China is one of the countries that offer the greatest incentives to electric cars in the world (Click HERE for a related Story). Based on the latest data, China offers an incentive of about 8800 US Dollar for every unit of electric cars, only second to Denmark who offers almost 20,000 USD for every unit of green car. Continue (继续)
It looks likely that China’s bank loan this year will exceed the quota again. For 2010 China banks have a loan quota of 7.5 trillion RMB for the whole year. By the end of Oct, a total loan of 6.8 trillion has already been made. For 2 months to go before the year end, it would be very difficult for the country’s banks to keep the loan within the quota (Click HERE for an Article on this subject). Continue (继续)
How does China’s PE get out of their investment? The answer is simple: IPO. In 2010 up till November, 86.1% of the nation’s PE exit their investment through IPO. There are also other types of exits such as M&A, Ownership transfer and Buy Back. Continue (继续)
Internet becomes the sexy baby of China’s VC investment again, at least in 2010. Up till November, VC funds have invested a total of more than 500 million USD in China’s Internet sector. Such an investment mania is not that surprising following the success of Youku, Tudou and Alibaba. The next to follow is Clean Tech (more than 450 million) Continue (继续)
VC funds have had a great year in China in 2010. Every time I talk to some friends in PE or VC industry in China, I get the feeling that there are so many liquidity in the country chasing projects. For example, a website designing cartoons without any unique edge can easily be chased after by several RMB or USD funds with millions of cheque in hand. Continue (继续)
Now that it is almost at the end of the year, probably it is a good idea to do a summary of IPO market in Hongkong. According to the stats that we collect, in 2010 HK stock market has raised a total of about 410 Billion HKD. About 60% of the fund raised are in financial sector (mainly big banks from China), followed by Material and Consumer Discretionary. Continue (继续)
IT is all about China when the market comes to IPO. You might not believe it or don’t like it. However, the fact is, if you look at the top ten IPOs in the past 10 years, it is all about China (almost):
| The World’s Largest IPO since 2000 | |||
| Company | IPO Date | Fund Raised (USD Bn) | Domicile |
| ABC | Dec-08 | $19,222 | China |
| ICBC | Feb-06 | $19,112 | China |
| AIA | May-10 | $17,729 | HK |
| VISA | Nov-07 | $17,052 | USA |
| GM | Aug-10 | $15,774 | USA |
| CCB | Aug-07 | $15,681 | China |
| SMIC | Feb-04 | $14,012 | HK |
| BOC | Aug-05 | $12,195 | China |
| Shenhua Energy | Sep-07 | $11,798 | China |
| Dai-ichi | Feb-10 | $10,912 | Japan |
Source: Bloomberg
过去10年如果讲上市，就不得不提中国。上表提供了过去10年在全球上市的最大的10家公司，其中7家来自中国。
It is widely reported that Shanghai’s stock exchange aims to increase the trading hours to 24 hours by 2020 (click here for the story). Whether such a goal is realistic is a topic for another day. However a fact worth noting is the growing market impact of China’s stock market in the past decade. In fact, in the past 7 years, Continue (继续)
China is under the way towards an unprecedented big nation of cars. In 2010 China surpassed USA to become world’s biggest country of car sales annually. This trend is poised to continue. According to JP Morgan China will likely have about 140 million cars on the road by 2015. Continue (继续)
China’s latest inflation number (4.4% in Oct Y-o-Y) has caught attention and concern of a lot of people (Click HERE for a story from FT). PBOC has reacted by raising the RRR and interest rate in a seemingly agressive fashion. Which sector is most resillient to inflation becomes the natural question for stock investors. Continue (继续)
It seems that the investment enthusiasm is back to the stock market. According to the stats from CEIC, the Shanghai stock exchange turn over has continued to climb higher and now is at the historical high. This is particularly relevant in the environment that the government Continue (继续)
On Oct 20, 2010, PBOC announced to increase the interest rate on both deposit and lending sides. Overall it looks like a symetrical increase, as on average both deposit and lending rates have been increased by 25 basis points. However, if one looks into the detail, in fact the rate increase is asymmetrical. For example, Continue (继续)
Jim Chanos is still bearish on China and still short property stocks and commodity stocks related to China. Obviously Chanos has been hurt recently. However, he still holds his view firm and thinks that China’s building boom will not end up well. Chanos will also show up in the coming movie: Wall Street 2 – Money never sleeps. Interestingly Chanos has never been to China.
