Ant’s botched IPO: How China shot itself in foot, lost a golden opportunity

Nov. 3 was a sad, sad day for China.

Not because America’s election changes anything about its hawkish stance toward Beijing — that’s bipartisan — but because China lost a golden investment opportunity by shooting itself in the foot.

Looking purely at the numbers, China is in a sweet spot right now. Its bonds are attractive, as the yield differential with U.S. Treasuries hovers near a five-year high. Beijing’s virus-containment strategy is working, and the economy has bounced back. Meanwhile, President Xi Jinping’s latest five-year economic blueprint, which favors innovation and domestic consumption, is a win for tech companies — exactly the kind of growth stocks investors love.