“You don’t wait for perfect macro to invest in China — you follow the alpha, not the noise.”

New Inside Out episode with Ryan Yin, founder and Chief Investment Officer at Aspoon Capital, a long/short equity hedge fund that focuses on Greater China and invests across TMT, Consumer, and Industrial Sectors.

This one hits hard — no hedge fund fluff, check it out!

Top 4 takeaways：

1. Policy in China is actually not unpredictable

- Ten-year Book has already included how the government wants to change the country, people just ignored it.

- This is a paradigm shift, not policy chaos.

2. AI-related: investment opportunity, competition with the US

- AI in China is still investable. The best opportunities lie in undervalued companies not yet recognized as AI players.

- While China currently trails the U.S. in AI progress, it's a turn-based race — and a catch-up phase is likely in the second half of the year.

3. Decoupling with the US and geopolitical concerns

- Tariffs = forced localization = stronger domestic players.

- Trump might be bullish for China allocations, since geopolitical noise creates mispricings. That’s where we hunt.

4. The time to invest isn’t when it’s cheap— it’s when companies start performing

- Instead of beta-driven gains, today China’s market rewards those who are more alpha-focused.

- The worst time for China market is also probably the best time for new emerging managers to show up.