The conflict in the Middle East has upended global markets over the past few weeks, dragging down global equities, pushing US yields to their highest level in months and sparking wild moves in the price of oil. It has also encouraged one of China’s biggest insurers to rethink how it approaches the world’s largest economy.
“The key question for me to consider is how much and whether you continue to deploy capital into the US,” said Hoi Tung, CEO and Chairman of Ping An Overseas Holdings, during an event organized by the Milken Institute in Hong Kong. “The US has been rather becoming less reliable, not really rules-based.”
Ping An Overseas Holdings is building a portfolio of around $60 billion overseas, with some of that going to investment assets in the US, Tung said. “Now, we think about whether we should trim down a bit, even though the overall portfolio is still very small anyway.”
Investors looking to reallocate capital away from the US must think about where to deploy the money, Tung added. He pointed to China as a likely beneficiary.
The stability in China’s market and signs of the economy bottoming out could provide investors good opportunities, he said. “I think probably it is a good time for investors to really think about investment into China,” he said.
Ping An Overseas Holdings is the Chinese insurer’s main offshore platform for direct investments and asset management. Ping An Group, its ultimate parent, had an investment portfolio of around 5.73 trillion yuan ($830 billion) at the end of 2024. It is due to release its 2025 annual report this week.
Photograph: Signage for the China Ping’an Finance atop a building in Pudong’s Lujiazui Financial District in Shanghai, China, on Tuesday, Jan. 6, 2026; photo credit: Raul Ariano/Bloomberg
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