Wood also noted ecommerce platform Pinduoduo, which she said was investing heavily in the grocery sector and supply chains between farms and stores. ![]() “We have not eliminated our positions but we have reduced our positioning in China dramatically and we have swapped some of our holders, which became losers, into companies that we know are courting the government with ‘common prosperity’,” said Wood.Īrk’s sharply consolidated China portfolio of companies seeking the government’s favour included JD Logistics, which Wood said was building infrastructure in third- and fourth-tier cities on extremely low gross margins. Shares in Tencent and NetEase, China’s two leading online gaming companies, dropped sharply on Thursday, while the wider Hang Seng Tech index fell 4.7 per cent, after authorities instructed the groups to “break from the solitary focus of pursuing profit”. The measures are part of a wider crackdown on the tech, entertainment and gaming sectors. The education directives banned for-profit companies from teaching school subjects, effectively wiping out the country’s multibillion-dollar listed tutoring sector overnight. That move, she said, suggested that the government’s quest for “common prosperity” had become its prevailing concern. The Ark founder cited as a catalyst a series of numbing regulatory changes imposed over the course of a single weekend in July by the Chinese government on the country’s online education industry.
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