China and the US are “embracing while fighting”, to use a Chinese phrase. The concealed aggression may serve some purpose for the combatants, but for investors it makes it hard to know where the next punches may land.

So far, the main target has been Huawei, the unlisted Chinese telecoms equipment giant which has been  blacklisted by the Trump administration. But there are five other Chinese tech companies — Hangzhou Hikvision, Zhejiang Dahua, iFlytek, Xiamen Meiya and Beijing Megvii — that are also spoken of in Washington as possible subjects of US export bans. All aside from Megvii are listed on China’s A-share market.

Beyond them, the broader implications for investors both in China and in the US depend on whether the current trans-Pacific conflagration remains merely a trade war or turns into a fundamental reordering of the US-China relationship.