Bets on common prosperity agenda lead to losses

Beaten down: A LiNing specialty store in China. The company has tumbled by at least 68% this year, making it one of the worst-performing stocks on the MSCI Asia Pacific Index that has more than 1,500 members. — AFP

SINGAPORE: Investors who bought into the idea two years ago that China’s consumer and green energy stocks stand to win big from president Xi Jinping’s renewed economic agenda would have seen their holdings pummelled in 2023.

Car dealership China Meidong Auto Holdings Ltd, sportswear manufacturer Li Ning Co and energy storage system maker Pylon Technologies Co have all tumbled by at least 68% in 2023, making them some of the worst-performing stocks on the MSCI Asia Pacific Index that has more than 1,500 members.