ANALYSIS-全世界の 投資家s relieved by 中国 tech 回復する, but not 納得させるd yet
By Xie Yu and Summer Zhen
HONG KONG, July 12 (Reuters) - Rather than 刺激（する） a 救済 決起大会／結集させる in 中国's 乱打するd tech 部門, the past week's 開発s at Jack Ma-設立するd Ant Group have 単に reminded 全世界の 投資家s of the fickle nature of the country's regulatory 政策s and the fragility of the 部門.
The 初期の market reaction when 中国 発表するd a $984 million 罰金 for the Alibaba Group (v)提携させる(n)支部，加入者 for 侵害する／違反するing 法律s and 規則s was one of 救済, with many market 選挙立会人s 説 it signalled the end of a multi-year regulatory 厳重取締 on the country's 科学（工学）技術 部門.
But 科学（工学）技術 株, 含むing 沖合いの／海外の-名簿（に載せる）／表（にあげる）d American depository 領収書s (ADRs), have barely 決起大会／結集させるd. 基金 経営者／支配人s 特記する／引用する 非常に／多数の 推論する／理由s for steering （疑いを）晴らす of the 部門, 含むing stringent 規則 in the 未来 and a flagging 国内の economy.
"In short, tech 政策 強化するing may have come to an end but will remain tight going 今後," said Jon Withaar, 長，率いる of Asia special 状況／情勢s at Pictet 資産 管理／経営.
"The more accommodative regulatory 条件s we saw in the past, which 容易にするd 爆発性の growth across the 壇・綱領・公約s, have given way to higher levels of 規則 and oversight which will likely mean more 穏健な growth in the 中央の to long 称する，呼ぶ／期間／用語."
Both the Hong Kong-名簿（に載せる）／表（にあげる）d 株 of Alibaba and its ADRs are up more than 9% since Friday, when the 罰金 was 発表するd. But they still are 貿易（する）ing at a third of their price levels in October 2020.
The KraneShares CSI 中国 Internet ETF is up 5.4% since Friday, while 支援する home the CSI Overseas 中国 Internet 索引 is up nearly 3%.
Yet 中国 tech valuations have been gutted in the nearly 3 years since Ant was 軍隊d to 棚上げにする its 初期の 株 申し込む／申し出ing, and 基金 経営者／支配人s see plenty of headwinds, apart from just 政策 scrutiny. Alibaba 株 are 貿易（する）d at 11 times 予測（する） 収入s, while 競争相手 behemoth アマゾン Inc is at 59 times.
"The golden 時代 for these internet companies is evidently over. They have entering a long winter of price 競争 and market consolidation, an 調整 that is not going to end in one or two years´ time," says Wong Kok Hoi, 創立者 and CIO of APS 資産 管理／経営, which is based in Singapore and manages around $2 billion.
Wong points to 激しい price 競争 and 独占主義的な behaviours as 調印するs the 商売／仕事 landscape had toughened. 一方／合間, there were new 規則s and more could come.
"It is dangerous to assume that, after the 課税 of the 罰金, Ant 財政上の can now do what it likes," he said. "Will regulators now 緩和する on 施行 after the 罰金? Don´t believe so because this is not how regulators in any country work".
NO DEMAND EITHER
一方／合間, 中国's shoppers are 存在 more frugal even as 国境s 再開するd after the pandemic, 重さを計るing on 需要・要求する for 中国's fintech 会社／堅いs and online 商業の 壇・綱領・公約s such as Alibaba and JD.com, so much so that some of them have stopped publishing the 甚だしい／１２ダース 商品／売買するing value (GMV) data they used to tout in the past.
Kai Kong Chay, Hong Kong-based 上級の 大臣の地位 経営者／支配人 for Greater 中国 公正，普通株主権s at Manulife 投資 管理／経営, says he is very selective in 選ぶing only services-焦点（を合わせる）d companies with pricing 力／強力にする and 侵入／浸透, given many others had no 構造上の drivers left.
Derrick Irwin, 大臣の地位 経営者／支配人 for Allspring´s intrinsic 現れるing markets 公正，普通株主権 team, based in Boston, likewise believes regulatory 強化するing has ended but that didn't mean a return to the 政権 先行する Chinese Pres ident Xi Jinping's 'ありふれた 繁栄' 運動 and to the lofty valuations then. Alibaba's ADRs were at $315 then, compared to $90 this week.
"The 政府 has learned that the 私的な 部門 - 特に the tech 部門 - is a 批判的な partner in jump-starting growth. The 政府 will continue to 発揮する 圧力 on 重要な tech companies even as they 許す growth to 再開する," he said.
For some sell-味方する 分析家s, though, 中国 tech has turned a corner.
Morgan Stanley, for instance, has Alibaba as their 最高の，を越す 選ぶ の中で Chinese internet companies, with a 的 price of $150 that 暗示するs a more than 60% rise.
Min Lan Tan, 長，率いる of 長，指導者 投資 office, UBS 全世界の Wealth 管理／経営, APAC, based in Singapore, says most 投資家s, 特に 会・原則s and hedge 基金s, have been staying underweight on 中国.
"There is 現実に a lot of value in the internet space in 中国, and what is really needed is a 信用／信任 that growth has 安定させるd," she said.
(令状ing by Vidya Ranganathan; Editing by Kim Coghill)
