By Marc Jones

LONDON, (Reuters) – Fund giant Fidelity has reinvested money into Chinese stocks. It believes that the “indiscriminate selling” of Evergrande’s debt is creating opportunities on the nation’s beaten-up bond markets.

Evergrande’s fate and the regulatory crackdowns on ecommerce, gaming, and paid education have combined to wipe out China’s entire market.

Andrew McCaffery, Fidelity’s Global Chief Investment Officer said that there are some companies who have received good haircuts for their debts that were not justified. He also stated that other areas of Asia are being affected.

“Lots of opportunity are starting to be presented right now,” he stated, describing the sellingoff as “indiscriminate”.

Fidelity reports that it has assets worth approximately $790 million worldwide. Fidelity’s latest regulatory filings show that it has Evergrande bonds as well as some from Fantasia (another Chinese property developer) which were late this week.

Dale Nicholls, the firm’s China Special Situations Portfolio Manager, said that he had already started to dip back into equity markets where Tencent and other tech giants are leading. Alibaba (NYSE:) Have lost respectively 40% and 50% since February.

Nicholls declared, “I put more money to use here.”

He said that “I believe risk-reward for Chinese stocks is stacking up quite nicely here.” “The IT industry is the best area right now.”