As Hong Kong’s shriveling stock market continues to shed billions in liquidity and trading volumes fall, even the bears are wondering if things have hit bottom.
Hong Hao, chief economist for Shanghai-based hedge fund Grow Investment, told Barron’s this was normally a sign that things should be bottoming out. But he is anxious about mainland China’s property industry, whose firms are mostly listed on the Hong Kong Exchange. It could take a decade to fix the sector, he said, for the simple reason that China built far too many homes needed to house its population.
Foreign fund managers have to contend with the possibility of being forced to sell as the Biden administration’s investment restrictions intensify in the lucrative tech space or even into other sectors. With control of China’s unwieldy economy far out of Hong Kong’s hands, city authorities have turned to doing what they can at the local level. A much-talked-about task force was formed last month to review liquidity and other market problems and offer policy prescriptions.
Some advocates are pushing for change in the exchange’s rules that don’t allow the purchases of low quantities of shares—even as low as one share, as the U.S. allows. With many firms’ shares trading in the $100 or more range, requiring bulk buys can be prohibitive for smaller investors, which the exchange has said it wants to attract. But there again, barriers are high.
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