Who’s doing the most damage to Chinese tech stocks? Spoiler alert – it probably isn’t the US
(AF) The US may have launched a sanctions war on Chinese tech companies, but it’s the government in Beijing that may be doing most harm to their share price.
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Xiaomi was recently taken off the White House blacklist, which prevented American investors from allocating capital to the Smartphone maker’s stock. It was among a number of the nation’s tech firms that fell under a slew of anti-China sanctions instigated by former US president Donald Trump.
But Xiaomi’s stock has outperformed that of many Chinese behemoths that didn’t suffer the same fate as Xiaomi. Tencent and Alibaba, both escaped the most punishing sanctions from the US, but their shares have fallen since the beginning of the year.
One other differentiator may be at play – Tencent and Alibaba have been embroiled in disputes with domestic anti-trust regulators. E-commerce behemoth Alibaba was slapped with a $2.8 billion fine for anti-competitive practices and Tencent is under investigation by the State Administration of Market Regulation.