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2 minutes to read by  R.Farrell, CFA, A.Su Dec 20, 2024

Compared to March when we were last in China, the sentiment has clearly shifted in a more positive direction after the government’s stimulus announcements since late September, despite the overhang of potential Trump tariffs.

We timed our recent research trip to China to arrive immediately after the U.S. election, and over 10 days, we visited six cities in the south and southeast of China. On this trip, we decided to visit not just the large, well-known metropolises but also lower tier cities.

In our piece, we discuss our travels to:

  • Changsha: the vibrant capital of Hunan province is known for being home to China’s largest construction machinery manufacturing companies. We met two such businesses, and for both of these firms, exports are a bright spot.

  • Xiamen: an island city off the east coast of Fujian province, it is considered to be one of China’s most comfortable cities. It was clear that companies there are placing increased focus on creating friendly work environments for employees.

  • Ningde: a tier 4 city in the north of Fujian. We had the opportunity to tour a battery manufacturing site there and were impressed by the company’s focus on environmental sustainability.

  • Shanwei: we met with the world’s largest electric vehicles (EV) manufacturer and the second largest battery manufacturer. The company is on track to sell over 4 million battery EVs and plug-in hybrid EVs in 2024.

  • Shenzhen: we visited the aviation hub and drone delivery centre of Asia’s largest – and globally fourth largest – integrated logistics service provider. Riding on the supply chain relocation trend, the company is expanding its business from China to elsewhere in Southeast Asia.

  • Hong Kong: the bursting of the real estate bubble has presented a significant drag on overall economic activity, however two leading real estate companies we met were more positive on 2025 compared to when we last spoke with them in January.

In our view, visiting these types of cities provides a better feel of on-the-ground sentiment, and gives us the opportunity to meet lesser-known companies.

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