After a sharp correction in AI-related stocks across Asia, investors are reassessing one of the market's strongest themes of the past year. In China, many AI and semiconductor-related names have fallen significantly from their recent highs, prompting debate over whether the pullback is creating a buying opportunity or signalling a more prolonged period of volatility.
In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about the outlook for China's equity market following the recent AI sell-off. They discuss whether the correction has further to run, the prospects for a rotation into internet and other old economy names, and what recent economic data means for expectations around policy support in the second half of the year.
The conversation also explores the implications of a more hawkish US Federal Reserve under Kevin Warsh, and what this could mean for inflation expectations, interest rates and global asset prices. They also discuss the outlook for the renminbi amid strong export growth and China's expanding trade surplus.
This episode was originally recorded on 15 July 2026.
(00:29) - China's AI correction: buy the dip or wait?
(03:05) - Are AI fundamentals still intact? What’s the near-term outlook?
(04:48) - China's IPO activity, liquidity conditions and market rotation
(06:05) - Can China's internet and old economy names catch up?
(07:48) - China's policy outlook after the latest economic data
(11:14) - The Fed under Kevin Warsh and the outlook for rates
(14:18) - China's exports and the long-term case for RMB appreciation
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