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References to companies provided for illustrative purposes only. They were selected by the author on an objective basis in order to illustrate the views expressed in the presentation. Ant Group and DiDi Global are not holdings in any Sands Capital portfolios. The portfolio companies illustrated in the presentations represent a sub-set of current holdings in the Emerging Markets Growth, International Growth, Global Growth, and Global Leaders portfolios. The portfolio companies referenced represent all Chinese and Hong Kong portfolio holdings as of 7/31/2021: AIA, Alibaba, Anta Sports Products, Country Garden Services, Foshan Haitian Flavoring, Haidilao, Hutchison China MediTech, JD Health, Kanzhun, Tencent, Tencent Music, Tigermed, and Wuxi Biologics. From 1/1/2021 through 7/31/2021, the Emerging Markets Growth portfolio purchased Tencent Music, Haidilao, Kanzhun, TCS Group, and Country Garden Services. It sold BeiGene, Vincom Retail, CD Projekt, Trip, and New Oriental Education.

Making Sense of China’s Regulatory Crackdowns

Recent actions against private after-school tutoring providers and ride-hailing firms have some investors questioning whether Chinese companies are investable. A more complicated picture emerges in the examination of the nuances.

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Disclosures:
The views expressed are the opinion of Sands Capital Management and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. The views expressed were current as of the date indicated and are subject to change.  This material may contain forward-looking statements, which are subject to uncertainty and contingencies outside of Sands Capital’s control. Readers should not place undue reliance upon these forward-looking statements. There is no guarantee that Sands Capital will meet its stated goals. Past performance is not indicative of future results. A company’s fundamentals or earnings growth is no guarantee that its share price will increase.  Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. Characteristics, sector exposure and holdings information are subject to change, and should not be considered as recommendations. References to companies provided for illustrative purposes only. The specific portfolio companies identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. There is no assurance that any securities discussed will remain in the portfolio or that securities sold have not been repurchased. You should not assume that any investment is or will be profitable. For a complete list of current and former holdings for any strategy managed by Sands Capital Management, including returns and attribution analysis, please contact a member of our  Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at Sands Capital Annual Disclosure Report.