Market ties between China, U.S. set to deepen regardless of who wins White House
SHANGHAI: As the world awaited definitive results from the U.S. presidential election, Chinese investors betting on the re-election of Donald Trump sent shares of a Shenzhen-listed air traffic control software firm soaring on Wednesday.
Wisesoft Co Ltd, whose Chinese name sounds like "Trump's big win", saw its shares jump as much as 9.8 per cent after early returns showed few signs of a conclusive Democratic victory in U.S. polls, making the stock a rare clear winner on the day.
Analysts and investors widely expect a win by Trump, who launched a trade war with China that will soon enter its 28th month, to weigh on Chinese shares in the short term.
"With Trump, Chinese companies don't know where the next hit is coming from and that makes it hard for them to make decisions about allocating capital," said Will Malcolm, portfolio manager at Aviva Investors.