China's electric vehicle makers and food delivery giants are in a fierce price war. JPMorgan's Asset Management APAC Chief Market Strategist Tai Hui describes China's attempts to reduce excessive competition as "adventurous."

Beijing

JPMorgan's Hui commented on China's recent policies aimed at reducing excessive competition, often referred to as the 'anti-involution drive.' He emphasized that while the intention is to create a more balanced market environment, the effects will vary across different sectors and segments of the supply chain. Hui noted that demand remains the key driver of profitability, and simply reshuffling earnings along the supply chain may not yield widespread benefits.

He also pointed out that the impact of reduced competition is likely to be uneven, with larger, established companies potentially benefiting more than smaller, struggling firms. Hui concluded that careful, sector-by-sector analysis is necessary to identify opportunities, as the policy shift represents a significant and complex change in market regulation.

JPMorgan's Hui on China's anti-involution drive

you guys mentioned the NT involution drive just now how to reduce excess competition. I do think we have to be quite careful with this theme because if you think of the whole supply chain where there's batteries or EVs or any other products the demand is the ultimate driver of profitability. If the demands are the end consumers are not spending more you're basically just reshuffling burnings along supply chain. So you might benefit one part of supply chain but the other part gets squeezed. So again I think it's not going to benefit everyone. It's going to be more a sector by sector or different segment of supply chain they have to choose from. OK. And is it is it good to chase some parts of those sectors then. Now in this rally that seems to be a thing yet. Right. It's it's the solar. You know it's it's it's basically a commodity is one day and then it's food delivery the other. Do you chase it. I think it's going to be quite challenging especially with policy coming out every other day. But at the same time I think you have to ask the question if for example an EV or battery technology what is the role of pricing and volume and technology. For example in battery technology that market leaders are there not because they produce the most but because they've got they've got the best technology that can carry the industry forward in EV. Obviously you've got the giant economy names being who it is. And then the question then becomes who will benefit if the level of competition does come down. I suspect it's going to be the one level down not the small companies that are struggling right now. Those who are struggling today could still face elimination one two three years down the line. So I think it's going to be a case by case sector by sector selection when it comes to looking for opportunities when the government is going to reduce excessive competition. And the reality is anywhere in the world much of the policy I've been trying to promote competition. There's been a lot a lot of research or academic work done on how to regulate or reduce competition. So I think this is a right call but is also quite an adventurous call in managing this type of competition.

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