Major Chinese indices underperformed in comparison with their emerging market and global peers in 2021, as Beijing’s tightening regulatory oversight and geopolitical concerns with the US lingered across new economy and technology sectors, hampering the share price of major index constituents.
Beijing’s 2020 decision to scrap the initial public offering IPO of Ant Group, Alibaba’s fintech arm, set a downward valuation course for companies managing customer data. Suddenly, technology’s most valuable asset - user data - had become a liability. Last year, China’s market regulators initiated an antitrust probe into Didi shortly after the ride-sharing company went public in New York, erasing more than three quarters of its market valuation...