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Chinese internet firms have seen ‘peak regulation’: KraneShares




Chinese internet stocks doing well despite protests, says KraneShares

The Chinese government is unlikely to introduce new rules for the internet technology sector, and there could be more support going forward, according to Jonathan Krane of KraneShares.

“I think we’ve seen peak regulation,” he told CNBC’s “Squawk Box Asia” on Wednesday.

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He said the rules introduced in recent years were intended to create long-term stability in the sector.

“I think that’s in the past,” said Krane, founder and CEO of KraneShares. “I don’t see much regulation going forward.”

He added that the Chinese technology industry makes up a large part of the economy.

“It’s a very important sector, it’s the consumer of China – so I think you’re going to see a lot of support around the sector going forward when China reopens.”

Chinese tech stocks have had a difficult few years following the regulatory crackdown and amid ongoing Covid restrictions, although the sector has recovered slightly from reopening hopes.

Time to buy?

Some analysts say the valuation of Chinese stocks looks cheap.

Ramiz Chelat of Vontobel Asset Management said he was relatively optimistic about the internet sector – but added that he was being selective.

The portfolio manager pointed to companies that are improving market share and operating efficiency.

“We’ve seen JD particularly stand out in this regard,” he told CNBC’s “Street Signs Asia” on Wednesday, noting that the e-commerce giant has significantly beaten estimates for two consecutive quarters and improved margins in its core business while has reduced losses elsewhere.

JD.com’s decision to exit Southeast Asia is also in line with its plan to boost profitability, he said.

We are relatively optimistic about China's internet sector, says the portfolio manager

Meituan has also significantly improved margins in its food delivery business, Chelat added.

“We think they’ve cemented their position against Alibaba in food delivery, and now have a dominant, you know, 60% plus market share,” he said.

Krane said China’s internet stocks are a consumer play that will benefit as China reopens and consumers start spending more again.

“We see 2023, when China opens up, these Chinese internet names have a lot of upside,” he said.

Disclosures: Vontobel has JD.com and Meituan shares; and Ramiz has personal JD.



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