Laurence Yang

[ON.CC | Value Partners: Gold price approaches $2,470, setting an all-time high (ATH); analyst suggests further upside potential] Rising expectations of a September Fed rate cut, coupled with the recent attack on U.S. presidential candidate Donald Trump, have led to New York gold futures and spot gold reaching new historical highs. Alex Chiu, Senior Strategist of ETF Business at Value Partners, maintains a positive outlook for gold in the latter half of 2024, citing ongoing geopolitical uncertainties and increasing central bank demand as the main drivers of gold prices. Read the full article now (Chinese only): https://lnkd.in/guVX4VUk Follow us on LinkedIn to access our latest news and investment insights. 🔎 Facebook: bit.ly/3mjfFLB  🔎 YouTube: bit.ly/valuepartners4236 🔎 Subscribe to our e-newsletter: bit.ly/3AGDDI6 #valuepartners #mutualfunds #investments #assetmanagement #goldetf #gold Investment involves risk. The above information is for reference only. It does not constitute an offer or an invitation to subscribe any securities, or a recommendation in relation to any securities. 

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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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Weekly economic & market update - share mkt correction; recession worries with soft US data; soft Chinese PMIs but only. Incremental policy response; global rate cutting cycle gathers pace; ABS should ditch the Monthly CPI; RBA to hold; and Olympic medals v pop and GDP

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Veiverne Yuen (Partner) was part of a panel on DealStreetAsia PE-VC Summit with the topic "Asian family offices recalibrating investment strategies amid global headwinds", alongside Zann Kwan, 关旨斌, CFA (Revo Digital Family Office), Rebekah Woo, CFA, CAIA(Farro Capital), Wen Tan (Nelson Capital) and Sean Low (刘轩昂）(Golden Vision Capital (Singapore) Pte Ltd). While everyone is affected by the macro-environment, there are some nuances for Asian family offices. Asian families are likely in their first or second generation, with a substantial portion of their wealth locked up in the operating business. There is a need to diversify against these holdings, whilst not having sufficient investable AUM to justify a family office set-up with a competent team. At Blauwpark Partners, we are a “single-family office for multiple families”, with deep investment knowledge and experiences in private markets. Families can leverage our platform and resources for their family office set-up. #familyoffice, #UHNW, #strategicassetallocation

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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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HKEX REACHES AGREEMENT WITH SSE AND SZSE TO EXPAND SCOPE OF ELIGIBLE ETFS UNDER STOCK CONNECT Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce on Friday that it has reached an agreement with Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) to expand the scope of eligible exchange-traded funds (ETFs) under Stock Connect. The eligibility criteria for ETFs for both Northbound and Southbound trading, including the assets under management requirement and the index weighting requirements, will be relaxed to support the continued development of the mutual market access programme. This expansion will further enrich investment options and enable Stock Connect investors to allocate assets in both Hong Kong and Mainland China markets in an efficient and cost-effective way. Further details of the expansion can be found in the circular published by HKEX today. The three exchanges will work closely on the business and technical preparations for the expansion, which is expected to take effect approximately three months from the date of this announcement. #ETF #StockConnect #HKEX #SSE #SZSE

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As for the May 21 Nikkei article, “GPIF verifies 6% increase in market capitalization through dialogue between investment managers and companies": (1) The reason why investor engagement is effective is in the exercise of voting rights. Engagement is considered to have been effective around 2014, when foreign ownership exceeded 30%. (2) Engagement is generally effective in the funds entrusted to GPIF, according to the results of the study. GPIF should raise fees to allow investment managers to engage in fruitful engagement. (3) This tends to be a generic question for passive funds. If we expect engagement to be more effective in the future, we need to increase the number of active funds.

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CICC is having its Annual Investment Strategy Conference 2024 in Beijing these days. CICC team analyzes the current economic situation in China and provides an outlook for 2025. They think that:   Current Economic Challenges: ●The primary challenge facing the Chinese economy is a substantial demand gap leading to weak price pressures. This is evident in the continuous decline of the GDP deflator, which is projected to remain negative through the end of 2024. ●Unlike traditional economic cycles, the downward phase of the financial cycle presents more intricate price adjustment mechanisms. Notably, the “Minsky Effect” and “Fisher Effect” related to the housing market and debt are prominent. ●The slowdown in “land finance” has impacted local government revenues, while debt repayment has also reduced other government expenditures. This, in turn, has exerted downward pressure on social group consumption. ●Asset price adjustments, coupled with rising employment and income pressures, have also weakened resident consumption.   In response to the challenge, the CICC team underscores the need for proactive policy measures, particularly a shift towards expansionary fiscal policy focused on reducing debt burdens and directly supporting people's livelihoods, to counter the challenges of weak demand and low inflation. They emphasize that the success of these measures in steering the Chinese economy towards “semi-inflation” will depend on carefully navigating domestic and external uncertainties.#China #economy #investment #bank #analysis

