China Dip Buyers Finally Reach ‘Breaking Point’ After 56% Loss
- Investors pull cash from KWEB after five weeks of inflows
- Traders likely thought rebound would have happened by now: BI
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After several crushing months, dip-buyers are finally starting to abandon Chinese tech stocks.
The $4.9 billion KraneShares CSI China Internet Fund (ticker KWEB) has posted two straight days of outflows, putting the exchange-traded fund on track to break its five-week streak of inflows, according to data compiled by Bloomberg. That’s as losses approach 60% from its mid-February high, with China’s wide-ranging regulatory crackdown battering fund mainstays from Tencent Holdings Ltd. to Alibaba Group Holding Ltd.