The South African stock market – and, therefore, savers and pension funds – are now highly exposed to developments in China. Through investments by Naspers and Prosus in the diversified tech giant, Tencent, about a fifth of the Johannesburg Stock Exchange's market capitalisation is now in Chinese tech. The Centre for Risk Analysis estimates that an additional third of the local market's capitalisation has exposure to China through commodities sales. The gains made in these asset classes have been enormous, with phenomenal Chinese growth, but their downside risk highlighted last week has to be troubling.