Wednesday, July 14, 2021

g-f(2)372 The big picture of the digital age (7/14/2021), Bloomberg, Cathie Wood Sells China Tech Stocks, Warning of Valuation Reset


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Alert, Cathie Wood Sells China Tech Stocks, Warning of Valuation Reset, Bloomberg
  • Cathie Wood’s Ark Investment Management has been selling Chinese tech stocks, with holdings in one of the firm’s funds falling to the lowest on record as Beijing’s crackdown on the sector intensifies.
Alert, China’s internet companies has rebounded in recent days after losing over $1 trillion of market value since mid-February
  • China’s weighting in Wood’s flagship Ark Innovation ETF has plunged to less than 1% from 8% as recently as February, while that of the Ark Next Generation Internet ETF has fallen to 5.4%, the lowest compared to month-end figures since Bloomberg began compiling the data in October 2014. 
  • The paring of Chinese tech holdings by one of the world’s biggest thematic fund providers underscores how the sector is losing its allure as Beijing increases scrutiny of the industry’s data collection and offshore listings. 
  • Many investors are wary of calling a bottom, even as a gauge of China’s internet companies has rebounded in recent days after losing over $1 trillion of market value since mid-February.

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        Alert, Cathie Wood Sells China Tech Stocks, Warning of Valuation Reset, Bloomberg
        • Cathie Wood’s Ark Investment Management has been selling Chinese tech stocks, with holdings in one of the firm’s funds falling to the lowest on record as Beijing’s crackdown on the sector intensifies.
        Alert, China’s internet companies has rebounded in recent days after losing over $1 trillion of market value since mid-February
        • China’s weighting in Wood’s flagship Ark Innovation ETF has plunged to less than 1% from 8% as recently as February, while that of the Ark Next Generation Internet ETF has fallen to 5.4%, the lowest compared to month-end figures since Bloomberg began compiling the data in October 2014. 
        • The paring of Chinese tech holdings by one of the world’s biggest thematic fund providers underscores how the sector is losing its allure as Beijing increases scrutiny of the industry’s data collection and offshore listings. 
        • Many investors are wary of calling a bottom, even as a gauge of China’s internet companies has rebounded in recent days after losing over $1 trillion of market value since mid-February.


        Category 2: The Big Picture of the Digital Age

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        Fernando Machuca


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        ABOUT THE AUTHORS


        Abhishek Vishnoi


        Asia Markets Reporter


        I have been covering Asia Pacific markets for more than 15 years. I report, write and edit stories on cash equities, special situations, capital markets and funds. I have also covered beats including economy, derivatives, transport, healthcare, consumer and banking.


        Carly Wanna


        Intern at Bloomberg News


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