The corporate crackdown in China that has hammered internet stocks is driving investors to sectors still in Beijing’s good graces, such as high-tech manufacturing and renewable energy
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Shares of Chinese semiconductor companies, electric-vehicle manufacturers and solar-panel makers listed in mainland China climbed over the past month while shares ofThe Shanghai and Shenzhen stock markets haven’t been immune to the effects of Beijing’s regulatory clampdown on private-sector companies, but they have performed significantly better than Chinese stocks listed on exchanges in the U.S. and Hong Kong.
An MSCI index that tracks onshore China A-shares has fallen 3.2% since the start of July, compared with a 12% decline for the broader MSCI China index, heavily influenced by Tencent Holdings Ltd. , Alibaba Group Holding Ltd. , Meituan and other offshore-listed Internet-technology companies. The outperformers over that period have been domestic Chinese indexes for new-energy stocks, semiconductor makers and electric-vehicle companies, up 4% to 18% since the beginning of July—adding to gains in recent months.
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