China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle?
In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to examine these cross‑currents: the resilience of A‑shares, the wave of Hong Kong tech IPOs, and why rising margin financing today is not a replay of 2015. They also highlight the key themes shaping 2026, including precious metals, AI‑linked industries, and high‑dividend opportunities.
This episode was recorded on 21 January 2026.
- (00:24) - Initial reactions to the Greenland crisis
- (02:39) - Implications on gold, US dollar, and global assets
- (07:36) - China’s rising margin financing balances, and the paradox of a “slow bull market”
- (12:55) - Hong Kong IPO glut: liquidity drain or healthy market growth?
- (17:05) - China’s economic cycle vs. valuations
- (21:16) - Key sector themes for 2026
What is Moving Markets?
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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