TECH - Mark Mobius Advises Cutting Back On Chinese Consumer Stocks For This Sector Amid Xi Jinping's Boost: 'But The Problem Now Is...' | Benzinga
Emerging markets guru and fund manager Mark Mobius weighed in on the supportive measures China is mulling to prop up its economy, private companies, and the stock market.
China’s Tech Focus: “It appears that China wants to have more and more investment, but with a very, very specific goal, and that too in technology stocks,” said Mobius in an exclusive interview with Fox Business. The bulk of the $41 billion initial public offerings in China so far this year are of companies that are tech-oriented, he said.
“Xi Jinping wants to grow the tech sector and of course achieve the objective of having the tech sector in China surpass that of the U.S.,” the fund manager said. “So, they are going about investing in a very aggressive way.”
He also clarified that by techs, he also refers to electric vehicle companies, software, hardware, and every aspect of tech. But the emphasis is going to be on chips, he said, adding that the emphasis is going to be on chips as China ...