China makes peace with big tech (#485)

Simon Shares

• Big banks now all have released results, mostly good albeit off low base.
• Covid cases in China surge, new lockdowns.
  • Hello, more supply chain mess.
• People asking if I updated my view on Purple Group* (JSE code: PPE). Nope, volatility likely helping the revenue, but I need new data (results) first.
• Commodities weak, brent oil now in a technical bear market.

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China makes peace with tech

Prosus (JSE code: PRX) and Naspers (JSE code: NPN) now flying (+20% n Wednesday). Discount still +50%. Reports of WeChat being hit with a massive fine for money laundering?money laundering

China's state council has in one move just:
*Pledged to keep capital markets stable
*Vowed to support overseas stock listings
*Said dialogue with US re ADRs is 'good'
*Promised to handle risks for property developers
*Clarified regulation of Big Tech will end 'soon'
*BOOM pic.twitter.com/xHYgcbchCo

— Sofia Horta e Costa (@SofiaHCBBG) March 16, 2022

 

* I hold ungeared positions.

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