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China poised to benefit from regulatory ‘tailwind’

China Pengana Array Array

1 February 2022

| By Liam Cormican |

Funds management

China’s recent regulatory change could be a surprise ‘tailwind’ for high-quality growth companies, according to international investing experts.

This was the view of US-based global investment manager Harding Loevner, which managed two investment strategies for Australian investors, the Pengana Harding Loevner International fund, and listed investment company Pengana International Equities Limited.

Will Deer, investment specialist for Harding Loevner at Pengana Capital Group, said the regulatory change was poised to benefit many businesses, particularly those in technology, science, healthcare and innovation.

“Investors had an understandably knee-jerk reaction to China’s regulatory crackdowns. But it’s clear the reforms are not ‘anti-business’ – in fact, these regulatory changes could act as a tailwind for innovative, high growth companies,” he said.

“China remains a target rich environment.

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“Key is President Xi’s repeated emphasis on the importance of China taking leadership in research and development, and innovation across technology, sciences, and healthcare.

“Successful companies, and a robust domestic capital market, are essential in achieving these ambitions. It’s likely the number of investable high-quality innovative growth businesses will only increase in China.”

Deer said many Chinese companies still score well compared to the global index as they were a diversified group of businesses.

“It’s a diversified group by industry, sector and market capitalisation,” he said.

“The potential risks can be managed in a similar fashion to other investment risks, with detailed company analysis and portfolio diversification.”

AUTHOR

Liam Cormican

Liam Cormican is a Money Management journalist. He joined the team after covering regional news on the New South Wales South Coast and interning at the Sydney Morning Herald.

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