Rather than spur a relief rally in China's battered tech sector, the past week's developments at Jack Ma-founded Ant Group have merely reminded global investors of the fickle nature of the country's regulatory policies and the fragility of the sector.
affiliate for violating laws and regulations was one of relief, with many market watchers saying it signalled the end of a multi-year regulatory crackdown on the country's technology sector.
"The more accommodative regulatory conditions we saw in the past, which facilitated explosive growth across the platforms, have given way to higher levels of regulation and oversight which will likely mean more moderate growth in the mid to long term." Wong points to intense price competition and monopolistic behaviours as signs the business landscape had toughened. Meanwhile, there were new regulations and more could come.
Kai Kong Chay, Hong Kong-based senior portfolio manager for Greater China equities at Manulife Investment Management, says he is very selective in picking only services-focused companies with pricing power and penetration, given many others had no structural drivers left.
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