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(Bloomberg) -- Global investors are finding better value in China and Hong Kong than in the US, driving market gains in recent weeks, according to the Asia head of Amundi SA.

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“We do see investors coming from everywhere starting to realize how much of a good valuation we are having in China and Hong Kong and the market has been picking up,” said Asia Chief Executive Officer Eddy Wong.

Hong Kong’s Hang Seng benchmark has surged about 18% since Donald Trump assumed the presidency, making it one of the world’s top equity performers. The S&P 500 Index has slumped about 6% to trail most global gauges. Investors are seizing on China’s advances in artificial intelligence, while Trump’s trade wars are undermining confidence in the US economy.

Speaking on the sidelines of an FT Live event in Singapore Thursday, Wong said some “prudent” investors are still thinking about whether to invest in China.

“I do not think it’s a firm trend yet, but the appetite and interest is slowly coming back,” Wong said. “It’s quite clear of what China wants to do, whereas in the US there is rising uncertainty.”

Wong said in September that Amundi remains in “expansion mode” in China as the Paris-based asset manager looks for more talent to beef up its foundations and prepares to release more products.

“We are very committed to China, we will never leave,” Wong said.

Wong said Amundi has seen inflows across Asia this year despite some headwinds in China with a slowing economy. Amundi, with €2.24 trillion ($2.4 trillion) in global assets under management, runs a joint venture with Bank of China Wealth Management, and has a fund venture with Agricultural Bank of China Ltd.

“The JVs are running really well,” Wong said. “It’s very important to have someone locally guiding us to continue to uncover opportunities in China.”

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