  nearly 3 million electric vehicles were sold in china in 2021 according to full year sales data reported monday   tencent sold its 3 billion stake in southeast asian ecommerce platform sea on tuesday leading to a slight downdraft in tencent stock and others known to have been invested in by the internet conglomerate   a growth to value rotation took hold of markets in asia on wednesday following a relatively quiet start to 2022   asian equities were lower on thursday on us interest rate news though hong kong internet stocks were a bright spot as the sector rebounded asian equities rebounded as hong kong stocks outperformed while japan was among the few markets off today the hang seng gained 182 though the real story was hong kong internet stocks which powered the hang seng tech index higher by 199 hong kong’s most heavily traded stocks were tencent which gained 137 alibaba hk which gained 645 and meituan which gained 089 i suspect the long jdcomshort alibaba trade is being unwound with increasing urgency yesterday a prestigious investment bank’s asia strategy equity team recommended china internet what we really need is for big fund families to come back into the space which could be driven by whether china can outperform india remember that as long as india outperforms china will be underweighted my yogi berra impersonation as big fund families are currently overweight india there is some chatter that alibaba is providing cautious guidance in advance of their quiet period prefinancial results volumes were up 948 from yesterday which is only 88 of the 1year average while 3 stocks advanced for every 2 decliners tencent and meituan saw small net buying from mainland investors via southbound stock connect real estate was the best performing sector in both hong kong and china gaining 483 and 369 in each market respectively on news that loans focused on mergers  acquisitions will not be included in the solvency metrics for real estate companies translation real estate companies with strong balance sheets should buytake over weak firms it also shows policymakers have their ear to the real estateevergrande situation and do not want to see it spiral out of control the cleantech ecosystem had another tough night in both hong kong and mainland china as electric vehicles evs solar wind lithium and nuclear power all struggled shanghai large stocksvalue was off 018 while shenzhen largemid stocksgrowth was off 115 and the star board midsmall stocksgrowth fell 117 on volume that was up 642 from yesterday which is 114 of the 1year average breadth was off with 3 decliners for every 1 advancer as growthsmall caps underperformed valuelarge caps these themes were big overweights for active managers and investors along with liquor stocks the ev subsidy cut which i don’t think anybody believes is detrimental to the trajectory of chinese ev adoption has led to a vicious round of profittaking throw in the valuegrowth rotation that is playing out globally it has made for a tough start to 2022 because these stocks are wellpositioned in the long run i suspect investors will take advantage of this dip as an entry point foreign investors used the dip in mainland stocks overnight to snap up 1464 billion worth of ashares via northbound stock connect for the week foreign investors bought a net 974 billion worth of mainland stocks chinese treasury bonds rallied currency was flat versus the us dollar and copper was off the mainland’s decline appears to have been noticed by the csrc china’s sec as numerous positive statements were made though some were after the close my colleague dr xiaolin chen shares her thoughts on the “three p’s” that are poised to shape 2022 in our latest video