China Tech Crackdown Cycle Nearing an End, Top Investor Says
- Fidelity’s Jie says Alibaba, Tencent valuations are attractive
- Tencent, Alibaba and Meituan remain in her top 10 holdings
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Beijing’s antitrust crackdown on homegrown tech giants may be coming to an end, leaving stock valuations of some of the major firms at attractive levels.
That’s the view of Hyomi Jie at Fidelity International Ltd., whose China consumer equity funds oversee $7.3 billion in assets. One has beaten 96% of peers in the past year. Hong Kong-based Jie sold some of her holdings in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. earlier in the year, though they remain among her largest positions.