Ying Zhu

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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"South East Asian Private Credit - Trends, Opportunities, Future Outlook and Investment Strategies in Distressed Situations and Beyond", by David Chew (Partner, DHC Capital). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #restructuring #insolvency #distressed #privatecredit #finance #investments #Asia https://lnkd.in/dPaCvJgr

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[Hasangyong met: John Yang, director of Riverwood Capital] There was a meeting to explore opportunities for local start-up teams to enter the global market. At the Invest Korea Summit 2024 event held at COEX in Seoul, I met John Yang, the director of Riverwood Capital Asia. It could have been awkward, but since I had already met my wife, it was my first smooth meeting. John Yang is in charge of Asia for a large investment company that conducts Series C and D investments in Silicon Valley, and as a Korean investor, he was very interested in Korean companies. Through this meeting, we introduced the current status of artificial intelligence and future mobility industries, which are specialized industries in Gwangju, and promised to discuss more specific cooperation measures in the future. "Efforts to create Gwangju with a high success rate for start-ups will continue." <Riverwood Capital> Riverwood Capital has created a $1.8 billion (W2.33 trillion) fund. Riverwood will invest in high-growth mid-sized technology companies, with most of the new capital going into new investments, not follow-up ones. Riverwood, a growth-stage investor, mainly invests between $25 million and $100 million per company and invests in 20-30 companies per fund cycle. It has so far made more than 75 investments, with GoPro and Nextdoor among its investment companies successfully listed, and Forge Rock recently sold to a private equity fund.

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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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Adrian Li, Founder and Managing Partner of AC Ventures, will speak at the Asian Venture Capital Journal (AVCJ) Private Equity Forum in Hong Kong. He will join the panel discussion “Ending the Drought: VCs Seek Pathways to Exit” on Tuesday, November 19, 2024, from 15:30 - 16:15 HKT at the Four Seasons Hotel Hong Kong and online. The session will cover key topics such as: • The outlook for distributions from Asia over the next 12 months • The most attractive IPO destinations and preparation strategies • The pros and cons of venture capital secondaries in Asia • How investors balance the need for liquidity with the desire for a ‘perfect’ exit 📎More info: https://lnkd.in/ggWk8nRK #venturecapital #privateequity #vcexits #asiainvesting #avcj2024 #investmentoutlook #startups #ipo #techinvesting #asiatech #businessstrategy

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Last week, I had the honor to attend the CICC #Investment Forum 2024. This year’s theme was “New Macro, New Regime”. Together with Shanquan Li of Invesco Ltd., John Rogers of Fudan University, Kai Shao of Zhong Ou Asset Management, Wenlang Zhang of CICC and Zhao Li, we had a panel discussion on investment trends of major #asset classes. I had the pleasure to share the long term investment values of Chinese #equities in a well-diversified global #assetallocation model. My key points are as follows: ✔️ Attractive #Valuation: The valuation of Chinese equities remains attractive from both absolute and relative perspective. As of May, the MSCI #China Index has risen by 31% since its low in late January, outperforming most developed and emerging markets. During this period, the index's PE ratio increased from 7.9 times to 10.5 times, reflecting some valuation recovery. In comparison, the valuation of the American and Indian stock markets, for example, are currently over 20 times. ✔️ Sign of #Recovery: Beyond valuation recovery, certain sectors are showing positive trends in earnings. Benefiting from the increased in investment in manufacturing and infrastructure, China’s economic data for March led the first-quarter GDP growth to exceed expectations, boosting market confidence in China's economic recovery. Additionally, many companies continue to increase buybacks and dividends, with the earnings of the MSCI China Index showing year-on-year growth for the first time since early 2021. ✔️ Value-Up Reforms: The shift from a financing market toward an investment market is the key. China’s "New Nine Guidelines" emphasize improving the quality of listed companies, increasing delisting rigor, encouraging dividends, and encouraging companies to issue regular dividend. Currently, the dividend payout ratio of Chinese listcos is only about 30%, much lower than the 50% and 60% levels as seen in the US and European markets, suggesting huge room for improvement. ✔️ Unique Sectors: China is home to many globally competitive companies in sectors like new #energy (solar and wind), electric vehicles and battery, and the internet. Moreover, China's vast population base, and the depth and breadth of Chinese #consumption, provide irreplaceable opportunities for consumer companies. ✔️ #Diversification: The bull and bear cycles of China’s stock markets do not align with those of other major economies, providing unique investment opportunities at different stages of the economic cycle. This can diversify and balance risks in an investment portfolio. In summary, we believe the China’s equity markets (both A-shares and H-shares), with attractive valuations, economic recovery, increased investor returns, unique opportunities, and diversification benefits, present a rewarding opportunity for global investors seeking long-term investment return.

