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Yahoo BusinessAug 07, 2020
Forget Tencent Risks: Asia Tech Is Still a Buy, These Funds Say
(Bloomberg) -- Friday's attack by President Donald Trump on WeChat may have pushed many investors to offload Asia's technology shares. But for some, the selloff has presented a good buying opportunity.Jian Shi Cortesi, a portfolio manager at GAM Investment Management in Zurich, bought some Chinese internet stocks on Friday and plans to further increase holdings if the stock prices pull back more."The U.S. ban on Chinese internet companies will have little impact on the revenue and earnings of most listed Chinese internet companies," Cortesi said in an interview. Her Asia Focus Equity Fund has a third of its exposure in internet stocks, and beat 93% of its peers in the past year. "It hurts sentiment, which could push the stock prices lower and create an opportunity to buy."Trump's escalation of his confrontation with Beijing, banning U.S. residents from doing business with the TikTok and WeChat apps, wiped more than $60 billion off the four largest Asia technology firms' valuations and highlighted the political risks faced by regional companies, particularly those in China.But Asian tech bulls aren't flinching."President Trump's noise provides a buying opportunity," said Gary Dugan, chief executive officer of the Global CIO Office in Singapore. "Valuations are low on international comparisons and many are globally extremely competitive."The value of the four largest stocks on the MSCI Asia Pacific Index, all of them tech firms, still lag their American peers. The group -- Alibaba Group Holding, Tencent
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