CHINA-ECONOMY: INFLUENTIAL CHINESE BLOGGER WRITES IN CAIXIN MAGAZINE OVERSEAS INVESTORS ARE WITHDRAWING CAPITAL DUE TO UNCERTAINTY OF GOVT SANCTIONS AGAINST MAJOR COMPANIES SUCH AS ANT GROUP
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Ren Yi, an influential Chinese blogger who has more than 1 million followers on Weibo, in an article in Caixin on July 30 wrote that "Stocks of offshore-listed Chinese companies have slumped recently amid Beijing’s sweeping regulatory actions targeting a range of industries from fintech and ride-hailing to after-school education." He said "Overseas investors are withdrawing capital across numerous sectors in a panic as they are unsure who will be next following government sanctions against Ant Group Co. Ltd., Didi Global Inc. and New Oriental Education & Technology Group Inc.," and adding "In this environment, China-concept stocks are inevitably in for a bumpy ride. Investors have suffered losses and even if they can see some of the logic behind China’s governance, they will still have questions that are difficult to get answers to for some time."
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