In January 2014, an exclusive group of hedge fund managers gathered in Miami to escape the bitter north-east winter and exchange some of their best ideas. One in particular seemed compelling: go long China e-commerce.

E-commerce was a numbers game and no market had more consumers than China, which had largely leapfrogged bricks and mortar retail. For the most part, that thesis has played out, and over the years, foreign investors have learnt to love Chinese stocks, particularly if they’re listed in the US.