Breakingviews - China makes market tea leaves very hard to read
is one-third more valuable than it was in June. Although consumer-facing stocks are getting whomped, manufacturers still need materials and widgets.
If previous Chinese enforcement actions are any guide, this selloff may have longer to run. Internet stocks tanked 42% in 2018 when Beijing clamped down on video-game developers. This time, the sector is down 41% since February in the face of far more wide-ranging action. It also is trading on 24 times profit, above the 22 times reached four years ago, according to Jefferies analysts. In the cartoons, the coyote always comes back for more.
- Tencent shares were down almost 3% in morning trading in Hong Kong on July 28 after falling nearly 9% a day earlier following its announcement that it had temporarily suspended registration of new users to its WeChat super-app for technology upgrades to comply with relevant laws.Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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