China’s recent crackdown on the tech and education sectors may have wiped off hundreds of billions in market value, but signs of regulatory action were already apparent from last November, says Mark Matthews, head of research, Asia Pacific at Julius Baer.

What Matthews did not expect, however, was how violently China would crack its whip.

“I thought it would be a tweak — that happened in Macau in 2014 or with the online gaming companies in 2018. Now we know it’s something completely different,” he says.

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