Chinese market analyst's social media accounts frozen over bearish forecasts about the china's stock market
Thursday, May 26, 2022
  • Circulation
  • Advertise
  • About Us
  • Contact Us
  • Privacy Policy
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • Subscribe
Home World

Chinese market analyst’s social media accounts frozen over bearish forecasts about the china’s stock market

Hong Hao posted several posts regarding the foreign investors dumping the Chinese stocks and called attention to the most severe capital outflow since the pandemic began.

WEB DESK by WEB DESK
May 6, 2022, 10:40 am IST
in World
Representative Image

Representative Image

Share on FacebookShare on TwitterTelegramEmail

Beijing [China]: Chinese national Hong Hao, a prominent market analyst, left the state-owned bank soon following his remarks against the country’s slow economy and the effects of government policy on the technology industry. His social media accounts were also frozen.

A spokesman for BOCOM International said that Hong resigned for personal reasons. However, Hong declined to comment on it, CNN business reported.

Hong Hao, managing director and head of research at BOCOM International, a state-owned bank, posted about the huge outflow of the capital from the country and made bearish predictions about the Chinese stock market on social media, after which the Tencent’s (TCEHY) WeChat banned his public account, reported CNN Business.

Not only WeChat but the Weibo account has also frozen Hao’s account, which had over 3 million followers. According to the publication, Hao’s account now shows the message stating that the user.

Hong’s account on Weibo (WB), which had more than 3 million followers, has also been removed. A search by CNN Business for the account resulted in a message stating that the user “no longer exists.”

The covid lockdown has impacted Beijing’s economy. According to the government survey data released on Saturday, the activities across the manufacturing and services are slumping to their lowest level since February 2020, reported CNN.

Beijing’s zero Covid policy and the Russia-Ukraine crisis have triggered an unprecedented flight of the capital by foreign investors in recent months. Chinese currency recently fell to its lowest level in 17 months.

On Tuesday, Chinese President Xi Jinping called to enhance the infrastructure spending to promote growth, and the Communist Party’s Politburo on Friday promised that specific measures would be taken to support the internet economy.

Hong Hao is not the only one who expressed his concern over the country’s economy. Earlier, Shan Weijian, founder and chair of Hong Kong-based private equity firm PAG also criticized the government’s policies that resulted in a “deep economic crisis”, according to CNN, citing Financial Times.

In order to reduce the people’s online anonymity, Weibo announced on Tuesday that it will start publishing the IP locations on their account pages and when they post comments in a bid to combat “bad behaviour.”

In October, Tencent suspended over 1,400 WeChat accounts after the government launched a crackdown on internet posts that it deems are harmful to the economy.

The last reports posted on his WeChat public account were titled: “Be wary of capital flight” and “What should Chinese ADRs worry about.” ADRs are securities issued by Chinese firms listed in the United States, as reported by CNN.

Hong Hao posted several posts regarding the foreign investors dumping the Chinese stocks and called attention to the most severe capital outflow since the pandemic began. In March, he also blamed China’s tech crackdown for being behind an epic sell-off in Chinese ADRs.

On another note, on March 21, Hong also predicted the Shanghai Composite would drop below 3,000 points, reported CNN.

Last Monday, the Shanghai Composite fell below 3,000 for the first time in 21 months, as rising Covid-19 cases in Beijing sparked fears that the Chinese capital could join Shanghai and other major cities in lockdown. (ANI)

 

Topics: Russia-Ukraine CrisisRussia-UkraineCOVID-19ChinaXi JinpingBeijingChina's Zero Covid PolicyRussia-Ukraine warChina EconomyChina COVID-19 casesRussia-Ukraine conflictCOVID-19 casesChinese EconomyWeChatWeiboBeijing's zero Covid policyChinese stocks
Share1TweetSendShareSend
Previous News

Social media group warns Muslim women over removing burqa, taking selfies; police monitor threat

Next News

“We remain on the side of peace, do not patronize us…” – India tells Netherlands

Related News

Tedros Adhanom re-elected as WHO chief for second term

Tedros Adhanom re-elected as WHO chief for second term

Quad Summit: Activists hold protest against China’s expansionism, human rights violations

Quad Summit: Activists hold protest against China’s expansionism, human rights violations

Prime Minister Narendra Modi reiterates India’s principled position on Ukraine at the Quad summit

Prime Minister Narendra Modi reiterates India’s principled position on Ukraine at the Quad summit

China stares at a national crisis with the spike in COVID-19 cases

‘More Contagious’ Omicron subtype BA.4 detected in China, zero-covid policy miserably fails

China: What will UNHCR Chief’s visit to Xinjiang achieve?

China: What will UNHCR Chief’s visit to Xinjiang achieve?

China’s economy slows down, unemployment rises

Chinese-run ports used to exert pressure on other countries

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Islamic terrorist Yasin Malik sentenced to life imprisonment in terror funding case

Islamic terrorist Yasin Malik sentenced to life imprisonment in terror funding case

Rahul Gandhi had no political clearance for the London visit, reveal govt sources

Rahul Gandhi had no political clearance for the London visit, reveal govt sources

Kejriwal attended NDMC meeting over the fear of losing membership, says BJP leader who grills CM over water supply cut

Kejriwal attended NDMC meeting over the fear of losing membership, says BJP leader who grills CM over water supply cut

Israel’s Watergen partners with SMV Jaipuria Group to bring global patented technology to India to curb water scarcity

Israel’s Watergen partners with SMV Jaipuria Group to bring global patented technology to India to curb water scarcity

UP Govt to help promote Nagaland products in tourist hubs

UP Govt to help promote Nagaland products in tourist hubs

Purple Revolution in Jammu and Kashmir, farmers cultivating lavender in the region

Purple Revolution in Jammu and Kashmir, farmers cultivating lavender in the region

Two temples vandalised by miscreants in Guwahati, Shiva, Ganesha idols and Shivalinga uprooted and thrown out of Mandir

Two temples vandalised by miscreants in Guwahati, Shiva, Ganesha idols and Shivalinga uprooted and thrown out of Mandir

Modi’s Nepal Visit: Celebrating the Age-Old Relationship

Modi’s Nepal Visit: Celebrating the Age-Old Relationship

North India’s first biotech park to be inaugurated in Ghatti, Jammu

North India’s first biotech park to be inaugurated in Ghatti, Jammu

Prime Minister Narendra Modi’s gifts to Quad leaders – reflection of rich Indian art and tradition

Prime Minister Narendra Modi’s gifts to Quad leaders – reflection of rich Indian art and tradition

  • Circulation
  • Advertise
  • About Us
  • Contact Us
  • Privacy Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • About Us
  • Advertise
  • Circulation
  • Contact Us
  • Privacy Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies