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13 Jan, 2020 11 Foreign Investments in China's A-shares Weekly This weekly report is available on Thomson Reuters Eikon, Bloomberg 10.58 bln +2.7% BMART, S&P Capital IQ, Wind, iFinD, Dazhihui, Choice and FactSet Embargoed Northbound Stock Change in % Research. Connect (RMB) 2.26% +0.04% Value of Connect Stock's Change in % Global Markets Performance vs All A-shares Index Value Change % SZSE 10,880 2.1 SSE 3,092 0.3 HSI 28,638 0.7 0.18% 310 NASDAQ 9,179 1.8 Nikkei225 23,851 0.8 QFII's Holdings vs. All A- No. of Companies DJIA 28,824 0.7 shares' Value in Q3 Invested in Q3 FTSE100 7,588 -0.5 Top 20 Companies with largest Stock Connect investment (as of Jan 10, 2020) No. of shares held Cumulative net purchase Code Name by Stock connect (Since 2019) (mln shares） （RMB bln） 000651 GREE APPLIANCES 930.0 23.04 000001 PING AN BANK 1,533.7 15.30 000333 MIDEA GP 1,198.2 15.11 600036 CMB 1,030.8 11.66 601318 PING AN OF CHINA 830.2 9.50 600276 HENGRUI MEDICINE 535.5 7.74 Subscription： 000002 VANKE 489.0 7.22 China Distribution：Jack Hua 300498 WENS 182.5 5.87 Email：[email protected] 600690 HAIER SMART HOME 843.9 5.79 002475 LUXSHARE PRECISION 320.7 5.48 TEL：(86) 21 6607 5069 600585 CONCH CEMENT 496.7 5.18 300760 MINDRAY BIO-MEDICAL 31.6 4.93 ： Global Distribution Ted Worley 603259 APPTEC 61.2 4.66 Email：[email protected] 002027 FOCUS MEDIA 1,359.1 4.25 000725 BOE 1,481.9 3.90 Asia Help Desk: Catherine Yap 300015 AIER EYE 244.4 3.90 Email:[email protected] 300347 TIGERMED CONSULTING 111.1 3.87 601166 INDUSTRIAL BANK 607.0 3.83 002304 YANGHE 132.9 3.83 300124 INOVANCE TECH 197.6 3.59 Foreign lnvestments in China’s A-shares Weekly 1 13 January, 2020 ....... 11 News Highlights ⚫ 10 Jan, SZSE disclosed that as of Jan 9, the shares of Midea Group (000333) held by foreigh investors through QFII / RQFII / Shenzhen Stock Connect accounted for 27.71% of the company's total share capital, a record high. The capped limit for foreign investment in a single stock is 28%. Foreign investors hold 26.26% of Centre Testing International Group's (300012) total share capital through QFII / RQFII / Shenzhen Stock connect, which has also established record high. ⚫ 6 Jan, according to Ministry of Finance, in order to further expand the opening-up of financial market, local government’s financial departments must relax the restrictions of foreign-funded banks, Sino- foreign joint venture banks and foreign bank’s branches to participate in local government bond underwriting. Such participation of foreign banks in local government bonds is conducive to broadening its issuance channels, promoting the diversification of local government bond investors’ base, ensuring the long-term sustainability of local government bond market, and help boosting the internationalization of RMB. ⚫ Last year the total trading volume of foreign investors in A-shares through the Shanghai Shenzhen HK Stock Connect totaled RMB 9.75 trln, including RMB 4.99 trln in SSE and RMB 4.76 trln in SZSE. Among the trading, the most popular A-shares were Kweichow Moutai (600519), Ping An Insurance Group (601318) and Wuliangye Yibin (000858), with a total investment of RMB 317.33 bln, RMB 255.94 bln and RMB 220.44 bln, respectively. ⚫ 2019’s investment in China’s bonds by foreign institutional investors exceeded RMB 1 trln to reach RMB 1.1 trln. To date, the total value of China’s bonds held by foreign institutional investors has exceeded RMB 2 trln. China’s bond market has shown significance gains with the opening-up of China's financial market. Foreign lnvestments in China’s A-shares Weekly 2 13 January, 2020 ....... 11 Foreign Institutional Investors' Holdings by Industry 12% 10% 8% 6% 4% 2% 0% Sources: China Knowledge In Q4 the market capitalization of A-shares held by foreign investors increased to 2.5% of entire A- shares. The top 3 industries with largest share of foreign investment were electronics, home appliance and Textile & Apparel. Mining industry was still placed on the least popular with merely 0.27%. No. of A+, A, B, C and D-rated Companies by Industry No. of Company A+ A B C D by % 240 0.6 200 0.5 160 0.4 120 0.3 80 0.2 40 0.1 0 0 Sources: China Knowledge Ratings Definition The ratings definition is to provide user(s) a quantitative and qualitative analysis on foreign institutional investors’ trading activities on a listed company in China. As part of China’s liberalization of its stock markets we also factor in foreign investor relations performance metrics and management interaction with foreign investors. The rating results do not constitute a