Greater China Equities: Driving the next leg of innovation

24 December 2025

Kai Kong Chay, Senior Portfolio Manager, Greater China Equities

Wenlin Li, Senior Portfolio Manager, Greater China Equities

Ben Yu, Head of Equities, Taiwan Region

Greater China equity markets registered a strong equity rally in 2025 to date, driven by technology breakthroughs, demand for localisation, go-global demand, and upward earnings growth revisions. We reiterate a positive view on Greater China equity markets going into 2026 as we believe Mainland and Taiwan are well-positioned to drive high-quality growth to the next level.

Summary:

We reiterate a positive view on Greater China equity markets going into 2026, supported by attractive valuations and resilient fund flows.
We believe there are various investment opportunities for Mainland, notably in technology, industrials, renewable energy, healthcare, and new/niche/experienced consumption.
For the Taiwan region, we expect further corporate earnings expansion in 2026, with structural growth opportunities in foundries, outsourced semiconductor assembly and test (OSAT) supply chain, thermal cooling solutions and power supply solutions.

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