Bumpy ride ahead in Hong Kong and China ADRs

[This short note is exclusive for paying subscribers of Baiguan]

Since we pointed out the “vibe shift“ towards the China market on Feb 4, the Hang Seng Tech Index has returned ~11% and has broken the previous height in last October.

In the same Feb 4 note, we also called attention to the positive benefits DeepSeek would have on cloud services. Alibaba, wh…