Hong Kong’s market may be undervalued at the moment, however, conservative investors might want to wait until then before diving in again, according to Kenny Wen, Everbright Sun Hung Kai.

Wen, wealth manager strategist for the firm, said that if your conservative views are reflected in stocks, you could wait and see.

According to him, the market is driven by sentiment around issues like debt-ridden developers China Evergrande GroupThe answer is, “still highly uncertain.”

Wen spoke to investors who were “relatively ambitious” and said that the Hong Kong market was undervalued now, which can be used as a starting point for building your portfolio.

The benchmark was closed on Wednesday at 2:59 PM. Hang Seng indexIn Hong Kong, the index was 23% lower that its February peak. The index fell nearly 15% in the last quarter.

The investment outlook in Hong Kong remains “highly uncertain” as the stock market — particularly institutional investors — will need time to digest different factors such as China’s policy tightening on tech stocks as well as uncertainties surrounding indebted property giant Evergrande, Wen said.

A strategist cautioned that U.S. Treasury yields were on the rise, and will likely impact tech stocks. There are some examples of new economy stock in technology. Those in utilities, however, can be considered to be old economy shares.

Wen warned that the sector’s tech will be “very volatile”, and advised investors to not get too excited about technology shares during the coming weeks.

Recent highs of 1.5% for the 10-year Treasury yield have been largely maintained. Higher bond yields can hit tech stocks — when interest rates rise, they make the company’s future cash flows less valuable, and their shares appear overvalued.

As the U.S. continues to grow its bond yields, so does theirs. Federal ReserveMake sure you are ready for the future scale back bond purchases in the months aheadThis is often a sign of future rate increases.