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6 Comments

According to their 2023 annual reports, 5,359 listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange realized a total operating revenue of CNY 72.6 trillion ($ 10.26 trillion), a year-on-year increase of 0.9%, and a total net income of CNY5.3 trillion ($ 0.75 trillion), a year-on-year decrease of 1.3%. Among them, 78.4% of the listed companies realized profits, and 51.4% saw year-on-year growth in net income. 3,635 listed companies declared cash dividends for 2023, with proposed dividends amounting to CNY2 trillion ($ 0.28 trillion). Over 1,950 companies listed on the Shenzhen Stock Exchange cashed out dividends in 2023, total amount of cash dividends paid out reached a new record high of CNY 466.2 billion ($ 64.4 billion). The top 10 Shenzhen-listed companies by dividend amount handed investors more than CNY125 billion ($ 17.66 billion), accounting for 27% of the total.Among the top three, Power battery giant Contemporary Amperex Technology Co., Limited’s (SZ.300750) dividend plan totaled CNY22.1 billion ($ 3.1 billion), with a dividend payout ratio of around 50%. Home appliance titan MIDEA Group (SZ.000333) and distiller Wuliangye Group Import and Export Co., Ltd. (SZ.000858) had cash dividend schemes of CNY20.8 billion ($ 2.94 billion) and CNY18 billion ($ 2.54 billion), respectively. Their dividend payout ratios were about 60%. On April 30, the SZSE released a revised version of its regulations dictating that listed companies that reported annual profits and cash surpluses but have not paid dividends for many years or have paid dividends for a total amount under a certain threshold will receive the Special Treatment risk warning to urge them to pay dividends to investors.#China #stockmarket #publiccompanies #dividends

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HKEX to Digitalise ETP Servicing Capabilities with Online Platform Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) plans to digitise and automate the in-kind creation and redemption process for relevant exchange-traded products (ETP) in 2025 through the adoption of a web-based platform, subject to technical readiness and regulatory approval. This platform will be integrated into the ETP creation and redemption process, connecting key ETP participants with the use of Distributed Ledger Technology (DLT) and smart contracts, and will help increase overall ETP market efficiency, supporting the continued growth of secondary market activity for ETPs. This latest enhancement is part of the Group's ongoing commitment to further elevate the attractiveness and competitiveness of its international ETP ecosystem, replacing several manual, paper-based processes currently present with a goal to simplify the creation and redemption procedures of ETPs and boost market activity. #ETF #StockConnect #HKEX #HongKong #ETP

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*Morning Market Update*: Gift Nifty 24667(-39)-0.16%(PE 23.39) Dow Jones 41198(+244)+0.59% Nikkei 40305(-793)-1.93% Hang Seng 17698(-41)-0.23% Shanghai 2938(-25)-0.84% Brent Crude $85.44 Gold $2460 $/Rs 83.58 FII+1271cr DII-529cr 10 Yr GSec 6.54-2034 YTM 6.97 *News & Views*: * Dow rises,Nasdaq falls 3% as rotation out of tech stocks continues * Asian mkts trading weak as fears of China tech curbs & tariff concerns * Nifty: Support 24300 Resistance 24700 * MFs expected to do heavy lifting in upcoming QIPs of PSU Banks * SEBI proposes new asset class between MFs & PMS with 10lac ticket size #mutualfunds #PMS #Sebi #psubanks #technicalanalysis #tariffs #nasdaq #stockmarkets #Nifty #sensex

