独家
即使1.5万亿美元暴跌,中国科技交易员看到更多的痛苦
股票暴跌引发了北京日益扩大的压制使得腾讯控股有限公司交易市净率低于2008年金融危机期间。阿里巴巴集团控股有限公司在香港跌至纪录低点,在基准股指本周陷入熊市。
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Ashwini Vaishnaw袋10点的官员腐败指控
不到16年经验的官员受到缺口,而高级年级有一个长期的经验。凹陷水平相当于政府部门的联合秘书,虽然缺口是在主管级别。
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珍妮Yu和Ishika Mookerjee
甚至1.5万亿美元的抛售可能不为股市提供一个有吸引力的入口点投资者他们应对层叠中国科技行业的风险。
股票暴跌引发了北京的压制使得扩大腾讯控股有限公司。目前市净率低于2008年金融危机期间。阿里巴巴集团(Alibaba Group Holding有限公司在香港已跌至纪录低点,在基准股指本周陷入熊市。尽管有这样的估值迅速减少,资金流出的速度建议几个买信号闪烁。
“我不认为这将很快结束,”Alex Au说,Alphalex资本管理香港有限公司董事总经理他卖掉了他所有的中国科技控股上月和过去两周他曾经喜欢在股市中建立空头头寸。“投资者需要评估的基本原理和的风险在中国投资。”
腾讯本周警告投资者将面临更多的监管限制中国的科技行业。非盟等方面的科技行业中是最脆弱的一项全面镇压,颠覆了从教育和在线商务汽车租赁行业。
自2月峰,四家公司已经失去了全球大多数市场价值都是中国科技公司:腾讯、阿里巴巴、Kuaishou技术和业内已经摧毁了超过1万亿美元的总和。恒生科技指数最大的技术公司在中国,已经失去了超过40%。其成员看到蒸发约1.5万亿美元的价值。
习近平副主席的扩大镇压将走多远在重塑美国一些最大的公司,以及在哪里可以找到机会,关键问题是对投资者学习重新定位到一个新的正常。
定价在黑暗中
的当前状态监管方面的不确定性很难说,科技股目前便宜,肖恩·泰勒说,亚太区首席投资官和DWS新兴市场股票主管。
“如果收益继续下调,它仍然是昂贵的,“在目前的水平,他在彭博电视评论说。“我们不知道底部在哪里。”
下一个触发
内地投资者,科技股的大买家,当外国商人出售在2月和3月,6月以来已经成为腾讯的净卖家,据彭博社采集数据显示。
购买信号只会出现政府的政策清晰时,李说,深圳JH投资管理公司基金经理,他说他卖掉了他的股份互联网公司去年第四季度,“计划从远处观察事物”。
利润压缩
更强硬的政策环境迫使企业缓慢扩张计划,而反垄断执法公开他们更激烈的竞争。阿里巴巴的收入低于预期为两年来首次增长放缓从云到电子商务部门。
腾讯公布的季度营收增长自2019年初以来的最低水平,并警告的监管限制。也翻倍至150亿美元的资金是留出的社会责任项目,标志着最大的慈善努力中国互联网巨头,如监管审查正在加剧。
投资者需要清晰的监管机构将在多大程度上追求的公司,还有的公司将会如何应对,Tai Hui说,亚洲首席市场策略师摩根大通资产管理。“当前的估值可能不是完全反射,”他说。
机会
一些看到地平线上的一个转折点最近科技抛售非常激烈。
“当你拆开部分之和,你发现有些公司交易明显低于核心业务,很多企业的辅助部分,其支付还是你得到免费的云计算企业,估值非常引人注目,”路易Lau说,投资总监Brandes投资合作伙伴。“五年后,我认为这将是最好的买入机会。”
甚至1.5万亿美元的抛售可能不为股市提供一个有吸引力的入口点投资者他们应对层叠中国科技行业的风险。
股票暴跌引发了北京的压制使得扩大腾讯控股有限公司。目前市净率低于2008年金融危机期间。阿里巴巴集团(Alibaba Group Holding有限公司在香港已跌至纪录低点,在基准股指本周陷入熊市。尽管有这样的估值迅速减少,资金流出的速度建议几个买信号闪烁。
“我不认为这将很快结束,”Alex Au说,Alphalex资本管理香港有限公司董事总经理他卖掉了他所有的中国科技控股上月和过去两周他曾经喜欢在股市中建立空头头寸。“投资者需要评估的基本原理和的风险在中国投资。”
腾讯本周警告投资者将面临更多的监管限制中国的科技行业。非盟等方面的科技行业中是最脆弱的一项全面镇压,颠覆了从教育和在线商务汽车租赁行业。
自2月峰,四家公司已经失去了全球大多数市场价值都是中国科技公司:腾讯、阿里巴巴、Kuaishou技术和业内已经摧毁了超过1万亿美元的总和。恒生科技指数最大的技术公司在中国,已经失去了超过40%。其成员看到蒸发约1.5万亿美元的价值。
习近平副主席的扩大镇压将走多远在重塑美国一些最大的公司,以及在哪里可以找到机会,关键问题是对投资者学习重新定位到一个新的正常。
定价在黑暗中
的当前状态监管方面的不确定性很难说,科技股目前便宜,肖恩·泰勒说,亚太区首席投资官和DWS新兴市场股票主管。
“如果收益继续下调,它仍然是昂贵的,“在目前的水平,他在彭博电视评论说。“我们不知道底部在哪里。”
下一个触发
内地投资者,科技股的大买家,当外国商人出售在2月和3月,6月以来已经成为腾讯的净卖家,据彭博社采集数据显示。
购买信号只会出现政府的政策清晰时,李说,深圳JH投资管理公司基金经理,他说他卖掉了他的股份互联网公司去年第四季度,“计划从远处观察事物”。
利润压缩
更强硬的政策环境迫使企业缓慢扩张计划,而反垄断执法公开他们更激烈的竞争。阿里巴巴的收入低于预期为两年来首次增长放缓从云到电子商务部门。
腾讯公布的季度营收增长自2019年初以来的最低水平,并警告的监管限制。也翻倍至150亿美元的资金是留出的社会责任项目,标志着最大的慈善努力中国互联网巨头,如监管审查正在加剧。
投资者需要清晰的监管机构将在多大程度上追求的公司,还有的公司将会如何应对,Tai Hui说,亚洲首席市场策略师摩根大通资产管理。“当前的估值可能不是完全反射,”他说。
