Global Funds Abandon China Blue Chips in $10.7 Billion Sell-Off

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Overseas funds have been fleeing the mainland market, offloading the equivalent of $10.7 billion in a 13-day run of withdrawals through Wednesday

(Bloomberg) — Global investors have been shedding China’s blue-chip stocks during the longest stretch of outflows on record, showing even the nation’s industry leaders are falling out of favor as a rout deepens.

Foreign investors sold 6.2 billion yuan ($851 million) of Kweichow Moutai Co. during Aug. 7–18, making China’s largest liquor maker the most heavily sold stock via trading links with Hong Kong. It was followed by 4.7 billion yuan of selling each for leading renewables stock LONGi Green Energy Technology Co. and major lender China Merchants Bank Co., according to the latest data on individual stocks available on Bloomberg.