Investors are piling into Chinese chip, software and biotech groups at a record pace while paring their bets on ecommerce, as they try to align with Beijing’s policy priorities and sidestep a broadening regulatory crackdown.
Chinese president Xi Jinping has led a regulatory assault on internet platforms this year, hitting those in food delivery, ecommerce, fintech, gaming and education.
But the Chinese Communist party’s desire to advance technologies such as high-end manufacturing has boosted other companies.
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