1st July 2019

Foreign Investments in China's

A-shares Weekly

Net outflow of foreign funds via Stock Connect from 21 – 28 Jun: RMB -2.6 bln

Net inflow of foreign funds via Bond Connect in May: RMB 1.6 bln

Global Markets Performance 28th Jun, President Xi Jinping launches several major initiatives at the G20

summit. These initiatives include: Prior Week %Change Index Price 1. Further opening up the country’s domestic market and setting up more pilot free trade zones, FTSE100 7426 0.2 2. Actively reducing tariffs and eliminating trade barriers, 3. Implementing new legal frameworks for foreign investments and HSI 28543 0.2 improving intellectual property rights protection,

4. Eliminating all restrictions on foreign capital and treating foreign- Nikkei225 21276 0.1 funded enterprises equally, and 5. Promoting economic and trade negotiations to reach NASDAQ 8006 -0.3 comprehensive regional economic partnership agreements.

SZE 9178 -0.4 28th Jun, Barings Private Equity completed its registration to become a qualified private equity manager in the country, allowing it to provide DJIA 26600 -0.4 domestic equities, bonds, and multi-asset investment services to Chinese investors. The company is now the 20th wholly foreign-owned private equity

SSE 2979 -0.8 fund manager to enter the Chinese market.

25th Jun, China National Debt Registration and Settlement Co, hosted a foreign investor promotion conference in London, focusing on areas such as asset allocation strategies and the further opening up of the country’s bond market, aiding in the internationalization of RMB assets.

June 25th – First Japanese ETFs obtained listing on the Shanghai Stock Exchange, providing local investors with greater access to the Japanese market.

This report is available on Thomson Reuters

Eikon, Bloomberg BMART, S&P Capital IQ, 24th Jun, A total of 1,005 A-shares were added into the FTSE Russell Global FactSet Embargoed Research and other Stock Index Series for the first time. FTSE Russell selected 126 GEM stocks authorized vendors.

to be included during the first stage of inclusion, accounting for 12.54% of Global Distribution: Ted Worley the total number, further highlights the importance of GEM stocks for foreign Email：[email protected] investors. Asia Helpdesk: Catherine Yap

Email:[email protected] TEL：(65) 6743 1728 23rd Jun, Suning.com’s wholly-owned subsidiary Suning International China Distribution: Mike Lee acquires a 80% stake in Carrefour China for RMB 4.8 billion to become the ： Email [email protected] latter’s controlling shareholder. TEL：（ 86) 21 6607 5535

1 Foreign Investments in China's A-shares Weekly

1st July 2019

Stock Connect Trading Volume

RMB bln Hong Kong Hong Kong Hong Kong 25 Stock Connect Stock Connect Stock Connect Over the past month, average daily trading volume of Northbound 20 Stock Connect was RMB 35.1bln, down 17.1%. 15 In comparison, average trading volume via Southbound Connect 10 totaled RMB 7.4 bln, up 1.3%.

5

0 Wk 1 Wk 2 Wk 3 Wk 4 June June June June

Source: China Knowledge Databank

Bond Connect Trading Volume

Average Daily Net Value of Trading Volume(RHS) Foreign Funds(LHS) RMB bln RMB bln In May, average daily trading 60 7.55 8 volume is RMB 7.56 bln, up 29.7% 52.2 7 50 since last month. Net value of 6 40 foreign funds is RMB 52.2 bln, up 5 46.6% 30 4 over the last month. 3 20 2 10 1 0 0 Feb 2019 Mar 2019 Apr 2019 May 2019

Source: HKEx

2 Foreign Investments in China's A-shares Weekly

st 1 July 2019

Foreign Funds Flow Breakdown

RMB bln Northbound Southbound With respect to Mainland China, 25.0 net outflow of foreign funds via Northbound Connect was 20.0 RMB 25.9 bln. Net inflow of 15.0 foreign funds via Southbound 10.0 Connect was RMB 5.4 bln. 5.4 5.0

0.0

-5.0 (2.6) Wk 1 Wk 2 Wk 3 Wk 4 June June June June

Source: China Knowledge Databank

With respect to Mainland China, net outflow of foreign funds is RMB 7.95 bln.

