When Chinese tech giant Alibaba announced it was splitting into six companies, trading of the KraneShares CSI China Internet ETF shot through the roof. More than $1bn-worth of stakes in the fund changed hands on hopes that Alibaba’s move signalled a longer-term easing of Beijing’s regulatory crackdown on the sector.
But the fund itself only saw inflows of about $25mn that day, reflecting a broader issue for China-focused ETFs this year: even as most investors agree that China’s economic recovery still has some steam left, many are hesitant to take the plunge.
“Sometimes, the activity on China ETFs doesn’t translate into a longer-term investment thesis,” explains Jason Lui, head of East Asia strategy at BNP Paribas.
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