The Great Wall (Of Indifference)

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Financial Times 2 mo ago

The Great Wall (Of Indifference) - Financial Times

Quick Summary:

Best-known and well-beloved among international funds, Tencent shed three quarters of its market capitalisation between January 2021 and October 2022.

This is better represented by say, the Nasdaq-listed China iShares MSCI ETF which touched $98 in February 2021 before starting a vertiginous decline to a low of $35 this autumn (before rebounding to $47 at pixel time).

The upheaval in President Xi’s priorities from reform and opening, the Chinese variant of perestroika and glasnost (a worrying analogy) towards what’s known as “common prosperity” has been cataclysmic.