Hedge funds unimpressed by Chinese Internet giants’ peppy earnings – CNA
HONG KONG: A set of bumper earnings reports from the likes of Baidu and other Chinese Internet giants isn’t impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news.
For the now, investors remain wary of a market overshadowed by simmering Sino-US tensions over technology and geopolitics and a lack of clarity on policy and regulation.
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This coolness toward the sector was displayed last week when search engine giant Baidu and e-commerce titan Alibaba Group Holdings delivered the first earnings briefings since China reopened its economy following the removal of zero-COVID curbs.
Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell.
“At this point, with geopolitical risks still high and valuations above levels just a few months ago, we are cautious,” said John Pinkel, partner of Indus Capital, a New York-based hedge…
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source: https://news.oneseocompany.com/2023/02/28/hedge-funds-unimpressed-by-chinese-internet-giants-peppy-earnings-cna_2023022841235.html
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