@arnie22 You may be right. I honestly don't know. Perhaps, we have reached the point where all this political/regulation risk is extreme and is already discounted in the share price. But it is difficult to assess it.
One element is that a lot of these Chinese companies are structured as VIE. I don't know what happens to foreign shareholders if the Chinese government decides to end this structure of company.
Another element is the difference between the US and China. In both countries, there is a regulation risk for big tech. However, the risk seems quite different. According to what I understand, the main risk in the US is to force a spin off for some of these companies. So, they can continue to grow on a stand alone basis. In China, the regulation risk looks more severe. For example, they are changing the rules for Ant Financial, so in the future, their business model can be completely modified and may significantly affect their valuation.
