Aberdeen adds Tencent, keeps China bets

Big player: A man rides past a sign for Tencent outside its headquarters in Beijing. China’s copyright rules are unlikely to have a big impact on its online subscriptions. ― AFP

HONG KONG: Veteran fund manager Hugh Young said his firm bought the dip in Tencent Holdings Ltd and kept most of its other big-tech holdings in China largely unchanged during the recent selloff on expectations these stocks will emerge as winners despite policy crackdowns.

While keen on Chinese tech, Aberdeen Standard Investments, which oversees about US$639bil (RM2.71 trillion) in assets globally, is avoiding the education sector, according to the Singapore-based chairman of its Asia unit. In fact, bellwethers in most industries offer upside opportunities, including property developer China Vanke Co, said Young, who has been with Aberdeen for three decades.