HONG KONG: A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news.
Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks.
Jon Withaar, head of Asia special situations at Pictet Asset, who manages a hedge fund at the Swiss asset manager, says he is a bit surprised with “how quickly the market has come off”. Opening on March 5, the annual meetings of the National People's Congress and the Chinese People's Political Consultative Conference could provide the prompt that investors are looking for as they will set China's economic and development goals.
Source: News Formal (newsformal.com)
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