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China Insights

Monthly update on Chinese markets
19 April 2021
    Download the full reportPDF, 720.14KB

    Summary:

    • As of 9 April, the Shanghai Shenzhen CSI 300 index has been down 13 per cent (in CNY terms) since the pre New Year peak , but it still outperforms other major world indices since the beginning of 2020 on USD basis
    • The recent market decline was concentrated in companies with larger market capitalisations and higher valuations
    • In our view, as investors anticipate more opportunities to open up in the advanced stages of an economic recovery, they no longer place as high a valuation premium on certain large enterprises