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America is flooded with deepening angst over Chinese tech stocks
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The MSCI China Index has dropped almost 30 per cent since its peak in February.
PHOTO: REUTERS
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HONG KONG (BLOOMBERG) - For American investors, Chinese stocks are becoming the asset not to own.
Influential investors like George Soros have trimmed their China exposure, and Ms Cathie Wood's ARKK ETF no longer holds any such shares. Many others got hit with losses, according to their 13F filings. Betting against the country's stocks was one of the most crowded trades among managers surveyed by Bank of America. In London, Marshall Wace - one of the world's largest hedge funds - says Chinese American depositary receipts are now uninvestable.