查诺斯曾经说过中国房地产泡沫是1000个迪拜。最近他在接受CNBC访问时表示他们继续看空中国。他感觉中国的投资拉动型经济增长会有恶劣的后果。同时他表示自己从来没去过中国，但是显然他做过很多关于中国的细致的研究。
The past ten years can be labeled as the decade of the emerging markets. Based on MSCI World Equity Index, the stock market in emerging markets including China has outperformed that of USA and Japan by far. The best performer is Russian equity market, Continue (继续)
China Merchant Bank is the best performer in terms of absolute return and relative return to benchmark in the last 12 months, according to a latest study. The share price (H) of CMB has increased about 25% in the last 12 months, and up more than 10% Continue (继续)
China Property companies’ share valuation is at the lower end compared to historical records. Since 2003, China’s property stocks have been trading at a multiple between 9X and 60X. The multiple collapsed in end 2008/early 2009 to touch a low in the last 10 years, Continue (继续)
Jun 5
A look back of the stock market in the last 2 years shows that if one invests some money in the US stock market, he would have got exactly the same return as if he had invested in the China’s stock market (Hang Seng Index). The chart shows that the two stock Continue (继续)
Andy Mantel is the Managing Director of Pacific Sun Investment Management Ltd. During an interview with Bloomberg, Andy reckons that there are still downside potential for China’s property and Banking sector. Continue (继续)
A comparison between China’s equity market and that of Saudi Arab’s shows more potential downside of China’s equity market. Saudi Arab’s equity market started to climb up around 2000 and continues to the top in 2008. During 2008 Saudi’s property bubble burst badly, Continue (继续)
What’s the secret of China’s economic growth in the last two decades? Such is a question that has bothered numerous economists. One of the answers seems to lie in the increase in productivity. Continue (继续)
China’s Property Sector of the stock market has been hit hard during Q1 of 2010. In 2009, MSCI property sector gained about 85%. During Q1 2010, Continue (继续)
A cross section analysis of China’s stock market shows that the Financial sector now is showing the lowest PE compared to the rest. Continue (继续)
Nouriel Roubini has a nickname of ‘Dr Doom’. Recently on the interview with Bloomerg, Dr Roubini opinions that there is significant risk of slowdown in China. Continue (继续)
China’s Equity market (H) went through a decent correction during the last week. This is the second consecutive week of a down market. From a recent high of 22,000 in the first half of April, Hang Seng has corrected almost 10% to 20,000 (See Graph on the top left). Continue (继续)
Above study intends to evaluate the impact of RMB appreciation on equity market in different parts of the world. The chart is the performance of equity market in local currency and USD during 6 months after the RMB appreciation in July 2005. Continue (继续)
You are currently browsing the archives for the Equity China (股市风云) category.
Are you a China Bull? (您对中国有信心么)
Is there a bubble in China property (中国房产有泡沫么)
Secret for China's Growth (中国经济增长原因探讨)
1421: the year China discovered the World
China's Environmental Crisis (中国的环境威胁)
China's Unfinished Revolution (未完成的革命)
Mr China – A memoir (中国先生)
The Chinese Century (中国世纪)
The State of China Atlas (中华新地图)
To live (活着)
Who will Feed China: Wake Up Call for a Small Planet (谁来养活中国)
Asia Hotel
WCM
Chinatells (主页)