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Illustration: Brendan Lynch/Axios

Investors are reevaluating their appetite for China-related bets following a pickup in Beijing's regulatory actions.

Catch up quick: Chinese regulators have made their way into a broad spectrum of domestic industries. That includes moves that limit business growth, like banning DiDi’s app or prohibiting tutoring companies from teaching specific curriculum, as well as increasing scrutiny of online insurance companies and fintechs. 

Why it matters: China-related investments were viewed as high growth opportunities as recently as last fall. Beijing’s investigations and edicts are a reminder that "the invisible hand wears a red glove" in China, as Jason Hsu of Rayliant puts it.

In response, institutional funds are reassessing investment risks and will likely liquidate some positions, UBS Global Wealth Management’s Kelvin Tay tells CNBC.

  • Veteran investor Mark Mobius says there have already been fund inflows redirected into India and other emerging markets, per Reuters.

Some venture capital investors, including SoftBank Group, have started advising portfolio companies to stay away from investing in Chinese companies. 

On the other hand, some investors are taking advantage of price dips.

  • Over the course of a week in late July, $3.6 billion in new money flowed into funds focused on Chinese stocks, Cameron Brandt, director of research at EPFR, told CNBC.
  • And KraneShares’ CIO Brendan Ahern tells Axios that he’s seeing inflows to the KraneShares CSI China Internet ETF (KWEB) even as the fund's shares have declined by 30% since the start of July.
  • Ahern believes “investors are taking advantage of the disconnect between the KWEB companies’ strong fundamentals versus the weak price action."

What to watch: “A combination of slowing growth, deepening policy concerns and recurrent flare-ups in the virus is likely to make for difficult terrain for investors,” Capital Economics' chief economist Neil Shearing writes.

Go deeper

Venture capital in Arkansas up 151% from 2020

Expand chart
Data: PitchBook & NVCA; Chart: Jacque Schrag/Axios

After largely taking a year off, angels are back in Arkansas. Angel investors.

What's happening: Venture capital invested in Arkansas companies through the third quarter was valued at an estimated $89.7 million. That's up 151% from $35.7 million for all of 2020.

  • The numbers, shared with Axios, are from PitchBook, a private equity database company.

Why it matters: Private investment gives startups and young companies resources to grow more rapidly, often before sales can catch up with the need to expand.

  • Since the investment usually comes with both risk and potential, investors stand to make a higher return.

By the numbers: An estimated 77% of the statewide total was invested in Northwest Arkansas companies in the first three quarters of the year.

  • Companies in the Little Rock metro, which includes North Little Rock and Conway, received the rest.
  • The number of deals in Arkansas remains low with only 18 so far this year in NWA and 5 in the Little Rock metro.
  • Still, the value of deals for 2021 is at an all-time high and will end well over the $71 million reported in 2019.

Zoom out: While investments in Arkansas slowed during 2020, they didn't miss a beat at the national level.

  • Total deal value in the U.S. through the third quarter of this year is estimated to be $54.7 billion, up about 24% from $44.2 billion in 2020.

Venture capital deals in Austin, Texas — a metro many like to compare with NWA — were valued at $3.78 billion so far this year.

Zoom in: The leader in NWA is Fayetteville's AcreTrader, a company that helps consumers invest in shares of farmland. The company has received about $18 million in venture capital this year, which is below PitchBook's estimate of $22 million.

  • AcreTrader's investor relations team told Axios the anomaly is probably due to how some of the company's investments (on behalf of its consumers) get reported in the news and then are inadvertently added to data used by PitchBook.

💭 Worth's thought bubble: Economists, entrepreneurs and those who consult entrepreneurs have told us there aren't enough investments made in NWA companies.

  • Given the disparity between values, our region has a long way to go to be competitive with economies at high-tech hubs across the country.
Felix Salmon, author of Capital
Oct 21, 2021 - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

2 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.