2023 Market Outlook Report – Gearing up for a changing world


Investors have been hit by a perfect storm in 2022. The Asian market, as represented by the MSCI Asia ex Japan Index, has declined 32% in the first ten months of 2022.1 China, which accounts for about a third of the regional index, was down by an even bigger magnitude, plummeting 42%.

The perfect storm, in our view, is more devastating than the global financial crisis in 2008. But at the same time, we believe the outlook is not all gloomy, as there are some bright sides that the market might have overlooked.

Meanwhile, valuations in Chinese equities are at a historically low range. We believe that the central government will announce clearer economic policy direction and supportive measures. In addition, as the government fine tunes zero-Covid toward reopening, Chinese equities are expected to recover gradually from their bottoms, and re-ratings should be warranted when sentiment improves.

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The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All materials have been obtained from sources believed to be reliable as of the date of presentation, but their accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

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