Arthur Hayes

Today’s China Top Five: 💡 𝗙𝗲𝗲 𝗖𝘂𝘁𝘀 | 𝗘𝗧𝗙𝘀 Several major fund managers, including China Asset Management Co., Ltd., E Fund Management Co.,LTD. and Huatai-PineBridge Fund Management Co., Ltd. (Formerly AIG-Huatai) announced reductions in management and custodian fees for large-cap ETFs. These changes apply to ETFs tracking key indices like CSI 300, SSE 50, CSI 500, and others, with over RMB1.3tr in AUM. 💡 𝗛𝗶𝗴𝗵-𝗹𝗲𝘃𝗲𝗹 𝗠𝗲𝗲𝘁𝗶𝗻𝗴 | 𝗖𝗶𝘁𝗮𝗱𝗲𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 Citadel Securities CEO Zhao Peng met with Shanghai Party Secretary Chen Jining. The two discussed the prospects of Shanghai as an international financial hub and Citadel Securities reiterated its long-term investment plan to bring its expertise to the onshore market. 💡 𝗟𝗶𝘃𝗲𝘀𝘁𝗿𝗲𝗮𝗺 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 | 𝗕𝗿𝗼𝗸𝗲𝗿𝘀 & 𝗜𝗙𝗔𝘀  Regulatory actions against violations in financial live streaming are intensifying, targeting unauthorized stock recommendations and compliance lapses. Recent enforcement includes penalties for Zhongtian Securities and Tonghuashun’s subsidiary for improper practices in live-streamed stock recommendations. 💡 𝗙𝘂𝗻𝗱 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 | 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗜𝗻𝗱𝗲𝘅 Many enhanced index funds have underperformed their benchmarks recently due to rapid market shifts and high volatility. From September 24 to November 18, only 53 of 536 enhanced index funds surpassed their benchmarks. However, over longer periods more than two thirds have achieved positive excess returns. 💡 𝗠𝘂𝘁𝘂𝗮𝗹 𝗙𝘂𝗻𝗱𝘀 | 𝗔𝗰𝘁𝗶𝘃𝗲 𝘃𝘀. 𝗣𝗮𝘀𝘀𝗶𝘃𝗲 With ETFs bringing in more than RMB1tr this year, the active vs. passive debate is raging onshore. Passive equity assets have surpassed active for the first time, but active funds retain the better long-term annualized returns.   #chinatopfive #zbenadvisors #assetmanagement #mutualfunds #ETFs #china #financialnews

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MPF Ratings released April MPF performance survey by highlighting the ongoing rebound in Hong Kong and China equities while US equities produced MPF’s worst asset class loss in April just after members moved an unprecedented $9.2bn into the world’s largest share market. The MPF system generated a modest monthly loss of -0.24%. In absolute dollar terms, the investment loss is equivalent to -$2.85bn (or -$600 per MPF’s 4.75m members) however year-to-date investment gains continue to be positive at $25.7bn, or $5,400 per member. After factoring in contributions, total MPF assets end April at approximately $1.18tr (up $1.15bn from end of March and $43.5bn for year-to-date), equivalent to an average MPF account balance of $249,100 (up $240 from end of March and $9,200 for year-to-date). Find out more here: https://lnkd.in/gN-vnr3T #mpfratings #MPFRIntelligence #MPFRConsistentPerformers #MPFFastMover #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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In a recent piece for e-Forex magazine, Goh Qian Ying, CMT, Head of Institutional FX Sales for StoneX Pro, Singapore, shared her views on the rapid rise of the Singapore FX ecosystem and what’s behind its success: - International investor demand and robust base of buy-side clients - Geopolitical stability and regulatory frameworks - Innovative trading technology and skilled workforce "At StoneX, we've observed FX trading in Singapore shifting towards more complex FX instruments such as forwards, swaps, and options as corporates and financial institutions look for more advanced instruments to hedge their currency exposure" Goh said. Learn more about what’s driving Singapore’s thriving FX market by reading the full story here: https://lnkd.in/eFeUHABu #StoneX #StoneXPro #FXliquidity #FXtrading #FX #FXmarkets #eForex

