Bets on Xi’s Common Prosperity Agenda Led to Big Losses in 2023
- China Meidong, Li Ning, Pylon all slumped at least 68% in 2023
- ‘Common prosperity’ as a theme has had its pitfalls: Artemis
Xi Jinping
Source: Bloomberg
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Investors who bought into the idea two years ago that China’s consumer and green energy stocks stand to win big from President Xi Jinping’s renewed economic agenda would have seen their holdings pummeled in 2023.
Car dealership China Meidong Auto Holdings Ltd., sportswear manufacturer Li Ning Co. and energy storage system maker Pylon Technologies Co. have all tumbled by at least 68% in 2023, making them some of the worst-performing stocks on the MSCI Asia Pacific Index that has more than 1,500 members.