From internet giants like Alibaba (US:BABA) to education and property companies, the recent regulatory crackdown in China has sent many leading Asia stocks into a tailspin. Is this an investment opportunity, a warning or a simple reminder of the risks in the developing world?

In this chat with Dave Baxter, Asia and emerging market fund manager and Somerset Capital partner Mark Williams looks at what recent events mean for investors, and where potential winners and losers might be found.

Note: some technical issues may affect the sound quality of this episode at points. Also, our guest's reference to a sell-off from 2005 was actually a reference to the Chinese equity sell-of 2015.

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