A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news.
Jon Withaar, head of Asia special situations at Pictet Asset Management, who manages a hedge fund at the Swiss asset manager, says he is a bit surprised with “how quickly the market has come off”.
Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.
“Overall everyone is looking at whether the "two sessions" would introduce more favorable policies for the platform economy, and the Fed rate,” Leung said.“Regulation has been easing in the past five months. Given the amount of sell down we saw in platform internet companies, this provides an opportunity for stocks to recover,” said Timothy Moe, chief Asia Pacific equity strategist at Goldman Sachs, who believes valuations are still attractive.
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