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<Research>HSBC Research Sees Limited Impact from 'America First Investment Policy' on CN Listed Firms
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The current US administration released a memorandum on 21 February called “America First Investment Policy”, which, among other things, restricts US investments in China (mainly through pension funds and university endowments), including chips and AI, according to HSBC Global Research. HSBC Global Research saw limited impact from the policy on A-shares, as it estimated a maximum US portfolio holdings in A-shares of US$35 billion and US$240 billion of non-A-share Chinese equities, which are also subject to the restrictions and account for only about 0.3% and 5.6% of the floating market capitalization of A-shares and non-A-shares, respectively. US investors have the largest positions in BABA-W (09988.HK), TENCENT (00700.HK) and MEITUAN-W (03690.HK), which are mainly held through mutual funds. Therefore, they are not affected by the policy. In addition, US investors also have a large amount of shareholdings in BEIGENE (06160.HK) and Trip.com Group (TCOM.US). AAStocks Financial News |
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