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Funds pounce on Chinese tech selloff

Bloomberg
Bloomberg8/11/2020 10:44 AM GMT+08  • 3 min read
Funds pounce on Chinese tech selloff
“The U.S. ban on Chinese internet companies will have little impact on the revenue and earnings of most listed Chinese internet companies,” - Jian Shi Cortesi, fund manager at GAM Investment Management in Zurich
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Friday’s attack by President Donald Trump on WeChat may have pushed many investors to offload Asia’s technology shares. But for some, the selloff has presented a good buying opportunity.

Jian Shi Cortesi, a fund manager at GAM Investment Management in Zurich, bought some Chinese internet stocks on Friday and plans to further increase holdings if the stock prices pull back more.

“The U.S. ban on Chinese internet companies will have little impact on the revenue and earnings of most listed Chinese internet companies,” Cortesi said in an interview. Her Asia Focus Equity Fund has a third of its investments in internet stocks, and beat 93% of its peers in the past year. “It hurts sentiment, which could push the stock prices lower and create an opportunity to buy.”

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