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JPMorgan says China tech stocks are in a 'good buying spot' despite regulatory crackdown

JPMorgan says China tech stocks are in a 'good buying spot' despite regulatory crackdown

5/11/2021 9:54:00 AM

JPMorgan says China tech stocks are in a 'good buying spot' despite regulatory crackdown

Howard Wang, head of Greater China equities at JPMorgan Asset Management, said Chinese tech companies have the potential to grow over the long term.

among internet giants.Howard Wang, head of Greater China equities at JPMorgan Asset Management, said the regulatory clampdown poses uncertainties in the near term. But in the longer term, Chinese tech companies still have the potential to grow, he said.

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"If we look at these fundamentals, and you stretch over a longer period of time, I think we're actually in a pretty good buying spot," Wang told CNBC's"Street Signs Asia"on Tuesday.Wang said price declines in Chinese tech shares — due to the regulatory risks or investors rotating out of growth stocks — appear overdone. That has resulted in "pretty decent value" in some Chinese tech stocks, he added.

Without naming specific stocks, Wang said he likes large tech companies given their beaten down valuation and potential for earnings to grow.Shares of tech giant Alibaba in Hong Kong fell around 7.48% this year as of Monday's close. E-commerce companies JD.com and Meituan have dropped around 16% and 10.8%, respectively. headtopics.com

From our standpoint as investors, it's kinda really just hunkering down, looking at the fundamentals, making sure your companies aren't doing anything that will be construed as unfair market practice...Howard Wanghead of Greater China equities, JPMorgan Asset Management

Wang said Chinese tech firms could still face a bumpy road in the next few months as the regulatory clampdown continues. But the crackdown has so far been "rational," he added."From our standpoint as investors, it's kinda really just hunkering down, looking at the fundamentals, making sure your companies aren't doing anything that will be construed as unfair market practice — at least not currently," said Wang.

Read more: CNBC »

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