Best of me Best,of,CER,Alpha
时间：2019-05-21 03:19:44 来源：柠檬阅读网 本文已影响 人 
mainland China-linked bonds could be poised for rise Chinese regulators announced Wednesday that 10 mainland banks have been authorized to issue RMB25 billion (US$4 billion) in yuan-denominated “dim sum” bonds in Hong Kong, adding further to the estimated US$42 billion already outstanding. Dim sum bonds are one of very few avenues for foreign investors to access mainland debt, and the scarcity buoys prices. A broadening of opportunities for investing in RMB instruments could hurt dim sum bonds, but the gradualist approach of Chinese regulators means that is not likely to happen soon. Meanwhile, Western hedge fund managers who unwound their dim sum positions to pay for bad US and European investments will likely begin to return to the market, driving yields down and prices up. Since the bonds are RMBdenominated, any appreciation in the yuan will only further boost returns. Investors could consider the forthcoming issue of HSBC’s China subsidiary - one bank that will surely not default on its debt - while those looking for broader exposure to the dim sum market might consider ETFs such as the PowerShares Chinese Dim Sum Bond Portfolio (DSUM. NYSE) and the Guggenheim Yuan Bond ETF (RMB.NYSE).
mengniu positioned to rebound
Shares in China Mengniu Dairy(2319.HKG) have lost more than one-quarter of their value following the government’s discovery of a tainted batch of milk. Investors who are up in arms would do well to recall Mengniu’s performance in 2008 when its shares lost more than half their value after the company was found to be selling tainted baby formula. Within a year of that incident, the stock was once again trading at pre-scandal levels. As China’s largest dairy company, Mengniu remains too big and well-connected to fail, and its competitors have been hit by similar scandals. Investors willing to wait out the scandal should consider buying Mengniu at the current mega-discount and waiting for a rebound.
delayed China ipos in 2011 may be a buy in 2012
Mainland China was the number one driver of IPOs in 2011, ranking Hong Kong near the top of global exchanges even with the several prominent offerings that were postponed or canceled. Delaying an IPO is rarely a sign of strength, but many of these companies were fundamentally sound and were just caught up in negative market moments. After these delays, the pressure is on to discount Hong Kong issues further and avoid fizzling stock prices out of the gate. Chinese companies that delayed their IPOs but may be worth considering when they come on the market in 2012 include China Everbright Bank (601818.SH) and Sany Heavy Industry (600031.SH), state-linked enterprises that will likely continue to receive support.
China Buzz
CCtv President hu zhanfan on the role of the media:
“The first social responsibility and professional ethic of media staff should be understanding their role clearly and be a good mouthpiece.”
Societe generale analyst albert edwards on China’s“freak economy”:
“If you came down from Mars and saw an economy with an investment/GDP ratio of 50, you would conclude it would be among the most volatile in the world, not the most stable.”
a US business development consultant on why rich Chinese families emigrate:
“They are not sure what’s going to happen with 2012 coming up and the party leadership in question … It’s the possibility all hell might break loose.”
Ben kwong, an executive at a hong kong financial company, on alleged fraud at China Forestry:
“You can’t go and count every single tree. We can only rely on professional audit and accounting firms to do this work.”
hu Jintao on foreign ‘hostiles’:
“Hostile international forces are strengthening their efforts to Westernize and divide us.”
zhou zhu-zhen, a retired taiwanese nurse, on being‘thrown’ to the mainland:
“Let’s face it, China wants nothing more than to devour us, and the KMT is giving us away.”
Wang Peijie, a television producer, on the parallels between dating show “if you are the One” and China’s ambitions:
“Through this show, you can tell what China is thinking about and chasing after.”
Jon huntsman, former US ambassador to China, on the future power of China and the US:
“There are 500 million internet users in China. And 80 million bloggers. And they are bringing about change, the likes of which is gonna take China down. While we have an opportunity to go up and win back our economic manufacturing muscles.”
Patrick Chovanec, professor at tsinghua University, on the central bank’s plan for monetary easing:
“One-time Fed Chairman William Mcchesney Martin famously observed that the job of a central banker is to‘take away the punch bowl just when the party is getting started.’ To put it simply, the PBOC just handed back the punch bowl.”