机会
一些看到地平线上的一个转折点最近科技抛售非常激烈。
“当你拆开部分之和,你发现有些公司交易明显低于核心业务,很多企业的辅助部分,其支付还是你得到免费的云计算企业,估值非常引人注目,”路易Lau说,投资总监Brandes投资合作伙伴。“五年后,我认为这将是最好的买入机会。”
By Jeanny Yu and Ishika Mookerjee
<\/strong>
Even a $1.5 trillion selloff may not provide an attractive entry point for equity investors<\/a> as they grapple with cascading risks in China\u2019s technology sector.
A stock rout triggered by Beijing\u2019s widening clampdown has left Tencent Holdings Ltd.<\/a> trading at a price-to-book ratio lower than during the 2008 financial crisis. Alibaba Group Holding<\/a> Ltd. has slumped to record low in Hong Kong, where the benchmark stock index fell into a bear market this week. Despite such rapidly diminishing valuations, the pace of fund outflows suggest few buy signals are flashing.
\u201cI don\u2019t think it will end very soon,\u201d said Alex Au, managing director at Alphalex Capital Management HK Ltd. He sold all of his Chinese technology holdings last month and in the past one-to-two weeks has built up short positions in stocks he once favored. \u201cInvestors need to re-assess the rationale and the risk of investing in China<\/a>.\u201d
<\/strong>
Even a $1.5 trillion selloff may not provide an attractive entry point for equity investors<\/a> as they grapple with cascading risks in China\u2019s technology sector.
A stock rout triggered by Beijing\u2019s widening clampdown has left Tencent Holdings Ltd.<\/a> trading at a price-to-book ratio lower than during the 2008 financial crisis. Alibaba Group Holding<\/a> Ltd. has slumped to record low in Hong Kong, where the benchmark stock index fell into a bear market this week. Despite such rapidly diminishing valuations, the pace of fund outflows suggest few buy signals are flashing.
\u201cI don\u2019t think it will end very soon,\u201d said Alex Au, managing director at Alphalex Capital Management HK Ltd. He sold all of his Chinese technology holdings last month and in the past one-to-two weeks has built up short positions in stocks he once favored. \u201cInvestors need to re-assess the rationale and the risk of investing in China<\/a>.\u201d
<\/div><\/div>![\"Even](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure>
Tencent this week warned investors to brace for more regulatory curbs on China\u2019s tech sector. Those such as Au regard the tech sector as being the most vulnerable amid a sweeping crackdown that has upended industries from education and online commerce to car-sharing.
