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,Legendary trader George Soros criticised BlackRock Inc for investing in China, writing in a Wall Street Journal op-ed that it was a “tragic mistake” and likely to lose money.

WHAT we’ve got here is a failure to communicate, as Paul Newman observed just before being shot in Cool Hand Luke.

Chinese and foreign investors appear to have an acute difference of opinion over how the government’s shifting of the regulatory goalposts has affected equity valuations.A gauge of US-traded Chinese stocks had fallen about 43% from its February high as of Friday afternoon, while the MSCI China Index used as a benchmark by many global investors had lost 27%.

On the same day, the Shanghai Composite Index surpassed its February peak.

Cathie Wood of Ark Investment Management is among those who have sold China tech stocks, warning of a “valuation reset.”

Wood told an audience of institutional asset managers that her fund had “dramatically” reduced its positioning in the country and had swapped some holdings into companies that were courting government favour by supporting its “common prosperity” campaign, the Financial Times reported last week.Legendary trader George Soros, meanwhile, criticised BlackRock Inc for investing in China, writing in a Wall Street Journal op-ed that it was a “tragic mistake” and likely to lose money.

New York-based BlackRock and other investors such as veteran emerging markets fund manager Mark Mobius have pushed back against Soros.

(Ark’s Wood has also said she is optimistic about China in the long run.)New York-based BlackRock and other investors such as veteran emerging markets fund manager Mark Mobius have pushed back against Soros.

In a sense, the dichotomy in returns isn’t so surprising. Indices have underperformed to the extent that they are weighted toward the Internet sector, and the technology giants that have borne the brunt of Beijing’s regulatory onslaught aren’t listed in China.

Alibaba Group Holding Ltd, the first casualty when officials halted the initial public offering of its Ant Group unit last November, is traded in New York and Hong Kong. Tencent Holdings Ltd, a US$600bil (RM2.5 trillion) colossus confronting tighter restrictions on its gaming business, is listed in Hong Kong.

The Shanghai Composite, by contrast, is dominated by state-owned businesses such as Industrial & Commercial Bank of China Ltd and PetroChina Co that aren’t in the Communist Party’s immediate crosshairs.

Even so, a near-50% gap over little more than half a year points to a fundamental conflict over how to price-in the emergence of a more activist government that’s intent on addressing inequality and what it perceives as socially harmful trends, such as excessive video-game playing, wealth-draining extracurricular education and effeminate pop stars.

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