Southbound Connect：RMB 5.36 bln Northbound Connect：RMB -2.6 bln

3 Foreign Investments in China's A-shares Weekly st 1 July 2019

Top 10 A -shares traded Last Trade Day (A-shares eligible via Stock Connect)

Shanghai Connect Northbound Shanghai Connect Southbound

Buy Sell % of Outstanding Buy Sell % of Outstanding Stock Code Name Shares Held Stock Code Name Shares Held (RMB mln) (RMB mln) (RMB mln) (RMB mln) thru Connect thru Connect 601318.SH 659.3 576.2 7.4 00939.HK CCB 1242.6 27.6 4.2

600519.SH KWEICHOW MOUTAI 548.9 551.3 8.4 02318.HK PING AN 171.2 417.6 2.0

600036.SH 331.7 329.1 4.1 01918.HK SUNAC 105.8 216.1 20.8

600030.SH CITIC SECURITIES 309.9 272.9 2.2 03968.HK CM BANK 186.5 124.7 10.9

CHINA INTERNATIONAL 601888.SH 106.6 253.8 12.3 00700.HK 71.5 57.1 1.4 TRAVEL SERVICE

600276.SH JIANGSU HENGRUI MEDICINE 156.6 198.9 12.2 00175.HK GEELY AUTO 45.2 79.5 8.0

601166.SH 162.4 192.0 2.7 02628.HK CHINA LIFE 102.8 1.1 2.1 INNER MONGOLIA YILI 600887.SH 181.6 147.1 13.1 00966.HK CHINA TAIPING 36.4 56.3 8.9 INDUSTRIAL

600585.SH ANHUI CONCH CEMENT 246.9 56.0 10.5 06886.HK HTSC 38.9 45.3 16.7

600183.SH SHENGYI TECHNOLOGY 97.7 153.7 3.4 01336.HK NCI 41.7 41.3 28.0

Source: China Knowledge Databank

Shenzhen Connect Northbound Shenzhen Connect Southbound

Buy Sell % of Outstanding Buy Sell % of Outstanding Stock Code Name Shares Held Stock Code Name Shares Held (RMB mln) (RMB mln) (RMB mln) (RMB mln) thru Connect thru Connect 000858.SZ 513.1 489.6 7.2 03323.HK CNBM 116.2 20.8 14.8 002415.SZ DIGITAL 488.4 219.6 7.2 00763.HK ZTE 49.1 84.0 23.6 TECHNOLOGY JIANGSU YANGHE 002304.SZ BREWERY JOINT- 427.4 166.8 7.1 00388.HK HKEX 3.1 107.8 1.6 STOCK 000001.SZ 380.9 115.9 4.1 02382.HK SUNNY OPTICAL 5.6 77.4 4.1

