HONG KONG : As Chinese assets whipsaw around hopes and fears over the country's path out of the pandemic, big offshore investors are slowly leaving the sidelines as they plot a cautious return to one of the year's worst-performing equity markets.
Bank of America Securities turned bullish in November, with its China equity strategist, Winnie Wu picking internet and financial stocks to lead the short-term rebound. "We have experienced several rounds of policy back and forth in 2022," she added, referring to both COVID and property policies. UBS Global Wealth Management recommends a market-neutral allocation to Chinese stocks.
U.S. institutional investors continue to reduce U.S.-listed Chinese American Depositary Receipts so far in the fourth quarter with estimated outflows of $2.9 billion. The policy response has been monetary easing, steadily increasing support for the property sector and the easing of some of the strict COVID rules. It is yet to win investors' full approval, since unpredictable regulation and politics still hang over profitability, and domestic confidence remains fragile.
Goldman Sachs also recommends policy-aligned bets on sectors such as technology hardware and profitable state-owned businesses.
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