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I had an interesting chat with Yuke Xie from the South China Morning Post SCMP recently on the evolving investment strategies of Middle Eastern institutions and family offices.    Traditionally centered on the US and Europe, these investors and institutions are now turning their attention to the dynamic economies of #SoutheastAsia.    Looking forward, I foresee Southeast Asia maturing significantly as an investment hub, driven by its vibrant entrepreneurial ecosystem and fast-growing middle class. I believe Southeast Asia could well become a third pillar of international diversification for Middle Eastern investment, and #healthcare could potentially be a focal point.    Exciting times lie ahead for our SEA team of investment professional & operators, and we are currently raising a Southeast Asia-focused healthcare growth capital fund to capitalize on this growth.   Read more about it in the following link:

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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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Asian Venture Capital Journal (AVCJ)'s Private Equity Forum Japan 2024 took place in Tokyo over the past week & it remains the top private markets event in Japan. Japanese limited partners across #publicpensions, #endowments, #corporate pensions, #insurancecompanies, #assetmanagers, trust banks, big 3 banks, local gatekeepers & even regional #banks attend for most of the event & even stay for the networking cocktail reception - this is generally an aspect I find unique to events in Japan & something noteworthy for fund managers seeking to meet the local LP ecosystem! It is also noteworthy that many of the Japanese LPs have mentioned that this event is particularly engaging for the content of #presentations and #panels, as well as the at the table/in the hallway conversations. For overseas LPs visiting Japan it is also a distinguished event to meet local managers as many are aware of the event and take meetings at the venue - not necessarily yet the case for many other private markets events in Japan. A few key other takeaways in my conversations: - #middlemarket US/Europe PE remains the most attractive asset class alongside #privatecredit. Most Japanese LPs have split teams & increasing interest in private credit - Japanese LPs still flock to brand names. Ability for smaller & niche names in PE/VC can best be accessed via the international gatekeepers ie StepStone Group, Adams Street Partners, HarbourVest Partners etc. Build relationships with these firms & keep them happily engaged! - Japanese staff tend to change roles particularly after the March fiscal year end so build multiple relationships at institutions, this a long-term game! - Secondaries: across asset classes this strategy is really moving for Japanese LPs. While liquidity needs are low, the desire to capture the returns benefits of secondary fund strategies as well as clean up portfolios is higher - VC secondaries: I came across 5 groups in process of setting up funds for the Japan market given the shorter duration of VC funds in Japan & amount of capital tied up from 2012-2015 fundraises. Several inquired about potential partnerships with the US VC secondaries majors ie Industry Ventures, Greenspring Associates etc - I see this as a win-win - GP stakes: Japan is a prime market for this - increasing number of insurance companies, asset managers, & trading houses are investing in GP stakes funds as well as directly - India: of all international markets, #india remains of most interest, with the top few established India PE/VC managers likely receiving the most capital, & further capital for the pan-Asia funds. Co-GP strategies are also sought. Beyond the top India names, for further capital commitments from Japan, the returns need to stack up against the US Thank you Team Asian Venture Capital Journal (AVCJ). See you in #hongkong! #conferences #asiapacific #privatemarkets #alternativeassets #fundmanagers #limitedpartners #pensionfunds #allocators #investors

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Today, Mr. Ian Zhu, Managing Partner of NIO Capital, spoke at the 37th Annual AVCJ Private Equity Forum 2024 in Hong Kong. During the thematic VC panel "Portfolio Management: Venture Style," Mr. Zhu shared his insights on how GPs can enhance value creation amidst evolving market trends. He emphasized that the current landscape is markedly different from past experiences, characterized by increased dynamism and challenges. While the recent downturn has led to widespread pessimism, he encouraged attendees to remember that cycles do change, and the key lesson is to focus on the fundamentals.

