June 24, 2026
NF Trinity Managing Partner and CIO Helen Zhu recently joined hosts Yvonne Man and Avril Hong on Bloomberg: The China Show to share her views on the Asian macroeconomic backdrop, Chinese equities, and the crowded AI trade. Helen noted that Chinese equities have had a difficult year despite RMB appreciation and more reasonable valuations, as global capital has been concentrated in AI-related markets such as Korea and Taiwan, leaving China, India, and ASEAN relatively out of favor. She highlighted that China’s economy remains weak, with investment soft, consumption lagging, and exports still serving as the key growth engine, though rising trade surplus and potential policy risks from other countries could create further uncertainty. On consumption, Helen emphasized that temporary stimulus measures such as vouchers and support for white goods or autos are unlikely to be enough unless households feel more confident about the economy, property prices, and their own net worth. She also discussed China’s AI sector, noting that technology development has long been a government priority and that China’s vibrant ecosystem can continue producing strong products and services even amid US decoupling. However, with only a limited number of investable AI names in China, flows have become highly concentrated, creating crowded positioning and potential technical risks, even as the underlying demand for AI hardware and infrastructure remains fundamentally healthy.
For video playback, please visit:
https://www.youtube.com/watch?v=FfKzVSMRxv4
Helen’s session timings:
1:00:50 to 1:03:24
1:34:59 to 1:39:00