Chinese equities have rebounded from their bottom, which was mainly caused by the lockdown policies in Shanghai.
We believe we have seen the inflection point in terms of economic and COVID policies.
Overall, things appear to be on their way back to normalization, which has driven the recent rebound of Chinese equities.
Chinese equities have been beaten down to what we believe is an unsustainably cheap valuation, and if conditions continue to improve, we could be set up for a rebound.