November 30, 2022

Hong Hao: Chinese analyst leaves bank after social media accounts frozen

2 min read

Of Tencent (TCEHY) WeChat froze Hong’s public account over the weekend, when it posted a major outflow of capital from the country and predicted a downturn in the Chinese stock market.

Hong was. Managing Director and Head of Research at BOCOM International, the Hong Kong-based investment banking arm of Bank of Communications, China’s fifth largest bank.

A BOCOM International spokesman told CNN Business on Wednesday Hong resigned from the company for personal reasons.

Hong declined to comment. His Weibo account, which had more than 3 million followers, was also removed during the weekend.

Quake lockdown affected Chinese stock markets and the yuan.

Quad Lockdown has hit the world’s second-largest economy hard. The latest official survey data – released on Saturday – shows that manufacturing and services activity is falling to its lowest level since February 2020.

Beijing’s zero-sum policy and its crackdown on Big Tech have triggered an unprecedented flight of capital from foreign investors in recent months. The yuan recently fell to its lowest level in 17 months.

It is unknown at this time what he will do after leaving the post. Restrictions

Foreign investors are leaving China.  Russia's war is the latest impetus.

The latest reports posted on its WeChat public account were titled: “Beware of Capital Flight” and “What Chinese ADRs Should Concern”. ADRs are securities issued by Chinese firms listed in the United States.

In those reports, Hong warned foreign investors against dumping Chinese stocks and drew attention to the worst capital inflows since the onset of the epidemic. He blamed China’s tech crackdown for lagging behind rather than new US rules on listing foreign companies. An epic sale in Chinese ADRs In March.

In another note on March 21, Hong also predicted that the Shanghai Composite would fall below 3,000 points.

Shanghai Composite last Monday Fell below 3000 For the first time in 21 months, the growing number of Cowid 19 cases in Beijing has raised fears that the Chinese capital, Shanghai, and other major cities could be included in the lockdown.

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