Against a shifting macro backdrop, markets are responding to easing geopolitical tensions following a US-Iran peace deal, with oil prices falling sharply and Asian equities rallying. Within China, however, a stark divergence persists: Hong Kong’s “old tech” sector has lagged, while mainland “new tech,” particularly AI infrastructure, continues to attract strong inflows and outperform.
In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about China’s uneven market outlook. They discuss the prospects for a rebound in Hong Kong internet stocks, the sustainability of the AI rally and signs of froth, alongside liquidity risks from IPO activity and the outlook for gold amid shifting oil and interest rate dynamics.
This episode was originally recorded on 16 June 2026.
- (00:30) - The old and new tech divide in China
- (01:45) - Will Hong Kong internet stocks see a rebound?
- (03:25) - Why is there a lack of stimulus this time?
- (07:05) - A “K-shaped” economy
- (07:40) - A strong run in A-share tech — is the AI rally getting frothy?
- (15:48) - The liquidity impact of the IPO glut
- (20:27) - Where might gold be headed?
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Moving Markets is the home of podcasts at Julius Baer. Here, our expert teams share concise daily market updates in ‘Moving Markets Daily’ which is complemented by ‘Moving Markets: The View Beyond’, a weekly show dedicated to discussing the context, thematic angles, and investment implications behind key topics shaping the news cycle and conversations among our relationship managers and clients.
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