中國打壓私企 連登契媽Cathie Wood拋售中國股票

Cathie Wood is exiting Chinese stocks as Beijing’s crackdown on private businesses sends markets tumbling.

The head of Ark Investment Management got rid of shares in tech behemoth Tencent Holdings Ltd. and property site KE Holdings Inc. every day last week, according to data on the firm’s trading activity.

Chinese regulators are taking increasingly drastic steps to tighten their grip on the world’s second-largest economy, in a move aimed at reducing inequality and financial risk, as well as strengthening the authority of President Xi Jinping’s Communist Party. Most recently, they imposed new rules that prevent companies involved in private education from making profits, raising capital or going public.

As the clampdown has intensified, so has Wood’s flight from Chinese stocks. Her largest fund, the ARK Innovation ETF, now has only 0.32 per cent of its US$23 billion in assets invested in Chinese companies, compared to 8 per cent in February. About 3.8 per cent of the ARK Next Generation Internet ETF’s holdings is still invested in China, but that’s down from almost 9 per cent earlier this year.

“I think it's the responsible thing to do,” Matt Maley, chief market strategist for Miller Tabak + Co., said about Wood reducing her positions. “There is just too much uncertainty surrounding what China might do next.”

Beijing’s latest move sent shares of Chinese technology and educations companies spiraling, with the Nasdaq Golden Dragon China Index on track for its biggest two-day drop since 2008. Losses since February in those industries’ stocks now exceed US$1 trillion. Property-management and food-delivery companies slumped Monday on concern that rules will tighten for both sectors.

Wood’s maneuvering has helped her main fund ARKK rebound more than 20 per cent from its year-to-date low in May after a rough spring that led investors to pull cash from the fund for two consecutive months. Getting out of Tencent and KE Holdings has helped in that effort — each is down more than 60 per cent from its 2021 high.

“China’s economy and companies have tremendous growth potential, but it’s important to weigh how much of your portfolio you want exposed to political and currency risks,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

As of a couple of weeks ago, Ark hadn’t changed its outlook or five-year price targets on larger Chinese tech stocks that it owns. “The regulatory changes have not, for the most part, impacted the businesses from a fundamental point of view with regards to cyber security clients or U.S. listing reviews,” Ark’s Asia innovation analyst, Yulong Cui, said on a webinar with investors on July 13.

終於醒覺

仲諗緊點解ARKK跌咁少

之前唔係掃好多大陸股，拋售台積電咩？
屌你老母個老母！

契媽好嘢👏

好聽叫 拋售

難聽叫 被割韭菜

高買低賣 真係連燈仔契媽

Penis sell

早排又話睇好中概股

呀木比人姦到覺醒

台積電都拋 真係柒唔係扮

Her largest fund, the ARK Innovation ETF, now has only 0.32 per cent of its US$23 billion in assets invested in Chinese companies, compared to 8 per cent in February.

中國成功擊退外資

D 客贖回，焗著都要賣。

係喎佢幾時肯買返TSM

佢可以proportionally咁減持
專沽中概即係佢都唔睇好

佢之前已經放左好多，今次佢算勁

因為一早得返0.8%終支股

咩國家先會打壓自己國家企業

女股神😪

之前呢度有一個叫賈雨村

佢話自己係支那股賺好多喎

佢咁掂

你地咪亂講