15 June 2025 | 7:44PM HKT China Strategy The comeback of Chinese POEs (Part 1): The tide has turned After losing almost US$4tn of market cap and underperforming the SOE sector by 56pp (cum dividends) since late 2020, Chinese private-owned enterprises (POEs), which represent 60% of the entire listed universe by market value, are in the process of regaining their "mojo" in the equity market. Key arguments are: While the beta story has improved, we believe selectivity is still required for success in the broad ...