Beijing’s sweeping crackdowns of its technology and education sectors has unleashed shock waves across global markets, erasing $769bn in value from US-listed Chinese stocks over the course of just five months.
Some large investors have already started to unload their shares. Cathie Wood’s flagship Ark Innovation ETF cut its holdings of China stocks to less than 0.5% in July from a high of 8% in February. The fund completely exited its position in tech-giant Baidu and has just 134 shares of Tencent. Its only other position, Chinese property site KE Holdings, has dropped 60% so far in 2021.
They’re not alone either. In total, more than $126bn in market capitalisation has been erased from Chinese education stocks traded in the US, China and Hong Kong in 2021. Property management stocks traded in Hong Kong tumbled on Monday after regulators said they were aiming to “notably improve order” in the market.
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