Caixin
May 17, 2022 08:03 PM
BUSINESS

JPMorgan Upgrades Chinese Tech Outlook on Soothing Signals from Beijing

China’s policymakers have recently tried to soothe the tech sector as part of efforts to stabilize the country’s sluggish economy, after a regulatory clampdown on various internet businesses led to a collapse in the value of offshore tech stocks in 2021. Photo: IC Photo
China’s policymakers have recently tried to soothe the tech sector as part of efforts to stabilize the country’s sluggish economy, after a regulatory clampdown on various internet businesses led to a collapse in the value of offshore tech stocks in 2021. Photo: IC Photo

After massive selloffs wiped their value, Chinese tech stocks seem to be gradually regaining their luster.

Analysts at American investment bank JPMorgan Chase & Co. raised their ratings on at least a dozen Chinese companies including Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Baidu Inc. in a note on Monday.

That came days after it emerged asset management giant Bridgewater had increased its exposure to Alibaba, Baidu and a handful of Chinese EV firms including Nio Inc., even as it cashed out of Elon Musk’s Tesla Inc.

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