Amateur investors in China are driving a rally in so-called “Sino-Russian trade concept stocks” as they bet that Beijing will boost trade with Russia to soften the blow of sanctions, pushing little-known logistics companies to valuations typically reserved for global tech groups.
More than a dozen Chinese stocks in trade-related industries have posted searing gains since Vladimir Putin launched his invasion of Ukraine, with some rising by the maximum 10 per cent for six straight days.
“The premise is that all of these would be massive gainers as a consequence of increased trade,” said the head of Asia equity strategy at one European bank, describing the rally as a “frenzy” driven by retail investor speculation.
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