2016 China – US Symposium Participant List
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Orient Securities Co. (3958.HK)
August 29, 2016 EARNINGS REVIEW Orient Securities Co. (3958.HK) Neutral Equity Research In line with expectations: Sequential recovery led by trading, IB improved What surprised us Investment Profile DFZQ reported 2Q16 NPAT of Rmb860mn, 28%/17% of GSe/Bloomberg Low High consensus for 2016E NPAT. 1H profits are consistent with preliminary Growth Growth disclosure in August. 2Q16 profit declined -78% yoy, but sequentially grew Returns * Returns * 103% qoq, led by trading. ROE/ROA recovered to 10.3%/1.8% annualized in Multiple Multiple Volatility Volatility 2Q. Key positives: 1) IB income up 28% yoy to Rmb290bn, led by growth Percentile 20th 40th 60th 80th 100th in both ECM and DCM underwriting. Coupled with a strong 1Q, first-half IB Orient Securities Co. (3958.HK) income has been the strongest in the past few years. 2) Trading income Asia Pacific Banks Peer Group Average up 90% qoq from a very low base in 1Q16 on recovering investment yield, * Returns = Return on Capital For a complete description of the investment profile measures please refer to the even though still down 85% yoy. Revenue contribution from trading disclosure section of this document. decreased to 27% in 1H16, vs. 65% on average for FY13 to FY15. Principal investment book was flat at Rmb 49bn hoh with equity down to Rmb 6.2bn Key data Current Price (HK$) 8.21 and bond investment up; 3) Stock pledged lending balance rose 20% hoh 12 month price target (HK$) 9.20 Market cap (HK$ mn / US$ mn) 35,153.1 / 4,532.4 to Rmb 29bn despite weaker margin finance as the company shifts its Foreign ownership (%) -- focus to corporate client financing. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Aviva Investors Société D'investissement À Capital
AVIVA INVESTORS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS R.C.S. Luxembourg B 32.640 31 December 2020 avivainvestors.com For the following sub-funds of Aviva Investors no notification for distribution in the Federal Republic of Germany has been submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment code. As a consequence, the following sub-funds are NOT available to investors in Germany: Aviva Investors – Asian Equity Income Fund Aviva Investors – Emerging Markets Equity Income Fund Aviva Investors – European Corporate Bond Fund Aviva Investors – European Equity Fund Aviva Investors – European Equity Income Fund Aviva Investors – European Real Estate Securities Fund Aviva Investors – Global Emerging Markets Index Fund Aviva Investors – Global Sovereign Bond Fund (name change as of 17 February 2020 from previous Global Aggregate Bond Fund) Aviva Investors – UK Listed Equity High Alpha Fund Aviva Investors Société d’investissement à capital variable (SICAV) Contents Director’s Report 3 Manager’s Market Review 6 Management and Administration 7 Audit Report 8 Notes on the portfolio of investments disclosure 11 Aviva Investors - Asian Equity Income Fund 12 Aviva Investors - Climate Transition Global Equity Fund 14 Aviva Investors - Climate Transition European Equity Fund 16 Aviva Investors - Emerging Markets Bond Fund 18 Aviva Investors - Emerging Markets Corporate Bond Fund 23 Aviva Investors - Emerging Markets Equity Income -
Report on China-Laos Cooperation Opportunities Under the Belt and Road Initiative in 2018 China Economic Information Service
Report on China-Laos Cooperation Opportunities under the Belt and Road Initiative in 2018 China Economic Information Service Xinhua Silk Road Department 1 Contents Abstract......................................................................................................................................3 1. Substantial Achievements in Trade and Economic Cooperation.....................................5 (1) Rapid growth of bilateral trade and economic relations....................................................... 5 (2) Expansion of cooperation in the field of investment............................................................ 6 (3) Unique advantages of project contracting.............................................................................8 (4) Remarkable achievements in financial cooperation..............................................................9 (5) Aids to Laos to stimulate its demand...................................................................................11 2. The Belt and Road Initiative provides constant dynamics for China-Laos trade and economic cooperation............................................................................................................. 12 (1) Mutual connectivities shortens the distance between China and Laos...............................12 i. The railway facilitates Lao dream of a “land-linked country”....................................... 12 ii. The satellite connects Laos with the world.................................................................. 13 (2) Production -