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Between a rock and a hard place: HKEX's balancing act Hong Kong's capital markets remain an attractive place for PRC companies to raise funds from international investors, including through IPOs. Recent indicators and client requests suggest that after a somewhat slower period, interest in and demand for HK IPOs are picking up. Underwriters and potential issuers will likely remain cautious until after the US elections. However, as the US-China geo-political and geo-economic relationships are expected to remain tenuous, PRC companies and investors are exploring options beyond western capital. The HK IPO process can thus serve as an important indicator of how the financial sector and other market participants address the existing and future US-China conflict of laws, particularly around international sanctions and PRC countermeasures. Despite being stuck between a rock and a hard place, the HKEX has been able to strike a creative – albeit some might say, timid – balance between international banks' commitment to sanctions compliance and domestic rules. 1. Sanctions opinion This balancing act relies on the requirement for potential issuers to provide a sanctions memo from a qualified counsel. We have supported a number of recent successful IPOs and pending processes. We can therefore attest that HKEX takes this sanctions clearance very carefully – often through a number of detailed follow up queries and clarifications – before the disclosure terms are finalized. A legal opinion must address whether business activities within the track record period (3 years): (i) are subject to or may have violated any sanctions and export controls laws in applicable jurisdictions; and (ii) will result in any material sanctions risks to itself or other stock exchanges. Dealings in high-risk countries like Iran and Russia should therefore be carefully reviewed and sanctions risks should be efficiently mitigated. 2. Sanctions compliance The legal opinion is a "live" document and delays in listing will require the analysis to capture an updated track record period. This requires an applicant to continuously comply with ever-changing sanctions regimes. Indeed, the HKEX recommends all applicants monitor their business for exposure to sanctions risks during and after their listings. While international sanctions compliance might not always be a top priority, any company with HK IPO aspirations would be well-advised to enhance its sanctions compliance early to save legal fees and IPO delays. 3. Collaboration with regulators Listing applicants should also be ready to answer questions from the regulator and be flexible when circumstances change – eg SenseTime, a facial recognition developer, removed US investors from its IPO after being added to the CMIC List. Our sanctions and our IPO teams are happy to address any questions – Frank Bi, Li Jiang, Tom Cummins, Dr. Dr. Claus Zimmermann, Vicki Tang, Kenneth Lee

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China, PBOC??? Folly is not learning from Japan very costly mistakes. Don't make the mistakes of Japan, MOF 1990-2012, huge wasteful, debt incurring policy. Use the playbook of Japan, BOJ from 2013-2023. Buy ETFs & REITS on a monthly basis from current depressed levels. That achieved: 1. Lots of profits overtime. 2. Boost consumers confidence. In turn boost economy. 3. Create lots of market wealth. 4. Boost market capitalization of Index listed firms. In turn boost investments, boost job creation, boost innovations. Virtuous cycle. Zero wasteful spending & zero debt incurred.

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*Morning Market Update*: Gift Nifty 22910(+21)+0.09%(PE 21.71) Dow Jones 38886(+79)+0.2% Nikkei 38645(-58)-0.15% Hang Seng 18488(+12)+0.06% Shanghai 3057(+9)+0.28% Brent Crude $80 Gold $2373 $/Rs 83.47 FII-6868cr DII+3718cr 10 Yr GSec 6.54-2034 YTM 7.02 *News & Views*: * US mkts closed mixed after weak labour data * Asian mkts trading mixed; awaits key China's & Japan's economic data * Nifty: Support 22500 Resistance 23000 * RBI likely to keep repo rate unchanged for 8th time in a row * ECB lowers interest rate by 25bps even as inflation fight continues #ECB #RBI #monetarypolicy #technicalanalysis #economy #stockmarkets #Nifty #sensex

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MPF Ratings continues to assess the performance of the MPF Funds, highlighting the best performers and providing valuable insights for MPF members! According to the latest data, the 2024 Gold Rated scheme - AIA MPF has multiple funds that have excelled across various investment horizons, securing top positions in their respective categories: ．NO. 1 in 3 Year, 5 Year & 10 Year Return: Equity Fund (Asia) category - AIA Asian Equity Fund ．NO. 1 in Year-to-Date, 1 Year, 3 Year & 5 Year Return: Equity Fund (Global) Index Tracking sub-category - AIA World Fund ．NO. 1 in 5 Year Return: Equity Fund (HK & China) category - AIA Greater China Equity Fund ．NO. 1 in 3 Year Return: Equity Fund (US) category - AIA North American Equity Fund ．NO. 1 in 10 Year Return: Mixed Asset Fund (81-100% Equity) category - AIA Growth Portfolio ．NO. 1 in Year-to-Date & 1 Year Return: ESG Fund category - AIA Green Fund Stay tuned for more insights on MPF fund performance! Note: The data presented is based on MPF Ratings statistics as of August 31, 2024 #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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