LUXSHARE 002475.SZ PRECISION 361.9 119.5 4.8 01918.HK SUNAC 33.7 46.7 20.8 INDUSTRY

000063.SZ ZTE CORPORATION 403.0 59.7 1.5 00939.HK CCB 56.3 18.4 4.2

GREE ELECTRIC 000651.SZ APPLIANCES INC OF 233.5 201.3 10.5 02202.HK CHINA 62.6 7.2 6.2 ZHUHAI

000333.SZ 208.0 220.1 14.0 02313.HK SHENZHOU INTL 44.4 25.4 1.5

000568.SZ 215.5 124.7 2.7 01776.HK GF SEC 43.0 22.7 14.3

BEIJING ORIENTAL 002271.SZ YUHONG 134.0 104.9 4.9 01336.HK NCI 16.1 48.4 28.0 WATERPROOF TECH

Source: China Knowledge Databank

4 Foreign Investments in China's A-shares Weekly st 1 July 2019

Sectors Traded via Stock Connect

28th June 24th June Over the past week, the RMB bln market value of Mainland

300 stocks traded on Stock

Connect increased across 250 almost all sectors. Top gainer was healthcare 200

150

100

50

0

I.T

Energy Telecom

Staples

Consumer

Financials Healthcare Consumer

RealEstate

Discretionary Raw materials Manufacturing

Public Utilities Source: China Knowledge Databank

Top 10 A-shares Increment on Stock Connect Top 10 A-shares Reduction on Stock Connect

Stock Change in Market Stock Change in Market Name Change% Industry Name Change% Industry Code Value(RMB bln) Code Value(RMB bln) 300347.SZ Tigermed 2.7 72.8 Healthcare 000002.SZ VANKE -3.3 -9.9 Real Estate

Consumer 000858.SZ WLY 0.9 2.7 600000.SH SPD BANK -0.9 -0.9 Financials Staples

600009.SH SIA 0.8 3.7 Manufacturing 601688.SH HTSC -0.6 -7.8 Financials

Consumer Founder 600887.SH YILI 0.8 3.3 601901.SH -0.4 -0.7 Financials Staples Securities

INDUSTRIAL 002415.SZ HIKVISION 0.7 4.1 I.T 601166.SH -0.3 -6.2 Financials BANK

600585.SH ACC 0.6 3.6 Raw materials 002027.SZ -0.3 -2.9 Telecom Consumer 002475.SZ LUXSHARE-ICT 0.4 9.9 I.T 000333.SZ Midea Group -0.2 -2.3 Discretionary

YUNNAN 000538.SZ 0.4 6.1 Healthcare 601006.SH Daqin Railway -0.2 -10.1 Manufacturing BAIYAO Consumer KWEICHOW Consumer 000651.SZ GREE 0.4 1.3 600519.SH -0.2 -3.7 Discretionary MOUTAI Staples

Consumer 601888.SH CITS 0.4 2.0 600036.SH CM BANK -0.2 -2.4 Financials Discretionary

Source: China Knowledge Databank

5 Foreign Investments in China's A-shares Weekly st 1 July 2019

QFII Holding Changes at Q1 vs Weekly Average Turnover in A-shares Market

A-shares weekly average Change in QFIIs‘ Mkt Cap Last week, the sector with turnover 2018 Q4 over 2019 Q1 highest daily turnover was

I.T, standing at 25.4% of Healthcare Consumer Discretionary average turnover.

I.T Lowest daily turnover was

Consumer Staples Public Utilities. Manufacturing In Q1 2019, the market Raw Materials cap of the healthcare Consumer Discretionary sector increased the most Real Estate Communication Services across QFII holding

Energy portfolios, up 19.7%.

Public Utility ofQFII portfolio.

0% 5% 10% 15% 20% 25% 30%

Source: China Knowledge Databank

Week Returns : QFII vs A-shares

QFII A股 6% Last week, QFII portfolio 5% outperformed A-shares 4% market. A-shares' 3% overall performance 2% 1.4% was up 1.4%, whereas 1% A-shares held by QFII 0% fell by 0.5%.

-1% -0.5%

-2% -

-3% -4% Wk 4 Wk 1 Wk 2 Wk 3 Wk 4

May Jun Jun Jun Jun

Source: China Knowledge Databank

Note: QFII holdings are as of latest filing quarter.

