Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Alibaba Group Holding Limited
  6. News
  7. Summary
    9988   KYG017191142

ALIBABA GROUP HOLDING LIMITED

(9988)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Singapore investor GIC upbeat on China tech despite regulatory crackdown

07/22/2021 | 05:21pm EDT
FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore

SINGAPORE (Reuters) - Singapore sovereign wealth fund GIC, one of the world's top 10 investors, is optimistic about China's technology sector despite the country's sweeping regulatory actions that have hit shares in home-grown tech behemoths, including those listed in the U.S.

Since late last year, Beijing has moved quickly to rein in the giants of its so-called platform economy, which had taken advantage of an often-permissive regulatory environment to rapidly expand their businesses.

The crackdown has impacted the sector's shares, with the CSI Overseas China Internet index down 22% so far this year, underperforming broader indexes.

GIC, with assets under management of $550 billion according to data platform Global SWF, retains a positive view on its Chinese investments due to the country's handling of the pandemic, macroeconomic discipline and agility to respond to economic weaknesses, GIC Chief Executive Lim Chow Kiat told Reuters in an interview.

In the year to March 31, 2021, the fund saw its strongest annualised returns over a 20-year period, driven by a global market rally.

GIC's China investment portfolio includes Alibaba and fintech affiliate Ant Group, food delivery firm Meituan, as well as real estate firm China Vanke and online healthcare platform JD Health International.

In its latest move, China's cyberspace regulator launched a probe into ride-hailing giant Didi Global earlier this month, just days after Didi made its New York debut and raised $4.4 billion.

"If we looked at a lot of these actions, we would say they help in making the industries, the companies, the business models more sustainable," said Lim, who joined GIC nearly 30 years ago as a portfolio manager.

Some analysts have said China's regulatory crackdown would encourage fair competition and support broad-based growth.

"We see that China continues to come out with innovative business models and technology, (so) our confidence in the sector, and clearly the country remains positive," Lim said.

In the year to March, GIC reported an annualised 20-year real rate of return - its main performance gauge - of 4.3%, the highest since 2015, and up from a comparable 2.7% in 2020.

The share of emerging market equities in GIC's portfolio rose to 17% in the latest year from 15% a year ago, while the share of private equity increased to 15% from 13%. Allocation to bonds and cash fell to 39% from a record 44% a year ago.

GIC remains cautious on asset prices in general, Lim said.

Jeffrey Jaensubhakij, GIC's group chief investment officer said high valuations meant the fund had to look at distinctive themes and hunt down specific areas to invest in.

While the COVID-19 pandemic has had a lasting impact on the real estate sector, which makes up 8% of GIC's portfolio, the fund still sees room to make investments, especially in markets that are still moving towards urbanisation, Jaensubhakij said.

(Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Sumeet Chatterjee and Elaine Hardcastle)

By Anshuman Daga and Aradhana Aravindan


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -1.85% 148.7 End-of-day quote.-36.07%
CHINA VANKE CO., LTD. 5.30% 20.08 End-of-day quote.-30.03%
DIDI GLOBAL INC. 0.44% 8.05 Delayed Quote.0.00%
JD HEALTH INTERNATIONAL INC. 2.80% 78.95 End-of-day quote.-47.37%
MEITUAN -1.71% 230.6 End-of-day quote.-21.72%
MSCI SINGAPORE (GDTR) -0.16% 6517.165 Real-time Quote.12.16%
All news about ALIBABA GROUP HOLDING LIMITED
01:28aALIBABA : Ant's Lending Platform Huabei Starts Sharing Consumer Data to Central Bank
MT
09/22Carlyle CEO says firm is committed to China
RE
09/22Ant Group's micro loan service Huabei begins to share data with China's central bank
RE
09/22SOCIAL BUZZ : Wallstreetbets Stocks Mostly Gain During Pre-Bell Wednesday
MT
09/22Philippines lower house approves VAT for big tech firms
RE
09/22Softbank to Take More Cautious Approach to China Investments
MT
09/21China's Cloud Infrastructure Spending Maintains Growth in Q2 Despite Tech Crackdown
MT
09/21SOCIAL BUZZ : Wallstreetbets Stocks Mostly Gain Ground on Pre-Bell Tuesday
MT
09/21Hong Kong Hang Seng Up 0.5% as Property Issues Recover, Tech Slips Again
MT
09/21Evergrande woes hit Japan's toilet, air-conditioner and paint manufacturers
RE
More news
Analyst Recommendations on ALIBABA GROUP HOLDING LIMITED
More recommendations
Financials
Sales 2022 924 B 143 B 143 B
Net income 2022 136 B 21 054 M 21 054 M
Net cash 2022 456 B 70 611 M 70 611 M
P/E ratio 2022 20,6x
Yield 2022 -
Capitalization 2 659 B 412 B 411 B
EV / Sales 2022 2,38x
EV / Sales 2023 1,89x
Nbr of Employees 254 702
Free-Float 73,6%
Chart ALIBABA GROUP HOLDING LIMITED
Duration : Period :
Alibaba Group Holding Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 46
Last Close Price 980,91 CNY
Average target price 1 741,20 CNY
Spread / Average Target 77,5%
EPS Revisions
Managers and Directors
Yong Zhang Executive Chairman & Chief Executive Officer
John Michael Evans President & Director
Wei Wu CFO, Director & Head-Strategic Investments
Li Cheng Chief Technology Officer
Chee Hwa Tung Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ALIBABA GROUP HOLDING LIMITED-36.07%411 761
ALIBABA GROUP HOLDING LIMITED-34.74%411 761
SHOPIFY INC.29.50%183 439
MEITUAN-21.72%181 625
PINDUODUO INC.-45.07%122 321
MERCADOLIBRE, INC.9.75%93 433