Hey everybody, Dave Bartosiak with Trending Stocks at Zacks.com. If you thought tech stocks in the US have had it rough, you should take a look across the Pacific. Chinese tech companies have been hit even harder. As if the trade war with China wasn’t bad enough, now, Xi Jinping has consolidated his power in the Communist Party. The news last night took Hong Kong’s benchmark start index under 16,000 for the first time since April 2000 after the worst one-day selloff since November 2008. The tech index was off 9.7%.
That translated to some terrible reactions here stateside, with Alibaba BABA and JD.com JD giving up close to 15%. Looking at long-term charts here, I am seeing Chinese internet names off 70% or worse from their highs. With this nasty, fearful, vindictive market drop in Hong Kong, could it be time for the contrarian in you to come out and buy the dip? Let’s check out Zacks.com to see the earnings picture on some of these Chinese stocks.
Every time you share this video, somebody pulls the trigger on a cheap Chinese internet company and hits it rich two years later. Subscribe to the YouTube channel, Twitter @bartosiastics, and be sure to check out Zacks.com/promo for this week’s deal on our Home Study Course. For everybody here at Zacks.com, I’m Dave Bartosiak and I’ll see you next week.
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