Like most global managers, Nick Griffin has long found the investment opportunity in China enticing, having used Chinese megacaps as key pillars in his portfolios.

But by May, the chief investment officer of Munro Partners didn’t have a cent of the firm’s $6.1 billion in funds under management invested in the world’s second largest economy.

“The maths for investing in China are incredibly compelling, and we thought Alibaba was the Amazon of China, and Tencent was a video gaming champion,” he says. “But in the process of analysing those companies, we overlooked the issues within the country.”

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