PremiumGoldman Advises Clients On "Investment Implications" After New National Security Memo
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China stocks were hammered in US trading on Monday, with the Nasdaq Golden Dragon China Index sinking 5.2%, while individual names like Alibaba Group Holding plunged 10%. The selloff was sparked after President Trump directed the Committee on Foreign Investment in the US to restrict Chinese spending on technology and other strategic sectors, along with potential limitations on outbound investment to Beijing in industries such as semiconductors, artificial intelligence, quantum technology, biotechnology, and aerospace.
Evercore ISI China macro analyst Neo Wang said the selloff yesterday was more about "sell first and ask questions later," adding this "memo is a laundry list of everything Trump wants to do. It's more about getting some leverage and bargaining power in negotiating with China."
Wang pointed out to clients that a "contest is seemingly underway between Trump and Beijing over who has a bigger say over Chinese equity performance."
