Chinese stocks are a screaming bargain. Don’t buy them.

Another brutal sell-off for China’s tech champions offers US investors a dangerous bargain. Stocks like Alibaba are heavily discounted compared to their US counterparts. But “stocks” might be the wrong word to describe them. Crypto stock maybe. Profits depend on a form of economic fantasy that is becoming increasingly difficult to buy.

Two years ago, e-commerce giant Alibaba Group (BABA) grew faster than (AMZN), with better profits and half the market cap. A tariff dispute with the US loomed, but what beneficial stock doesn’t have a few warts?

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