Mega-Cap China Tech Bears Brunt of Deepening Foreigner Exodus
- US, EU funds sell net $1.6 billion of China shares this month
- Tencent, Alibaba among names sold most, Morgan Stanley says
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Foreign money managers are bailing on some of the biggest names in China’s technology sector as a global exodus from the nation’s equities deepens.
US and European fund managers have sold a net $1.6 billion of Chinese shares so far this month, following $3.5 billion of outflows in September, data from EPFR Global and Morgan Stanley show. Tech names are being hit hardest, with companies including Tencent Holdings Ltd., Alibaba Group Holding Ltd. and JD.com Inc. seeing the most selling, strategists from the New York-based bank led by Gilbert Wong and Laura Wang wrote in a Thursday report.