Coal Pension Trustees, one of the largest pension schemes in the UK, has been a pioneer in China capital market investment. Mark Walker, Chief Investment Officer of Coal Pension Trustees, talked about their ESG policy in China manager selection. 6 July 2020 Coal Pension Trustees, with an invested asset value of GBP 20 billion, is one of the largest pension schemes in the UK. Despite the pensioners were supported by fossil fuel industries in the past, ESG is getting higher and higher up the agenda, especially climate change and employee rights. Coal Pension Trustees has been a [...]
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So far emilyemilychan has created 12 blog entries.
China has come up with a post-COVID-19 recovery package focusing on stability and tech innovation, without a GDP growth target. Nicholas Chui of Aberdeen Standard explained the logic behind this unusual package and shared his new equity investment themes. 29 June 2020 Recently, the Chinese government revealed its economic recovery package post-COVID-19. Much different from the 4-trillion RMB stimulus package China adopted in 2008 amid the global financial crisis, this recovery package has a much smaller headline figure but has a clear focus on supporting economic stability, SME development and technology innovation. It is also the first [...]
Will the recent breakthrough in QFII regulation bring the scheme back to the central stage as a preferred access channel to China's capital market? Melody Yang of Simmons & Simmons and Eugenie Shen of ASIFMA share their insight. 24 June 2020 On 7th May 2020, Chinese Central Bank (PBOC) and State Administration of Foreign Exchange (SAFE) announced a new set of rules for QFII/RQFII account management. It lifts the quota limitation and substantially simplifies the process of investment proceeds repatriation. The top financial official also confirmed at the recent Shanghai Lujiazui Forum that the long-awaited new breakthroughs [...]
Author: Robert Parker, Chairman of Asset Management and Investors Council, International Capital Market Association (ICMA) ATC Thought Leadership An interesting question for investors at present is how Chinese fixed income markets will develop and how these assets can be included in investment portfolios. This question is relevant given the negative or low nominal and real yields in most fixed income markets at a time when a number of changes are occurring to open the Chinese market to foreign investors. A summary from the recent meeting of the Chinese Financial Stability and Development Committee stated that "China will take further [...]
Published on IPE Magazine (September 2019) Author: Sun Wei, Founder of ATC Initiative Notes on 11 Sept 2019: yesterday the big news is that Chinese regulator (SAFE)announced the decision to remove quota on QFII/RQFII. This is another big step in opening up Chinese capital market. Below is an article I have written for the Sept issue of the IPE magazine. It compares various channels for China market access and points out the healthy competition between QFII and the Stock-Connect programs. The article can also be found at: https://www.ipe.com/reports/special-reports/china/capital-markets-all-roads-lead-to-china/10032998.article As the second largest economy in the world, China’s economic significance [...]
ATC Business Casual Author: Sun Wei, Founder of ATC Initiative Over the past weekend (on Saturday 20 July), China State Council Financial Stability and Development Committee (the country’s highest financial policymaker) announced 11 measures to substantially further open up Chinese capital market. Most of the measures are related to asset management businesses. Please see Appendix 1 for the full list of these open-up measures. While each measure in the document is worthy of good attention. In this short article, I’d like to focus on item 3 of the measure. It offers a new and very practical route for global managers [...]
ATC Business Casual Author: Sun Wei, Founder of ATC Initiative One of the most eye-catching pieces of China-related news in London recently would be the formal launch of the Shanghai London Stock Connect, with Chinese investment bank Huatai Securities listing its GDR on London Stock Exchange yesterday (Monday 17th June 2019). London Stock Exchange provided a nice piece of a news release on its website with a well-made video (https://www.lseg.com/markets-products-and-services/our-markets/shanghai-london-stock-connect) and it is also easy to find through google search various info covering the detailed mechanism of the Connect program. Unlike Shanghai Hongkong Stock Connect which enables capital to go [...]
ATC Business Casual Author: Sun Wei, Founder of ATC Initiative This is my second “ATC Business Casual” writing on the topic of Chinese pension market. (See the first article "Why Pension Reform Makes China Market More Investable?" here) It is necessary because I wish to answer the question from many European asset managers that practically how an international asset manager can participate in Chinese pension asset investment. This question needs to be answered from two separate perspectives: 1) Chinese pension funds’ overseas market asset allocation; 2) Chinese pension’s domestic market asset management. Overseas market allocation For overseas allocation, it is [...]
ATC Business Casual Author: Sun Wei, Founder of ATC Initiative Working on Allocate to China (ATC) Initiative would inevitably get me involved in the frequent debate with European investors on “Why China? Why allocating to China NOW?” It is particularly the case in these days when people can easily provide quite a few arguments for NOT to allocate to China now. For instance, lower growth rate, US-China trade tension, housing market growth slowdown, etc. But what I found interesting is that many of the cited reasons for not investing are actually, with a bit more exploration, reasons for increasing the [...]
Author: Melody Yang, Partner of Simmons & Simmons 2018 has seen a new chapter in the asset management industry in China. The announcement on 11 April 2018 by Yi Gang, the Governor of the People’s Bank of China, has marked the commencement of a larger series of reforms in the asset management sector in the nation with different measures, with the aim of opening up China’s financial services to foreign investors. With this optimistic outlook of the Chinese fund industry, it can be foreseen that more asset managers overseas will be ready to enter the Chinese market. Meanwhile, global asset [...]