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Kenny Shui, Vice President cum Co-Head of Public Policy Institute, 團結香港基金 Our Hong Kong Foundation (OHKF), Alex Mak, CFA, CESGA, Researcher, OHKF, and Cyrus Hou Yeung Ho, Assistant Researcher, OHKF, stated the challenges of technological upgrading and restructuring faced by many small and medium enterprises (SMEs) in developing artificial intelligence (AI).   How can SMEs source and train the technology professionals they need? Do the Government's subsidies for SMEs facilitate enterprises' investment in AI development? What strategies can the Government adopt to enhance the local AI ecosystem?   Read more: https://bit.ly/4exquD2

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Prof. Steven DEKREY, Senior Advisor and Professor Emeritus at HKUST Business School, has over 40 years of experience in building and running top-ranked MBA programs worldwide, including at Northwestern Kellogg, the University of Florida, Asian Institute of Management, and HKUST, where he was Founding Director of the Kellogg-HKUST EMBA program. Darren asks Professor DeKrey about: - The value of top MBA programs in Asia - How applicants can stand out in the admissions process - Who should apply to Full-Time MBA, Part-Time MBA and Executive MBA (EMBA) programs - Whether leadership can be taught. All the core ingredients to a successful MBA application are in this episode! Enjoy (and take notes)! Topics 📌 Introduction (0:00) 📌What makes top MBA programs in Asia and Hong Kong different? (4:06) 📌The quality of top Asian MBA programs vs. top US programs (10:30) 📌How important are local language skills for MBA graduates outside the US? (14:10) 📌What questions applicants should ask when researching MBA programs? (18:35) 📌MBA rankings and other signals of quality (24:30) 📌Who should apply to Full-time MBAs, Part-time MBAs and Executive MBAs (EMBA) (28:30) 📌Understanding EMBA Admissions (34:50) 📌Can leadership be taught? The importance of learning agility (38:45) 📌How can MBAs demonstrate leadership skills to employers? (46:40) https://lnkd.in/gev_UXTX HKUST Business School HKUST MBA

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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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*Morning Market Update*: Gift Nifty 24392(+37)+0.15%(PE 23.15) Dow Jones 39721(+429)+1.29% Nikkei 42222(+390)+0.93% Hang Seng 17751(+279)+1.6% Shanghai 2964(+24)+0.83% Brent Crude $85.86 Gold $2375 $/Rs 83.41 FII+584cr DII+1082cr 10 Yr GSec 6.54-2034 YTM 6.98 *News & Views*: * US mkts cruises to new record after Powell testimony * Asian mkts trading positive amid tech strength in Wall Street * Nifty: Support 24200 Resistance 24500 * SCI, NMDC Steel at advanced stages of strategic sale, await nod from PMO * Hybrid Cars could see a budget boost with potential cess cut #Hybridcars #budget2024 #sci #NMDC #PMO #technicalanalysis #Powell ##techstocks ##stockmarkets #Nifty #sensex

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MPF Ratings today released its Q3 2024 MPF Asset Class Fund Flow Summary by expressing disappointment that MPF members appear to have not learned from past mistakes resulting in some members making a “double loss”. Rather than capitalizing on discounted markets and focusing on long term diversification, MPF Ratings’ Q3 MPF fund flow data suggests that as the US Nasdaq fell into correction territory and the Nikkei 225 Index recorded its largest points drop ever back in early August, members switched into Money Market Funds, and by doing so simultaneously realized significant losses while missing the subsequent market rebound. 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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