Sold Alibaba

When Alibaba reached its high of 319 or so for 2020 I thought this investment was there for the longer term. However the CCP threw a spanner in the works over the public offer of Ant (which was cancelled). There must be party members and relatives holding the stock from the HongKong listing – maybe they needed to be punished by the Central Committee too. After reflection I decided to sell at 260 – a good profit on book cost, but not as good as it might have been.

My Chinese exposure is now limited to Kingsoft Cloud, which is a smaller cloud play in China. This company seems to have the right backing, which is important in China, where party officials can influence commercial decisions.

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