Stock investor Zhu Haifeng halved his once-cherished holdings in Chinese tech giants Tencent and Alibaba after the United States announced on Friday sanctions against some Chinese firms in the latest escalation between the world's two top economies.
"I was envisioning a global Tencent, a global Alibaba. Now, I can only think of Southeast Asian versions," said Zhu, who has several million yuan in overseas-listed Chinese companies.Like other investors, he worries that Washington's move to restrict mainland technology companies could curb their growth potential.
The latest blow comes as the relationship between the two powerhouses has nosedived since the outbreak of the coronavirus pandemic. But Morgan Stanley said there was"significantly amplified" downside risk to Chinese internet gaming companies if the U.S. ban expands to cover more businesses, or prohibits investment in the United States by Chinese tech firms.
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