Moving Markets The View Beyond: Does China’s 2026 rally echo 2015?
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