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HKEX To Develop Orion Derivatives Platform, Providing Best-in-Class Trading, Clearing and Risk Management Solutions for Global Clients On April 18, Hong Kong Exchanges and Clearing Limited (HKEX) announced the development of the Orion Derivatives Platform (ODP), to help differentiate the Group’s derivatives offerings and elevate its competitiveness in the global derivatives marketplace. · HKEX is launching the development of a proprietary derivatives platform to address rapidly evolving client needs · New platform will give HKEX capability to offer near 24-hour derivatives trading, introduce new products and provide enhanced efficiency, elevating Group’s competitiveness as a global exchange · ODP platform development ongoing; system migration will be carried out in phases to ensure smooth transition; market rollout expected in 2028 HKEX Chief Executive Officer, Bonnie Y Chan, said: “Building future-ready technology platforms and operations is a key strategic priority for HKEX, as we help our markets and participants deliver long-term, sustainable growth and development. We are therefore pleased to announce plans to develop the ODP, representing our significant investment into the future of our markets. Derivatives are one of the fastest-growing segments of HKEX's diverse business, achieving record-breaking volumes in both 2023 and 2022. Developing an in-house platform that is adaptable, efficient, and scalable, would give us a unique competitive advantage in the global derivatives space. The launch of ODP will strengthen HKEX’s capability to support the needs of global investors, and cement Hong Kong’s leading position as Asia’s risk management centre and an international financial centre.” For the full content, please check this link 👇 https://lnkd.in/gjQ4qEAy

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About the HK AMC ETF 20% in kind cushion hot discussion. During the ETF IOP stage, AMC uses a fixed market value approach(fixed ETF price 1 USD * number of shares), so for investors who subscribe in kind, it is necessary to call it a cushion. However, for example, for Bosera ETF, which uses a fixed number of BTC, a cushion is not required，which is more intuitive and easier to understand. But on the other hand, for cash investors, 1 USD is easier to understand. #HKETF #AMC #ETFcushion

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Managing Director & Head of Quantitative Investment, Yi Wang of CSOP Asset Management discusses the trending themes impacting investors today. How can investors navigate rate cuts and the approaching global elections? Join his session at the APB Summit Hong Kong to find out: https://hubs.la/Q02Rlh2y0 #APBS2024 #privatewealth #privatebanking #CSOPAssetManagement

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Hong Kong Exchanges and Clearing Limited (HKEX)’s strategy to help global clients navigate challenges and opportunities in Hong Kong and Mainland markets Read the full artcle: https://bit.ly/3UqlQiq At Sibos 2024 in Beijing, Tae Seok Clement Yoo, managing director of global client development at HKEX, shared insights into how HKEX Group is addressing the evolving dynamics of China's mainland markets. In a landscape shaped by recent government stimulus measures and technological advancements, Yoo outlined HKEX’s strategies to tackle settlement challenges, attract global investors, and enhance cross-border trading infrastructure. The T+0 settlement cycle in China's mainland markets, primarily the Shanghai and Shenzhen stock exchanges, presents both opportunities and challenges, particularly for international investors who are accustomed to the longer cycles of T+2 or T+1. This shortened settlement timeline requires efficient clearing and settlement processes, a critical factor for maintaining investor confidence and mitigating counterparty risks in a fast-paced trading environment. Yoo highlighted that one of the key concerns among investors is the ability to meet settlement requirements within a constrained time frame. HKEX has introduced technological solutions to address these concerns, including its Synapse platform, which improves operational efficiency and enhances the clearing process. This platform was launched to support market participants in coping with the operational challenges of T+0, such as pre-trade checks, settlement accuracy, and exception handling within a shorter window of time. John Hsu, Jacky Mak, Elzio Barreto Foo Boon Ping 胡文彬, Cindy Yu, Eunice Foong, Chris Kapfer, Ruoxin Qi, TAB Global #Sibos2024 #TaeYoo #HKEX #ShanghaiStockExchange #ShenzhenStockExchange #StockConnect #SwapConnect #SynapsePlatform #GlobalClientDevelopment #CrossBorderTrading #FinancialTechnology #T0Settlement #MainlandMarkets #OrionDerivativesPlatform #ChinaCapitalMarkets #TheAsianBanker #TABGlobal

