EWH - EWH: Time To Reprice Asia's Geopolitical Risk

• The Russian invasion of Ukraine is likely to accelerate Beijing's long-term economic and military preparations for confrontation in Asia.
• Hong Kong is threatened both by such a confrontation and the preparations for such a confrontation.
• China's growing insularity and aggressiveness reduce the size and scope of Hong Kong's relative advantages.
• Hong Kong's absorption into the mainland is starting to be felt in the slowdown in the city's equity market.
• Asian geopolitical risks, Chinese domestic political risks, and the increasing risk of a global slowdown make Hong Kong equities increasingly unattractive.

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