Bargain hunters may want to think twice before piling into China’s beaten-down technology stocks.
Tencent Holdings, Alibaba Group, Baid and NetEase — among the earliest Chinese tech companies to enter public markets — still trade at valuations well above levels that marked the bottoms of the past two big downturns. The four stocks fetch an average 23 times projected earnings for the next 12 months, in line with the three-year average, data compiled by Bloomberg show. The ratio dropped to 19 in 2018 and 18 in March 2020.
“There are still many uncertainties,” Wen said. “Bond yields might keep climbing, Beijing may have more tightening measures and delistings from the US market is a possible scenario.”
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