The 20th congress of the Communist Party of China was concluded on 23 Oct 2022. A new team of leaders was appointed. 

China released the 3Q economic results soon afterwards. They were delayed due to the ongoing congress. The results were better than analysts' expectations. See report.

Quote: China's economy rebounded at a faster-than-anticipated clip in the third quarter. Helped by a raft of government measures, gross domestic product of the world's second-biggest economy expanded 3.9% in July-September from a year earlier, official data showed on Monday, outstripping the 3.4% pace forecast in a Reuters poll and faster than the 0.4% growth in the second quarter.

In spite of this positive report, the Hong Kong stock market dropped sharply. The reasons for the drop are explained here. 

I consider the reasons to be irrational. 

I bought about $200,000 SGD of stocks that have declined by 9% or more for the day. They are Ping An insurance, Alibaba, Baidu and Country Garden.  These stocks had dropped between 47% to 84% for the past year. Their forward PE ratio falls between 2.04 to 10.07.

I consider these stocks to be undervalued. 

Tan Kin Lian