This year's 30% decline in the value of Chinese Big Tech stocks, such as Alibaba , has made them "incredibly cheap," according to investment bank China Renaissance. Its head of equities, Andrew Maynard, said the stock market appears to have bottomed, and most of the negative sentiment surrounding regulation and the credit crisis has been priced into the market.
" According to Maynard, major global long-only investors, which dominate the Hong Kong stock exchange, now view large-cap tech stocks such as Alibaba, Meituan , Tencent and JD.com as "very deeply undervalued." "They're incredibly cheap relative to global peers," he added.
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