China's stock market may have spiraled downward for years, but "new economy" shares have actually surged, creating opportunities in more traditional sectors, HSBC's chief investment officer for Asia-Pacific told CNBC.
"It's been a tale of two markets," HSBC's Bill Maldonado said.
"We've had a big flurry in the new economy stocks," he said, citing outsized gains in some shares of clean technology, green energy and solar companies.
For example, the Hong Kong-listed shares of wind-farm operator China Longyuan Power surged over 85 percent in 2013, although it's shed a bit more than 12 percent so far this year. Likewise, GCL-Poly Energy, a producer of solar-grade polysilicon and an operator of co-generation plants, saw its Hong Kong-listed shares climb more than 60 percent in 2013 before tacking on nearly 9 percent so far this year.
At the same time, the Shanghai Composite has shed nearly 6 percent since the beginning of 2013.