Since a February peak, the four companies that have lost the most market value globally are all Chinese technology firms: Tencent, Alibaba, Kuaishou Technology and Meituan have seen more than $1 trillion wiped out combined. The Hang Seng Tech Index, which tracks the biggest technology companies in China, has lost more than 40% in that time. Its members saw about $1.5 trillion of value evaporate.
How far President Xi Jinping\u2019s widening crackdown will go in reshaping some of the nation\u2019s biggest companies, and where opportunities can be found, are key questions for investors learning to reposition into a new normal.
Pricing in the Dark
<\/strong>Given the current state of regulatory uncertainty<\/a>, it\u2019s difficult to say that tech stocks are currently cheap, said Sean Taylor, APAC chief investment officer and head of emerging market equities at DWS.
\u201cIf earnings keep getting downgraded, it\u2019s still expensive,\u201d at current levels, he said in comments to Bloomberg TV. \u201cWe don\u2019t know where the bottom is.\u201d
<\/figure>Tencent this week warned investors to brace for more regulatory curbs on China\u2019s tech sector. Those such as Au regard the tech sector as being the most vulnerable amid a sweeping crackdown that has upended industries from education and online commerce to car-sharing.
Since a February peak, the four companies that have lost the most market value globally are all Chinese technology firms: Tencent, Alibaba, Kuaishou Technology and Meituan have seen more than $1 trillion wiped out combined. The Hang Seng Tech Index, which tracks the biggest technology companies in China, has lost more than 40% in that time. Its members saw about $1.5 trillion of value evaporate.
How far President Xi Jinping\u2019s widening crackdown will go in reshaping some of the nation\u2019s biggest companies, and where opportunities can be found, are key questions for investors learning to reposition into a new normal.
Pricing in the Dark
<\/strong>Given the current state of regulatory uncertainty<\/a>, it\u2019s difficult to say that tech stocks are currently cheap, said Sean Taylor, APAC chief investment officer and head of emerging market equities at DWS.
\u201cIf earnings keep getting downgraded, it\u2019s still expensive,\u201d at current levels, he said in comments to Bloomberg TV. \u201cWe don\u2019t know where the bottom is.\u201d
<\/div><\/div><\/figure>
Next Trigger
<\/strong>Mainland investors, who were big buyers of tech shares when foreign traders sold in February and March, have turned into net sellers of Tencent since June, according to data compiled by Bloomberg.
Buying signals will only emerge when there is policy clarity from the government, said Li Weiqing, a Shenzhen-based fund manager at JH Investment Management Co. He said that he sold his holdings in internet<\/a> firms in the fourth quarter last year and \u201cplans to observe things from a distance\u201d for the time being.
Profit Squeeze
<\/strong>A tougher policy environment has forced firms to slow expansion plans, while anti-monopoly enforcement exposes them to greater competition. Alibaba\u2019s revenue missed estimates for the first time in two years as growth slowed everywhere from its cloud to e-commerce divisions.
Tencent reported its slowest pace of quarterly revenue growth since early 2019 and warned of more regulatory curbs to come. It is also doubling to $15 billion the amount of money it\u2019s setting aside for social responsibility programs, marking one of the largest philanthropic efforts by China\u2019s internet giants as regulatory scrutiny intensifies.
Investors need clarity both in terms of how far regulators will pursue companies, and also in terms of how companies will respond, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management<\/a>. \u201cCurrent valuations may not be fully reflective of what\u2019s to come,\u201d he said.
<\/figure>
Opportunities
<\/strong>Some see an inflection point on the horizon as the recent tech selloff was so drastic.
\u201cWhen you take apart the sum of the parts and you find that some of these companies are trading significantly below the core business and a lot of ancillary parts of the businesses, whether its payments or the cloud businesses that you\u2019re getting for free, the valuations are very compelling,\u201d said Louis Lau, director of investments at Brandes Investment Partners. \u201cFive years from now I think this will prove to be one of the best buying opportunities.\u201d
<\/div><\/div>
<\/figure>Next Trigger
<\/strong>Mainland investors, who were big buyers of tech shares when foreign traders sold in February and March, have turned into net sellers of Tencent since June, according to data compiled by Bloomberg.
