"924" One Year Anniversary: David Tepper, Who Shouted "Buy All Chinese Assets," Was Right
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“9.24” Market Anniversary: How Are Chinese Assets Doing?
On September 24th last year, the People’s Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly introduced a package of financial policies aimed at stabilizing the market and boosting the economy, which triggered a strong reaction in capital markets. At the time, billionaire hedge fund founder David Tepper famously called to “buy all Chinese assets.” Today, a year later, his judgment has proved correct, as Chinese assets have experienced a globally remarkable bullish run over this period.
Over the past year, China’s stock market has far outperformed major markets around the globe. The total market value of A-shares surpassed 100 trillion yuan for the first time, up by 45%. The Shanghai Composite Index soared from the 2700 level to 3900, while the tech-heavy STAR 50 Index and ChiNext Index recorded astonishing increases of 115% and 110% respectively. In comparison, the S&P 500 and Nasdaq indexes returned 16% and 24% during the same period.
According to Goldman Sachs trader Fred Yin, the momentum in China’s stock market is very strong and the rebound may have only just begun—with the foundation for a “slow bull” in A-shares now more solid than ever before.
“9.24” One-Year Report Card: 100 Trillion Market Value and Broad Gains
Looking back over the year since “9.24,” the performance of the Chinese A-share market has been remarkable. As of September 24, 2025, the total market value of A-shares grew from around 70 trillion yuan to over 100 trillion, an increase of 45%.
During this period, more than 3,000 A-share stocks rose over 50%, and nearly 1,500 stocks doubled in price.
By sector, technology stocks are undoubtedly the leaders of this rally. Stocks in telecommunications, electronics, and computers recorded the top sectoral gains. This strong momentum is not just limited to a few leaders but is showing a broad-based rise, indicating the restoration and strengthening of overall market confidence.
In the internet sector, yesterday, buoyed by positive news, Alibaba’s Hong Kong shares jumped nearly 10% in a day and soared an astonishing 50% in a month, reaching a four-year high.
Recently, the market regulator released a draft regulation on food delivery platforms. This anti-involution (“anti-excessive competition”) measure was interpreted positively by the market, with Meituan and JD.com rising 1.2% and 3.3%, respectively. Tencent rose 2%, as its game “Delta Action” topped the Apple App Store downloads and became a favorite among investors.
Goldman Sachs' China semiconductor basket index also rose 4.6%, thanks to Micron Technology’s positive fourth-quarter outlook and Huawei’s promising three-year vision. In addition, solar energy and solid-state battery sectors also performed well.
Ample Space for Capital Allocation, the Bull Market May Have Just Begun
Looking ahead, this rally may have only just begun.
Goldman Sachs believes that the conditions for building a “slow bull” market in A-shares are now more mature than ever before. Since early August, A-share trading activity has remained high, marking the longest continuous period of high turnover on record.
From a capital perspective, the market still has huge potential. First, retail investor sentiment is not yet overheated. Stocks make up only 11% of Chinese household assets, much lower than real estate (55%) and cash/deposits (27%), indicating that there is still a large amount of “off-market funds” available to enter the market.
Since 2020, household deposits have increased by about 80 trillion yuan, with around 55 trillion yuan of excess savings mostly maturing soon and in need of reallocation.
Second, there is ample room for the inflow of institutional capital. Data shows that as much as 31 trillion yuan of wealth management products and 15 trillion yuan of money market funds could flow into the stock market as real interest rates fall. Furthermore, with the property market weakening, more than 14 trillion yuan of “new money” is also seeking new investment avenues every year.
Currently, both domestic and overseas institutions hold very low positions in the A-share market. According to Goldman Sachs estimates, potential new inflow of institutional funds could reach as much as 20-40 trillion yuan in the future. Last week, equity funds focused on China recorded $5.4 billion in inflows, the largest weekly inflow since April this year.
Risk Warning and DisclaimerThe market carries risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the individual investment objectives, financial situation, or needs of any particular user. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their individual circumstances. Any investments made based on this information are at one’s own risk. ```