An editing error was behind J.P. Morgan’s «uninvestible» call on China’s internet stocks, which spurred a selloff, «Bloomberg» reported Wednesday.
Analyst reports from J.P. Morgan, published in March, had called China’s internet stocks «uninvestible,» spurring a US$200 billion selldown, in what appears to have been a lapse in editing, «Bloomberg» reported, citing people familiar with the matter.
The editorial staff had asked for the word «uninvestible» to be removed from 28 reports authored by technology analyst Alex Yao’s team, but it still appeared in the published version of four, the report said, citing the sources. The editors, analysts and supervisors on the reports had all agreed the word was a poor choice and should be removed, in part as the analysts were predicting share price gains for at least 10 of the stocks by year-end, the report said.
