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Asian Stocks Slump to a Two-Week Low on Tech Rout | The China Show 6/26/2026

Watch on YouTube ↗  |  June 26, 2026 at 04:41  |  1:33:00  |  Bloomberg Markets
Speakers
Winnie Wu — Head of A-PAC Equity Strategy, BofA Global Research
Robert Lea — Editor, CoinDesk
Wei Liao — Director of Derivatives Market Intelligence, Cboe
Anurag Rana — Senior Analyst, Bloomberg Intelligence
Yvonne Man — Head of APAC, CoinDesk
John Hoffman — CEO, GSMA Limited

Summary

The episode covers a sharp Asia tech selloff driven by Apple price hikes on Macs and iPads due to memory chip shortages, OpenAI reportedly delaying its IPO, and geopolitical tensions in the Strait of Hormuz. BofA's Winnie Wu discusses investor positioning, recommending Hong Kong banks over property, avoiding Chinese internet names short-term, and favoring Korea/Taiwan chips on AI earnings momentum. Bloomberg Intelligence's Robert Lea presents a strong bear case on Chinese AI stock Zhipu, arguing its valuation implies impossible growth. The show also features Lingyi iTech's Hong Kong IPO debut and GSMA's CEO on China's mobile AI leadership.

  • Asian stocks slump to two-week lows led by a tech rout, with Kospi triggering sidecar circuit breakers on program selling.
  • Apple hikes Mac and iPad prices by $100-$500 due to memory cost surges, dragging its shares and Asian suppliers lower.
  • BofA's Winnie Wu says traditional long-only investors remain underweight memory stocks while Chinese internet names face 3-6 more months of earnings pain.
  • Winnie Wu prefers Hong Kong banks over Hong Kong property stocks for H2 2026, citing Fed tightening risk and liquidity drains.
  • Bloomberg Intelligence analyst Robert Lea calls Zhipu drastically overvalued, requiring 93.7% FCF CAGR over ten years to justify its price.
  • Wei Liao of Cboe notes high single-stock volatility and low correlation, with rotation into Russell 2000 small caps.
  • Lingyi iTech debuts in Hong Kong up 6% after a $1 billion IPO, with the chairwoman outlining pivots into humanoid robots and AI data center cooling.
  • Oil prices briefly spike then reverse after a cargo ship is attacked in the Strait of Hormuz, testing the interim Iran peace deal.
Ideas
Winnie Wu Head of A-PAC Equity Strategy, BofA Global Research 7:25
Korea/Taiwan tech cheap on AI earnings momentum
Korea and Taiwan tech sectors remain compelling because the AI capex cycle continues driving earnings growth and upward revisions, Korea is trading at only 8-9 times PE compared to India at 21 times, and investors still focus on earnings momentum over near-term performance wobbles.
005930.KS 000660.KS TSM MED
Winnie Wu Head of A-PAC Equity Strategy, BofA Global Research 8:37
Chinese internet earnings downgrades continue near-term
Chinese internet platforms face continued pain over the next 3-6 months because their heavy AI investment is earnings-negative with no clear consumer monetization path, earnings estimates keep getting revised down, and the opportunity cost is severe while memory stocks are up 50% in a month, forcing investors to evaluate short-term upside very carefully.
BABA TCEHY KWEB HIGH
Winnie Wu Head of A-PAC Equity Strategy, BofA Global Research 10:18
Prefer Hong Kong banks over property stocks
Hong Kong banks are more comfortable than Hong Kong property stocks for the second half of 2026 because prospects of Fed tightening are negative for property, residential property prices historically lag HSBC/stock market, and there is significant liquidity drain ahead from IPO unlocks and cross-border tightening.
Hong Kong banks MED
Winnie Wu Head of A-PAC Equity Strategy, BofA Global Research 10:18
Prefer Hong Kong banks over property stocks
Hong Kong banks are more comfortable than Hong Kong property stocks for the second half of 2026 because prospects of Fed tightening are negative for property, residential property prices historically lag HSBC/stock market, and there is significant liquidity drain ahead from IPO unlocks and cross-border tightening.
Hong Kong property stocks MED
Robert Lea Editor, CoinDesk 78:02
Zhipu valuation implies impossible growth expectations
Zhipu, the Chinese AI model maker, is drastically overvalued: a reverse DCF implies it must grow free cash flow at a 93.7% CAGR over ten years to justify the current price, it is heavily loss-making with losses widening to around $830 million, it lacks sustainable competitive edge against better-resourced rivals like Alibaba, Tencent, and ByteDance, and the market is pricing in completely unrealistic future growth.
Zhipu HIGH
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This Bloomberg Markets video, published June 26, 2026, features Winnie Wu, Robert Lea discussing 005930.KS, 000660.KS, TSM, BABA, TCEHY, KWEB, Hong Kong banks, Hong Kong property stocks, Zhipu. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Winnie Wu, Robert Lea  · Tickers: 005930.KS, 000660.KS, TSM, BABA, TCEHY, KWEB, Hong Kong banks, Hong Kong property stocks, Zhipu