By Manishi RaychaudhuriHONG KONG, – "China is back" is a common refrain among investors, who point to the success of the country’s foundational artificial intelligence companies and the ongoing rebound of its economy from a three-year deflationary funk. However, stock-picking in China remains as hard as ever. China certainly does appear to be breaking out of its slump. First-quarter gross domestic product grew 5.0% year-on-year, up from a three-year low of 4.5% in the fourth quarter, on the back of strong manufacturing and exports. Consumer spending remains patchy and property continues to slide, though high-tech manufacturing is helping offset the…