The audience consists of leading investment institutions and corporate executives. The panel discussion is moderated by Nina Xiang, co-founder of China Money Network They shared specific case studies of single distressed asset and its turnaround execution, how to manage a NLP portfolio, how to reinforce credit in China, and how to navigate the legal and operational complexities locally. The panelists discussed the market conditions of China’s non-performing loans, distressed debt, and special situations market. In 2020, China received a total of 225.313 billion yuan in domestic and foreign charitable donations, according to the 2020 Annual China Charity Donation Report released by the China Charity Federation. and KPMG gathered with premium investors focused on the special situations market in China for an informative panel discussion. If more charitable funds invest in private equity and venture capital, it could have an impact to the space. Top dealmakers from Bain Capital, Shenzhen Qianhai Financial Asset Exchange, Poseidon Capital Group, William Hay & Co. Jason Bedford, executive director of UBS, delivered the opening keynotes. All rights reserved.įrom The Economist, published under licence.Special Situations Forum: China 2017, hosted by China Money Network in conjunction with KPMG, was successfully held on December 13th at JW Marriott Hotel, Hong Kong, with five prominent speakers discussing investment opportunities and challenges investing in China’s special situations market. They will not, however, evoke the sort of enthusiasm investors once felt about China. Without a turnaround in the country’s economic fortunes, or a sustained cooling of tensions between Beijing and Washington, interest in such strategies will grow. The emergence and growth of funds that pledge to cut out China will make life easier for investors who wish to avoid the world’s second-largest stock market. By contrast, stocks from emerging markets excluding China had a correlation of 0.84 with rich-world equities. According to research by UBS Asset Management, Chinese stocks had a correlation of 0.56 with those in the rich world between December 2008 and July 2023 (a score of one suggests the stocks rise and fall in tandem zero suggests no correlation). Brazil, Chile and Mexico together made up another third today they make up less than 10%.Īnd whereas returns on Chinese investments tend to follow their own logic, smaller economies are more exposed to the vagaries of the dollar and American interest rates. When MSCI released its emerging-market index in 1988, Malaysia accounted for a third of its stocks by value. Even after fast growth, India’s total market capitalisation runs to just $4trn-not even a third of Hong Kong, Shanghai and Shenzhen combined. CHINA MONEY PODCAST (a production of CHINA MONEY NETWORK) is the essential source of information, data and intelligence for institutional investors interested in China, the most important. Many of the places benefiting as supply chains move away from China are home to puny public markets. Likewise, Taiwanese and South Korean stocks are included among emerging markets because of the liquidity and accessibility of their exchanges, but both economies are mature high-income ones. Although Japan’s stocks look relatively cheap, they make an odd choice for investors seeking rapid income growth. They have higher price-to-earnings ratios than those in other big emerging markets. Unlike China’s cheap offerings, Indian stocks are expensive. Yet these various alternatives have flaws of their own. Asia-focused funds investing in real assets, including infrastructure, have grown in popularity. For those with broad mandates, different asset classes are an option. Last year foreign investors ploughed ¥3trn ($20bn) into Japanese equity funds, the most in a decade. Western investors looking for exposure to China’s industrial stocks are also turning to Japan, encouraged by its corporate-governance reforms. Squint and the countries together look something like China: a fast-growing middle-income country with potential for huge consumption growth (India) and two that are home to advanced Asian industry (Taiwan and South Korea). These markets received around $16bn in the final three months of 2023. Money has poured into India, South Korea and Taiwan, whose shares together make up more than 60% of ex-China emerging-market stocks. An emerging-market, ex-China, exchange-traded fund (ETF) issued by BlackRock is now the fifth-largest emerging-market equity ETF, with $8.7bn in assets under management, up from $5.7bn in July.Ī handful of large emerging stock markets are benefiting. Jupiter Asset Management, Putnam Investments and Vontobel all launched actively managed “ex-China" funds in 2023. 'China is ahead in this type of new technology applications, especially in civilian use cases,' Xie Chao, vice president of Terminus, told China Money Network in an interview in the company’s.
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