6 Foreign Investments in China's A-shares Weekly st 1 July 2019

Weightage of QFIIs'Stocks by Sector

As of 2019 Q1 2018 Q4

Others Others Raw Materials 4% Raw Materials Consumer 3% 7% 6% Discretionary Consumer 22% Discretionary 24% Manufacturing Manufacturing 11% 11%

I.T I.T 10% 12% Consumer Staples 17% Consumer Staples 17% Healthcare 11% Healthcare 13% Financials 14% Financials 18%

Sources: SAFE, China Knowledge Databank

QFII & RQFII Quota Approved

QFII - LHS RQFII - RHS USD bln RMB bln 108 700 In Jun, the QFII quota was up USD 1.2 bln to USD 106 680 107.0 bln. 104 660

640 102 The RQFII quota was up 620 100 RMB 0.65 bln to RMB 600 98 677.97 bln. 580 96 560 94 540 92 520 Feb 2016 Oct 2016 Jun 2017 Feb 2018 Oct 2018 Jun 2019

Sources: SAFE, China Knowledge Databank

Monthly QFII Quota Approved Monthly RQFII Quota Aprroved

（USD hundred mln） （RMB hundred mln）

14 180 12 160 10 140 120 8 100 6 80 4 60 40 2 20 0 0 Feb 2016 Dec 2016 Oct 2017 Aug 2018 Jun 2019 Feb 2016 Dec 2016 Oct 2017 Aug 2018 Jun 2019

Sources: SAFE, China Knowledge Databank

7 Foreign Investments in China's A-shares Weekly st 1 July 2019

QFIIs’Ranking

Top 20 A-shares Holdings by Top 20 A-shares Holdings by Market Value (As of Previous Week Closing) Market Value (As of Previous Week Closing) Market cap % Change % of shares % Change Stock Code Name owned by over Industry Stock Code Name owned by over Industry QFII(RMB Bln) past week QFII past week

Bank of Beijing 601169.SH 16.3 -0.8 Financials 601169.SH 13.6 -0.8 Financials Co.,ltd. Co.,ltd.

Kweichow Consumer Flyco Electrical Consumer 600519.SH 16.0 2.3 603868.SH 11.1 0.7 Moutai Staples Appliance Discretionary

Consumer Consumer 000333.SZ Midea Group 12.3 -0.5 600132.SH Chongqing Brewery 7.3 7.7 Discretionary Staples

Jiangsu Hengrui Focused 600276.SH 6.1 0.2 Healthcare 300203.SZ 7.2 1.1 I.T Medicine Photonics,Inc.

Shanghai 600009.SH International 4.2 7.1 Manufacturing 300180.SZ Huafon Microfibre 7.1 5.8 Raw Materials Airport

Consumer Venustech Group 600690.SH Qingdao Haier 4.0 1.8 002439.SZ 7.1 1.6 I.T Discretionary Inc.

Oriental China International Consumer 601888.SH 3.4 4.9 300166.SZ Business- 6.3 -3.5 I.T Travel Service Discretionary Intelligence Consumer 000651.SZ 2.4 3.2 600761.SH Anhui Heli 5.8 -1.5 Manufacturing Appliances, Inc. Discretionary

Anhui Conch 600585.SH 2.1 3.3 Raw materials 300298.SZ Sinocare Inc. 5.5 -0.3 Healthcare Cement Co.Ltd

Yanghe Brewery Consumer Baoji Titanium 002304.SZ 2.0 4.0 600456.SH 5.2 -2.1 Raw Materials Joint-Stock Staples Industry

Consumer 002142.SZ Bank Of 1.9 1.9 Financials 002186.SZ China Quanjude 5.2 -0.3 Discretionary

Hikvision Digital Shangpin Home Consumer 002415.SZ 1.8 0.7 I.T 300616.SZ 5.2 0.8 Collection Discretionary Technology Aier Eye Hospital 300015.SZ 1.7 2.5 Healthcare 002938.SZ Avary Holding 5.2 5.2 I.T Group

Chongqing Consumer 600132.SH 1.7 7.7 000423.SZ Dong-E-E-Jiao 5.1 1.3 Healthcare Brewery Staples

Contemporary Venustech 002439.SZ 1.6 1.6 I.T 300750.SZ Amperex 5.0 -0.3 Manufacturing Group Inc. Technology