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Join ONG Xun Xiang (王勋祥), CFA, CAIA, CA, ETF Business Lead at the iFAST Global Markets (Singapore) ETF Expo 2024 where industry experts share their views on the market and dive deeper into SGX Group-listed ETFs. Using the Lion-OCBC Securities range of ETFs as building blocks, Xun Xiang will talk about how to diversify your portfolio and get ahead in the ETF investing game. In the panel discussion, he will also give his insights regarding ETF portfolios in 2024. Sign up for the event here: https://lnkd.in/gE9DGpPs #LionGlobalInvestors #AssetManagement #ETF #OCBCSecurities #Dividends #Retirement #APACFinancials #lowcarbon #greeneconomy #Singapore #SingaporeLowCarbon

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Leveraging on our strong Chinese parentage, we are establishing ourselves as the China-ASEAN nexus, providing investors unparalleled access to opportunities in both regions. Read more in this exclusive interview with GCEO Carol Fong on The Digital Banker : https://lnkd.in/gVDefT44

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As per MPF Ratings’ MPF Asset Class Fund Flow Summary,  Q3 2024 saw MPF attract estimated net inflows of $11.51bn, 11.1% lower than MPF’s 5 year quarterly average of $12.95bn and 3.8% lower than its 5 year Q3 average of $11.96bn. Net inflow estimate year-to-date is $37.16bn, 5.8% lower than MPF’s 5 year historical year-to-date average of $39.45bn. Find out more here: https://lnkd.in/gUyW4drA #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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MPF Ratings released Q1 2024 MPF Asset Class Fund Flow Summary by highlighting that US equities received over $9bn of MPF’s net inflows in Q1 2024, by far the largest quarterly MPF net inflows into US equities ever recorded, and a concerning trend which Mr Chung attributes to a confluence of new fund launches, disappointing local equity results and MPF members trying to capitalize on the strong momentum of the US market. Find out more here: https://lnkd.in/eRJmq4ne #mpfratings #MPFRIntelligence #MPFRConsistentPerformers #MPFFastMover #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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The Hong Kong stock market has been on the rise lately! In early May, there were discussions about whether it could stabilize around 18,000. However, the HSI has already broke pass 19,500 ! In this special episode of Investment Notes, we are thrilled to have professional trader K.Ho join us to analyze market trends and share valuable insights. Join us as we explore the strategies of utilizing derivative instruments to seize investment opportunities!   Investment involves risks, be cautious of trading.   ----------------------------------- 近日港股升勢如虹，本月初市場還在討論能否企穩18,000點，至今恒指已突破19,500點，所謂「升市莫估頂」，今集投資筆記特別場邀請到全職炒家 K.Ho來與觀眾分析大市走勢，利用衍生工具捕捉投資機遇，想深入了解就切勿錯過！ 投資有風險，交易需謹慎！  ----------------------------------- 艾德證券期貨市場資訊WhatsApp頻道已正式啟用！立即追蹤以獲取最新、最實用的市場資訊，緊貼市場動態。 👉🏻WhatsApp「艾德證券期貨市場資訊」頻道 https://lnkd.in/gAwsWqW3 (link in bio)

