“You don’t wait for perfect macro to invest in China — you follow the alpha, not the noise.”
New Inside Out episode with Ryan Yin, founder and Chief Investment Officer at Aspoon Capital, a long/short equity hedge fund that focuses on Greater China and invests across TMT, Consumer, and Industrial Sectors.
This one hits hard — no hedge fund fluff, check it out!
Top 4 takeaways：
1. Policy in China is actually not unpredictable
- Ten-year Book has already included how the government wants to change the country, people just ignored it.
- This is a paradigm shift, not policy chaos.
2. AI-related: investment opportunity, competition with the US
- AI in China is still investable. The best opportunities lie in undervalued companies not yet recognized as AI players.
- While China currently trails the U.S. in AI progress, it's a turn-based race — and a catch-up phase is likely in the second half of the year.
3. Decoupling with the US and geopolitical concerns
- Tariffs = forced localization = stronger domestic players.
- Trump might be bullish for China allocations, since geopolitical noise creates mispricings. That’s where we hunt.
4. The time to invest isn’t when it’s cheap— it’s when companies start performing
- Instead of beta-driven gains, today China’s market rewards those who are more alpha-focused.
- The worst time for China market is also probably the best time for new emerging managers to show up.