Beijing’s sweeping crackdowns of its technology and education sectors has unleashed shock waves across global markets, erasing $769 billion in value from U.S.-listed Chinese stocks over the course of just five months.
Beijing’s sweeping crackdowns on its technology and education sectors have unleashed shock waves across global markets, erasing $769 billion in value from U.S.-listed Chinese stocks over the course of just five months.
“The latest events arguably highlight that the authorities are more willing to upset investors in pursuit of their broader political goals now than they were a few years ago,” Oliver Jones, senior markets economist at Capital Economics, wrote in a note to clients. “It is difficult to say precisely what will happen next on this front, but on balance it seems like the downside risks to equities have increased.
The trio have seen their shares stuck in an extended plunge since the middle of February, bringing their average loss for the year to 93%. China’s new policy “makes these stocks virtually un-investable,” said JPMorgan Chase & Co. analyst DS Kim. The “worst case became a reality.”
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