long/short recommendation. Please read the disclaimers below before applying or constitute our rating in your investment decision. A+: To make it to the highest rating, a company must have foreign investment proportion higher than the average of all A-shares and its industry’s average. Its latest quarter should see an increase of more than 10% in foreign investment over previous quarter, or a net growth rate higher than A-shares’ average over a period most current 4 quarters. On the qualitative aspects we assigned foreign investor relations performance metrics to the overall scoring. We find companies rated A+ in most current quarter as sound investment for foreign institutional investors. Only 225 among 3,400 companies rated here make it to A+ for Q4 2019’s rating. A: The company’s proportion of foreign investment is either higher than the A-shares average or its industry’s average. It must see positive net growth over the latest 4 quarters. 327 companies are rated A for Q4 2019’s rating. B: Its foreign investment is lower than the average of all A-shares and its industry’s. Its latest quarter has either declined or remained the same level. Performance on foreign investor relations’ metrics has little impact on overall scoring due to very small proportion of foreign investors and the total sum invested. 395 companies are rated B for Q4 2019’s rating. C: This rating shows little or almost no foreign investment. Its proportion of foreign investments is below all A-shares’ average and industry’ s average in its latest 4 quarters. Scoring on foreign investor relations’ performance metrics is insignificance if the FIIs are not participating in investing the company. D: This lowest rating is given to company that failed to meet all 5 core benchmarks. It shows zero or no foreign investment, has poor coverage in both domestic and foreign news, and very few Chinese or English analysts’ reports. Its IR management does not meet professional standards. Foreign lnvestments in China’s A-shares Weekly 3 13 January, 2020 ....... 11 Stock Connect Trading Volume Daily Avg Each Week Hong Kong Shenzhen Shanghai RMB bln Stock Connect Stock Connect Stock Connect 36 33 30 27 24 21 18 15 12 9 6 3 0 Wk3 Dec Wk4 Dec Wk1 Jan Wk2 Jan Sources：HKEx, China Knowledge Last week, avg daily trading volume of Northbound Stock Connect was RMB 59.9 bln, up 12.7%. In comparison, avg trading volume via Southbound Connect totaled RMB 13.5 bln, down 0.5%. Bond Connect Trading Volume Avg Per Day Each Month Average Daily Net Value of Trading Volume(RHS) Foreign Funds(LHS) RMB bln RMB bln 18 20 16 18 16 14 14 14 12 12.9 12 10 10 8 8 6 6 4 4 2 2 0 0 Sep Oct Nov Dec Sources: HKEx In Dec 2019, average daily trading volume was RMB 12.9 bln, down 27.9% since last month. Net value of foreign funds was RMB 14 bln, up 19.7% over the last month. Foreign lnvestments in China’s A-shares Weekly 4 13 January, 2020 ....... 11 Foreign Funds Flow Breakdown Northbound Southbound RMB bln 25 20.8 20 15 10.2 10 5 0 Wk3 Dec Wk4 Dec Wk1 Jan Wk2 Jan Sources: China Knowledge With respect to Mainland China, net inflow of foreign funds via Northbound Connect was RMB 20.8 bln. Net inflow of foreign funds via Southbound Connect was RMB 10.2 bln. Southbound Connect: Northbound Connect: RMB 10.2 bln RMB 20.8 bln With respect to Mainland China, net inflow of foreign funds is RMB 10.6 bln. Foreign lnvestments in China’s A-shares Weekly 5 13 January, 2020 ....... 11 Top 10 A-shares traded last trading day (10 Jan) Shanghai Connect Northbound % of outstanding Stock Code Name Buy (RMB mln) Sell (RMB mln) Shares held thru Connect 600519 KWEICHOW MOUTAI 1132.4 492.5 8.1% 601318 PING AN OF CHINA 526.1 502.1 7.7% 600276 HENGRUI MEDICINE 596.3 253.2 12.2% 600009 SH AIRPORT 310.3 415.6 21.7% 600030 CITIC SECURITIES 244.6 252.6 2.6% 601888 CHINA INT'L TRAVEL 246.1 162.8 13.2% 600036 CMB 179.4 188.6 5.0% 600585 CONCH CEMENT 123.3 218.3 12.4% 600048 POLY REAL ESTATE 154.1 184.5 3.3% 600050 CHINA UNICOM 62.4 256.9 3.7% Sources: China Knowledge Shenzhen Connect Northbound % of outstanding Stock Code Name Buy (RMB mln) Sell (RMB mln) Shares held thru Connect 000858 WULIANGYE 1430.0 287.8 8.7% 000333 MIDEA GP 610.4 257.5 17.2% 300059 EAST MONEY 184.4 530.9 1.8% 002475 LUXSHARE PRECISION 250.8 423.1 6.0% 002415 HIKVISION 176.6 442.0 6.4% 002304 YANGHE 472.5 111.4 8.8% 000651 GREE APPLIANCES 416.1 151.9 15.5% 000063 ZTE 406.0 103.8 3.0% 300498 WENS 157.9 349.3 3.4% 000725 BOE 164.5 313.1 4.4% Sources: China Knowledge Foreign lnvestments in China’s A-shares Weekly 6 13 January, 2020 ......
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