, who accounted for about a third of turnover in Tencent shares this year, turned net sellers of the stock in June.
“While the long-term future of Chinese tech remains, it will be a caveat emptor for investors in the near term,” said United First’s Tang.
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