China silences prominent market analyst as economic slump deepens
Over the weekend, Tencent’s (Chinese regulators have stepped up their scrutiny of social media amid rising public discontent over Covid lockdowns in the country.In a move to Hong warned in those reports about foreign investors dumping Chinese stocks and called attention to the most severe capital outflow since the pandemic began. He also blamed China’s tech crackdown, rather than new US rules on listings by foreign companies, for being behind an epic sell-off in Chinese ADRs in March.In another note on March 21, Hong also predicted the Shanghai Composite would drop below 3,000 points.Last Monday, the Shanghai Composite fell below 3,000 for the first time in 21 months, as rising Covid-19 cases in Beijing sparked fears that the Chinese capital could join Shanghai and other major cities in lockdown.China’s stock market is the second worst performing in the world so far this year, behind Russia, according to Refinitiv Eikon.
