Hong Kong tech stocks drop sharply on Beijing action – With insights from The Wall Street Journal

The monthly webinar updating the BizNews Share portfolio, at noon today, has been well timed. When we acquire positions, the average holding period for stocks is "forever" – except when fundamentals change. Should that happen, it's best to act speedily. I'm guilty of not doing so. Months ago, it was already clear there was a change in Beijing's approach to towards its major companies. This is a critical issue for South African investors given the price of the JSE's dominant stocks (Naspers/Prosus) are based on the performance of their holding in Chinese internet group Tencent. This morning's piece below from our partners at The Wall Street Journal, strips away the veneer to show Beijing's true intentions. After dropping 7.7% yesterday, Tencent is leading Hong Kong tech stocks still lower this morning, falling another 5%. – Alec Hogg

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