Hot money is cold comfort for China shares

ZJLD

02/05/2023 03:21

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Robyn Mak
       HONG KONG, May 2 (Reuters Breakingviews) - Foreign
interest in Chinese equities revived in the start of 2023. Yet
recent routs in New York, Hong Kong and Shanghai suggest inflows
came mostly from fickle quick-hit traders. Beijing wants
long-term investors to stabilise the market, but reassuring them
will be tricky.
    
    Full view will be published shortly.
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    CONTEXT NEWS
        Chinese spirit maker ZJLD shares closed down 18% lower
than their initial public offering price on their trading debut
April 27. 
    The KKR-backed company raised $676 million in what was the
biggest offering in Hong Kong since October 2022.
    Separately, the Ontario Teachers' Pension Plan, Canada's
third largest pension fund, closed down its China equity
investment team based in Hong Kong, Reuters reported on April
25, citing sources.
 In a statement to Reuters, OTPP spokesperson Dan Madge
confirmed the firm will "no longer have country-focused
stock-picking teams based in Asia", resulting in the departure
of five of their staff in its Hong Kong office.

 (Editing by Pete Sweeney and Thomas Shum)
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