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Chinese Stocks in Hong Kong Near Bear Market | The China Show 6/22/2026

Watch on YouTube ↗  |  June 22, 2026 at 06:26  |  1:33:10  |  Bloomberg Markets
Speakers
Anthony Stevens — Bloomberg Market Producer
Cusson Leung — CIO, KGI International Wealth Management
Johanna Chua — Bloomberg anchor
Robert Lee — Senior Analyst, Bloomberg Intelligence
Ruth Carson — Correspondent, Singapore
Stephen Stapczynski — Asia Energy Coverage, Bloomberg
Yvonne Man — Head of APAC, CoinDesk
Senior Asian Equities — Senior Asian Equities Reporter, Bloomberg

Summary

China's offshore stocks are on the verge of a bear market as AI software and consumer names drag, while hardware names gain on strong AI spending. Progress in U.S.-Iran talks pushes oil below $80, easing inflation fears. Guests highlight opportunities in Chinese AI hardware and internet giants, Hong Kong property, and Indian assets, while warning on software, Zhipu's valuation, and UK-driven sterling weakness.

  • MSCI China nears bear market territory, pulled down by tech and consumer names.
  • US-Iran de-escalation sends Brent crude below $80, easing global inflation pressures.
  • AI hardware supply chain in China continues to outperform software and consumption.
  • KGI CIO expects big Chinese internet platforms to be the long-term AI winners via ecosystem integration.
  • Hong Kong property recovery is viewed as more durable due to genuine demographic demand.
  • Citigroup turns constructive on India as lower oil improves the current account and the central bank pauses rate hikes.
  • Bloomberg Intelligence sees Zhipu as overvalued given widening operating losses from loss-making AI products.
  • Sterling falls under political pressure amid potential UK leadership change, with cable eyeing 1.30.
  • Super El Niño risks are flagged for inflation and agriculture, though no specific single-stock trade is offered.
Ideas
Anthony Stevens Bloomberg Market Producer 17:33
Hardware wins, software and consumption struggle
Chinese AI hardware and semiconductor supply chain will continue to outperform because immediate AI capex is boosting hardware earnings, while software and consumption names lack consumer confidence and spending pick-up, making hardware the stronger leg of the China AI trade.
China AI Hardware Sector HIGH
Anthony Stevens Bloomberg Market Producer 17:33
Hardware wins, software and consumption struggle
Chinese AI hardware and semiconductor supply chain will continue to outperform because immediate AI capex is boosting hardware earnings, while software and consumption names lack consumer confidence and spending pick-up, making hardware the stronger leg of the China AI trade.
Chinese Software and Consumer Internet Stocks HIGH
Cusson Leung CIO, KGI International Wealth Management 32:11
Internet giants win AI via ecosystem integration
Large Chinese internet giants will be the ultimate winners of the AI race by embedding AI into their huge existing ecosystems, similar to how the best users of the internet captured the most value, despite the market's current short-term focus on hardware earnings.
Chinese Big Internet Giants HIGH
Cusson Leung CIO, KGI International Wealth Management 34:40
HK property recovery driven by real demand
Hong Kong property recovery is much more solid than past cycles because it is driven by rising population and real housing demand, not speculation or liquidity, and rental yields have surpassed mortgage rates.
EWH HIGH
Johanna Chua Bloomberg anchor 61:19
India benefits from cheaper oil and CB pause
India's outlook improves as the oil price decline reduces current account pressure, and capital flow measures together with the central bank shifting to a no-hike stance support Indian bonds and equities.
INDA MED
Ruth Carson Correspondent, Singapore 76:25
Pound vulnerable on UK political risk
Sterling faces a material short-selling risk as UK political turmoil and potential leadership change under Andy Burnham create uncertainty over fiscal discipline, with options markets pricing a high chance of cable sliding toward 1.30.
GBPUSD MED
Robert Lee Senior Analyst, Bloomberg Intelligence 80:50
Zhipu overvalued amid widening AI losses
Zhipu's stock price is disconnected from fundamentals; consensus estimates show operating losses widening by 70% since IPO, driven by loss-leading agentic AI products, and losses are expected to widen further into 2027.
Zhipu MED
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This Bloomberg Markets video, published June 22, 2026, features Anthony Stevens, Cusson Leung, Johanna Chua, Ruth Carson, Robert Lee discussing China AI Hardware Sector, Chinese Software and Consumer Internet Stocks, Chinese Big Internet Giants, EWH, INDA, GBPUSD, Zhipu. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Cusson Leung, Johanna Chua, Ruth Carson, Robert Lee  · Tickers: China AI Hardware Sector, Chinese Software and Consumer Internet Stocks, Chinese Big Internet Giants, EWH, INDA, GBPUSD, Zhipu