Investor concerns over the impact of China’s lockdowns remain high, with the latest data showing significant damage to the broader economy. Moneyweb China
JPMorgan Chase & Co. analysts are turning more positive on Chinese Internet stocks, upgrading at least 15 companies just two months after their bearish report on the industry triggered a market selloff and a bout of internal hand-wringing at the biggest US bank.
“Significant uncertainties facing the sector should begin to abate on the back of recent regulatory announcements,” Yao and his colleagues wrote in their May 16 note. Shares of Meituan, NetEase Inc. and Pinduoduo Inc. were also among those upgraded to overweight from underweight. Yao’s team said its bearish view in March reflected the first of a three-stage-cycle. The second phase — where the selloff abates and share prices stabilise — has arrived earlier than expected, the analysts wrote.
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