000423.SZ Dong-E-E-Jiao 1.3 1.3 Healthcare 603416.SH Xinje Electric 4.9 -0.3 I.T

Huiding Technology 603160.SH 1.3 8.7 I.T 002706.SZ Liangxin Electrical 4.9 -1.9 Manufacturing Co.,ltd. Gujing Distillery Consumer China Merchants 000596.SZ 1.3 6.0 001965.SZ 4.8 -1.0 Manufacturing Co.,ltd. Staples Expressway

Baoshan Iron 600019.SH 1.2 -0.6 Raw materials 600533.SH Chixia Development 4.7 -3.2 Real Estate & Steel

Guangdong Haid Consumer 002311.SZ 1.2 4.6 000089.SZ Shenzhen Airport 4.7 1.4 Manufacturing Co.,ltd. Staples

Sources: SAFE, China Knowledge Databank Sources: SAFE, China Knowledge Databank

8 Foreign Investments in China's A-shares Weekly st 1 July 2019

Source of QFII funds Others, 7.8% Macao, 2.8% Hongkong, 22.5% England, 4.4%

Norway, 5.3%

Canada, 7.8%

Switzerland, Singapore, 7.9% 17.9%

America, 11.2% Netherlands, Source: China Knowledge Databank 12.3%

Top QFII by Market Value of Holdings

Top 20 QFII by Market Value of Holdings(As of 2019 Q1)

2019 Q1 Mkt Value No. of companies Institutional Investor (RMB hundred mln) QoQ % change invested Country Government of Singapore Investment Corp 193.2 74.1 23 Singapore ING Bank N.V. 154.4 10.5 1 Netherlands E Fund Management (HK) co.ltd 116.9 42.2 3 Hongkong United Bank of Switzerland 98.8 89.6 58 Switzerland Canada Pension Plan Investment Board 73.1 78.4 14 Canada Oppenheimerfunds Inc 72.9 84.1 2 America Hillhouse Capital GR 66.2 49.5 4 Hongkong Norges Bank 65.9 67.4 30 Norway Aberdeen Asset Management Limited PLC 47.8 78.4 9 England Monetary Authority of Macao 34.9 107.4 13 Macao FIL Investment Management （HK） .ltd 27.4 55.6 10 Hongkong Of Malaysia 20.1 131.3 2 Malaysia Societe Generale 19.8 - 207 France OCBC Bank Limited 16.9 30.9 1 Singapore Bill & Melinda Gates Foundation 16.0 23.6 6 America ABU Dhabi Investment Authority 15.1 96.8 10 UAE CDPQ or la Caisse 14.9 124.1 8 Canada Hong Kong Monetary Authority，HKMA 13.0 157.3 9 Hongkong China International Capital Corp HK Asset 12.9 434.3 7 Hongkong Yuan Xing Asset Management ltd 12.8 35.7 1 Hongkong Management .ltd Merrill Lynch International 12.4 65.9 5 America Morgan Stanley Investment Management Inc. 11.8 22.2 7 America Overlook Investment .ltd 9.8 3.9 2 Hongkong Temasek Fullerton Alpha Investments Pte Ltd 9.6 55.1 1 Singapore Fubon Life Assurance Co., Ltd. 9.1 25.5 5 Taiwan Deutsche Bank Aktiengesellschaft 8.5 26.0 4 Germany British Columbia Investment Management Corporation 8.5 62.5 6 Canada CMS ASSET MANAGEMENT (HK) CO., LIMITED 8.3 30.6 2 Hongkong CMS Asset Management (HK) co.ltd 7.0 144.8 5 England Goldman, Sachs & Co. 7.0 94.9 4 America

Source: China Knowledge Databank

9 Foreign Investments in China's A-shares Weekly st 1 July 2019

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1010 Foreign Investments in China's A-shares Weekly