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MPF Ratings today released its July MPF Performance Survey, pointing out that total MPF assets have reached a new record all-time high on the back of MPF’s 5th positive performance month this year. Aided by approximately $6.8bn in performance earnings in July, average MPF account balances are now approximately just under $260,000 at $259,900. The Nasdaq entered correction territory, a warning that MPF members have too much to lose if they get market timing wrong. Find out more here: https://lnkd.in/g5RNs35e #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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H&P Financial Services Weekly - Hong Kong’s Hang Seng is the Number One Super market of the week, up > 30%, driven by lower rates and new liquidity. We look at intraday volatility in Q3, which was up on Q2, with that major August spike, which should have helped the leveraged trading platforms PLUS, IGG and CMCX. Rising markets will have added some c. 3% to UK wealth management assets last quarter. Brooks Macdonald estimates are still woefully out of date, in our opinion. Premier Miton reveals more of their MPS plans. Man Group presents an entry point, with AHL underperforming for a while. Tavistock flies on a major disposal which will nonetheless benefit acquirer Saltus. Frenkel Topping would not be at this valuation if it had any liquidity. https://lnkd.in/eDVaAAV5

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🚀 As Asia’s premier financial hub, Hong Kong is drawing global capital, and Tykhe Capital is honored to be featured by InvestHK alongside notable initiatives like the Hong Kong Monetary Authority (HKMA)’s Project Ensemble and HSBC’s tokenized gold—together, showcasing the city’s exceptional value to international investors. 🎉 For the past five years, Tykhe Capital has been at the forefront of the Real World Asset (RWA) sector, building a fully compliant and resilient ecosystem. Our specialized subsidiaries drive this mission forward: Uplift, an #SFC-licensed entity (Type 4 & 9) Pioneer, leads the way in #STO issuance and management; ON1ON Custody offers regulated, secure custody solutions for RWAs; O’Hash advises on technology and cross-border #RWA strategy; and HKbitEX facilitates #RWA listings and secondary market liquidity. With over 1,100 fintech companies thriving in areas like #digitalassets, #greenfintech, and #cybersecurity, Hong Kong presents expansive growth opportunities for global investors. Tykhe Capital’s innovative digital asset investment products are positioned to drive further advancement, helping solidify Hong Kong’s role as a global super-connector in business. 🌍

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Today’s China Top Five:   💡 𝗘𝗧𝗙𝘀 | 𝗖𝗦𝗜 𝗔𝟱𝟬𝟬 The first batch of ten CSI A500 ETFs has attracted significant interest in a weak market, with fundraising exceeding RMB3bn in the first two days of offering. Leading the pack in fundraising are Harvest Fund Management, Huatai-PineBridge Fund Management Co., Ltd. (Formerly AIG-Huatai), and INVESCO Greatwall Fund Management Co.. 💡 𝗘𝗧𝗙𝘀 | 𝗙𝗹𝗼𝘄𝘀  Onshore investors have continued to buy dividend strategy ETFs in recent weeks despite 29 such products having an average return of -7.5% since the end of June. The product from Wanjia Asset Management Co., Ltd. has received particularly strong flows in 2H24. 💡 𝗙𝗲𝗲 𝗖𝘂𝘁𝘀 | 𝗛𝘂𝗮 𝗔𝗻 Hua An New Power Fund announced a second reduction in management and custody fees, lowering the management fee from 0.7% to 0.3% and the custody fee from 0.2% to 0.1%. As a flexible allocation fund, it has maintained a stock position below 20% since 2022, with current stock positions around 9%. 💡 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 | 𝗦𝘁𝗮𝘁𝗲 𝗖𝗼𝘂𝗻𝗰𝗶𝗹 The State Council released guidelines aimed at strengthening regulation, managing risks, and promoting high-quality development in the insurance industry. It promotes reform in key areas, such as pricing mechanisms, with support for floating return insurance products like dividend and universal insurance. 💡 𝗙𝗶𝘅𝗲𝗱 𝗜𝗻𝗰𝗼𝗺𝗲 | 𝗡𝗔𝗙𝗠𝗜𝗜 NAFMII has announced stricter regulations on securities firms' bond advisory businesses, particularly for those serving small and medium-sized banks. Financial institutions are required to file advisory agreements with the association.   #chinatopfive #zbenadvisors #assetmanagement #mutualfunds #ETFs #china #financialnews

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