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For anyone following China’s stock market, the last few years have felt like a test of patience, and for some, a lesson in loss aversion. After the brutal selloffs of 2022, where both the CSI 300 and Hang Seng Index saw corrections and severe volatilities, many investors questioned if a recovery would ever come. While 2023 offered a bit of a respite, it was a lackluster rebound at best.
Fast forward to 2024 and now into mid-August 2025, and we are seeing a reversal of fortunes and to a certain extent, a restoration of confidence. This year has been a remarkable comeback for Chinese equities, outperforming its Asia stock market peers and the widely-loved US equities year to date.
The optimism for Chinese companies has been palpable, and part of it has been tied to the tech sector. The buzz around the DeepSeek AI model was a key factor; its stellar performance was a narrative that resonated with a market hungry for good news.
Balancing risks and opportunities
A rally does not erase the underlying uncertainties. As we look at the remainder of the year, several risk factors continue to linger.
The ongoing restructuring of the mainland’s property market remains a central concern. While policy support has helped, the fundamental issue of excess supply and weakening demand has not vanished. Investor attention has been zeroing in on US-China relations, whether any tangible progress will come out from the trade talks.
Policy support and favourable growth in strategic sectors suggest that China may indeed be worth revisiting for investors. For fund managers, this environment means a rigorous, name-by-name analysis is critical.
From Endowus, we prepared a curated list of China equity funds on Fund Smart. All these funds are managed by leading China market specialists, giving you diversified exposure to both onshore and offshore opportunities.
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Spotlight on China-focused equity funds
All China
All China equity fund represents all Chinese companies listed globally, including those in the US and Europe.
A-shares
Exposure to China A-shares comprises stocks listed on onshore exchanges in Shenzhen and Shanghai.
Greater China
Greater China includes stocks from mainland China as well as Hong Kong, Taiwan, and Macau.
* Where a fund or portfolio has more than one share class, the fee of the HKD share class is shown.
To view all China-focused funds available on Endowus, refer to our investment funds list here.
Endowus charges no upfront subscription fees and offers industry-first 100% Cashback on trailer commissions typically embedded in fund management fees.
This pricing means that more than 95% of the funds are cheaper through Endowus than on any other fund platform, bank, private bank, financial advisor, or broker in Hong Kong.
Illustration of fees incurred for investments in the JP Morgan China A-Share Opportunities Fund across different platforms
*Based on Endowus Research, data as of 28 August 2025. This comparison is made between the retail share class (HK0000222684) with 100% Cashback on trailer fee offered on Endowus, versus the retail share class offered on other “zero fee” platform(s), private banks(s), and the retail bank(s). Our reference point for “zero fee” platforms is those that take embedded trailer fees and platform fees.
Read more: What are trailer fees?
Prefer to leave the fund selection to the experts? Consider the Endowus China Equity Satellite Portfolio, which is constructed and optimised by the Endowus Investment Office to achieve the best balance of China equity funds in a single portfolio. Check it out here.
Understanding onshore and offshore markets: All China, A-shares, and Greater China
Before investing in the Chinese markets, it’s a good idea to understand the differences between A-Shares, Greater China, and All China stocks.
Chinese equities can be broadly divided into two categories: the onshore market and the offshore markets.
The onshore market typically refers to the Shanghai and Shenzhen Stock Exchanges, and stocks that trade on these exchanges are commonly known as China A-Shares. There tends to be high participation from retail investors, which makes it relatively volatile and unsophisticated. Given this so-called “market inefficiency”, the onshore market has been a favourite for active institutional investors to leverage their sophisticated insights to generate alpha. This is especially so ever since China A-Shares were made accessible to foreign investors in 2015.
Investors in the Chinese onshore market may also face the direct consequences of government regulations — bringing about risks and opportunities in various sectors such as real estate, technology, electric vehicles, and renewable energy.
The offshore markets include not only the Greater China markets — such as Hong Kong, Taiwan, and Macau — but also Chinese-domiciled companies listed elsewhere in the world, such as the US bourses or even the Singapore Exchange.
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Risk Warnings
Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns is not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.
General risk warnings relating to collective investment schemes
Before making an investment decision, you are reminded to refer to the relevant prospectus/ offering document for specific risk considerations and related fees and charges. Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. Some of the funds also involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them.
Opinions
Whilst Endowus HK Limited (“Endowus”) has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies or typographical errors. Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.
No invitation or solicitation
Nothing contained in this article should be construed as a solicitation, an offer to buy or sale, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction in any jurisdiction in which such solicitation, offer to buy or sale would be unlawful under the securities laws in such jurisdiction. No information included in this article is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any advisory product or service; or an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, financial product, or instrument; or to participate in any particular trading strategy. Investors should seek independent financial and tax advice before making any investment decision.
Product Risk Rating: Please note that any product risk rating (the “P<divider><divider>”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.
This article has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.
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