Wall Street entered 2025 with bullish bets on onshore Chinese stocks, counting on Beijing’s stimulus drive to cushion the blow from US tariffs. Six months in, they couldn’t have been more wrong.
Blame it on the breakthrough by DeepSeek in artificial intelligence that suddenly turned the tide in favor of Chinese shares listed in Hong Kong. With persistent economic woes battering the onshore market, the Hang Seng China Enterprises Index has beaten the CSI 300 Index by nearly 20 percentage points so far in 2025, heading for the biggest annual outperformance in two decades.
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