Buying signals will only emerge when there is policy clarity from the government, said Li Weiqing, a Shenzhen-based fund manager at JH Investment Management Co. He said that he sold his holdings in internet<\/a> firms in the fourth quarter last year and \u201cplans to observe things from a distance\u201d for the time being.
Profit Squeeze
<\/strong>A tougher policy environment has forced firms to slow expansion plans, while anti-monopoly enforcement exposes them to greater competition. Alibaba\u2019s revenue missed estimates for the first time in two years as growth slowed everywhere from its cloud to e-commerce divisions.
Tencent reported its slowest pace of quarterly revenue growth since early 2019 and warned of more regulatory curbs to come. It is also doubling to $15 billion the amount of money it\u2019s setting aside for social responsibility programs, marking one of the largest philanthropic efforts by China\u2019s internet giants as regulatory scrutiny intensifies.
Investors need clarity both in terms of how far regulators will pursue companies, and also in terms of how companies will respond, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management<\/a>. \u201cCurrent valuations may not be fully reflective of what\u2019s to come,\u201d he said.
<\/figure>Opportunities
<\/strong>Some see an inflection point on the horizon as the recent tech selloff was so drastic.
\u201cWhen you take apart the sum of the parts and you find that some of these companies are trading significantly below the core business and a lot of ancillary parts of the businesses, whether its payments or the cloud businesses that you\u2019re getting for free, the valuations are very compelling,\u201d said Louis Lau, director of investments at Brandes Investment Partners. \u201cFive years from now I think this will prove to be one of the best buying opportunities.\u201d
<\/div><\/div>
Follow and connect with us on Twitter<\/a>, Facebook<\/a>, Linkedin<\/a>, Youtube<\/a><\/div>","NumberOfSentences":{"minfo":"29.0","minfoseo":"29-0"},"AutomatedReadabilityIndex":{"minfo":"14.0","minfoseo":"14-0"},"LastPublishMilliTime":{"minfo":"1629538529412","minfoseo":"1629538529412"},"ReadabilityGradeLevel":{"minfo":"College","minfoseo":"college"},"GadgetsMarkedReviewed":{"minfo":"0","minfoseo":"0"},"HashCode":{"minfo":"732720306","minfoseo":"732720306"},"latestnewsflag":{"minfo":"1.0","minfoseo":"1-0"},"NumberOfCharacters":{"minfo":"4244.0","minfoseo":"4244-0"},"NumberOfWords":{"minfo":"680.0","minfoseo":"680-0"},"key":{"0":{"keyid":"11913431","value":"China tech rout","smid":"0","keynameseo":"China-tech-rout","keytype":"","keycount":"totalcount","weightage":"100"},"1":{"keyid":"476658","value":"tencent holdings ltd.","smid":"0","keynameseo":"tencent-holdings-ltd.","keytype":"","keycount":"totalcount","weightage":"20"},"2":{"keyid":"1035035","value":"regulatory uncertainty","smid":"0","keynameseo":"regulatory-uncertainty","keytype":"","keycount":"totalcount","weightage":"20"},"3":{"keyid":"188135","value":"jpmorgan asset management","smid":"0","keynameseo":"jpmorgan-asset-management","keytype":"","keycount":"totalcount","weightage":"20"},"4":{"keyid":"6359051","value":"Investors","smid":"0","keynameseo":"Investors","keytype":"","keycount":"totalcount","weightage":"20"},"5":{"keyid":"702565","value":"investing in China","smid":"0","keynameseo":"investing-in-China","keytype":"","keycount":"totalcount","weightage":"20"},"7":{"keyid":"11913430","value":"China tech traders","smid":"0","keynameseo":"China-tech-traders","keytype":"","keycount":"totalcount","weightage":"20"},"8":{"keyid":"1568267","value":"Alibaba Group Holding","smid":"0","keynameseo":"Alibaba-Group-Holding","keytype":"","keycount":"totalcount","weightage":"20"}},"authorsplit":[],"similarlytagged":[{"msid":"85511717","stname":"Even after $1.5 trillion rout, China tech traders see more pain","artsyn":"A stock rout triggered by Beijing\u2019s widening clampdown has left Tencent Holdings Ltd. trading at a price-to-book ratio lower than during the 2008 financial crisis. 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