While China investors have to contend with geopolitical tensions, the regulatory crackdown of 2021 and COVID lockdowns of 2022 have caused many high-quality Chinese stocks to trade at very, very low valuations. And they are especially cheap compared with U.S. tech stocks after the latter's big run this year.

Tencent (OTC: TCEHY) could be the best company in all of China, but it also has fallen mightily from its highs as the Chinese government cracked down on big tech and gaming companies.

Last Friday, the stock plunged another 10% as China released a new spate of regulations that could curb the revenue of gaming companies.

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Source Fool.com