Companies That Made a Full-Time O Er to One Or More MSOR/IE Students
Companies that made a full-time oer to one or more MSOR/IE students who graduated in October 2019 or February 2020 26% Data Science & Business Analytics Firms include: Amazon, Wayfair, 360i, AccrueMe LLC, Amadeus, American Express, Amherst Holdings, Aretove Technologies, Barclays, BNP Paribas, Capgemini, Cubesmart, DIA Associates, Expedia, Goldenberry, LLC, Intellinum Analytics Inc, Jellysmack, Kalo Inc, LGO Markets, Ly, Mediacom, NBCUniversal Media, LLC, Neuberger Berman, PepsiCo, Amazon, Robinhood, Shareablee, State Administration of Foreign Exchange, Swiss Re, Two Sigma, Whiterock AI Titles include: Big Data Analyst, Business Analyst, Business Intelligence Analyst, Credit Risk Analyst, Data Analyst, Data Engineer, Data Scientist, Insight Analyst, Investment Analytics Analyst, Quant Researcher/Developer, Quantitative Analytics Associate, Research Analyst and Solutions Engineer 20% Quantitative Research Firms include: Citi, Goldman Sachs, Aflac Global Investments, American Express, Arrowstreet Capital, CME Group, Credit Agricole, Credit Suisse, Deutsche Bank, Global A.I., Jp Morgan Chase, Krane Funds Advisors, New York International Capital, PingAn Technology Inc., Puissance Capital, Rayens Capital, SG Americas Securities LLC, Shanghai Kingstar Soware Technology Co., Ltd., Vidrio FInancial, Wolfe Research Titles include: Analyst, Applied Quantitative Research & Development, Associate Vice President, CFR Senior Analyst, Consumer & Investment Management Senior Analyst, Data Modeling Analyst, FICC Strategic Analyst, Investment Analyst, Markets Quantitative Analyst, Post Trade & Optimization Services Quant Risk Manager, Quantitative Analyst, Quantitative Associate, Quantitative Strategist, Quantitative Strategist Associate, Quantitative Strategy & Modeling, Risk Appetite Model & Methodology Analyst, Securitization Quant, Sell Side M&A Investment Banking Analyst and Treasury/CIO Senior Associate 19% Engineering & Technology Firms include: Alibaba, Amazon, Anheuser-Busch InBev, AntX LLC, Baco SA,Beijing Huahui Shengshi Energy Technology Co. -
(BRI) in Myanmar
MYANMAR POLICY BRIEFING | 22 | November 2019 Selling the Silk Road Spirit: China’s Belt and Road Initiative in Myanmar Key points • Rather than a ‘grand strategy’ the BRI is a broad and loosely governed framework of activities seeking to address a crisis in Chinese capitalism. Almost any activity, implemented by any actor in any place can be included under the BRI framework and branded as a ‘BRI project’. This allows Chinese state-owned enterprises (SOEs) and provincial governments to promote their own projects in pursuit of profit and economic growth. Where necessary, the central Chinese government plays a strong politically support- ive role. It also maintains a semblance of control and leadership over the initiative as a whole. But with such a broad framework, and a multitude of actors involved, the Chinese government has struggled to effectively govern BRI activities. • The BRI is the latest initiative in three decades of efforts to promote Chinese trade and investment in Myanmar. Following the suspension of the Myitsone hydropower dam project and Myanmar’s political and economic transition to a new system of quasi-civilian government in the early 2010s, Chinese companies faced greater competition in bidding for projects and the Chinese Government became frustrated. The rift between the Myanmar government and the international community following the Rohingya crisis in Rakhine State provided the Chinese government with an opportunity to rebuild closer ties with their counterparts in Myanmar. The China-Myanmar Economic Corridor (CMEC) was launched as the primary mechanism for BRI activities in Myanmar, as part of the Chinese government’s economic approach to addressing the conflicts in Myanmar. -
The China-Pakistan Economic Corridor: Regional Effects and Recommendations for Sustainable Development and Trade
Denver Journal of International Law & Policy Volume 45 Number 4 Article 3 April 2020 The China-Pakistan Economic Corridor: Regional Effects and Recommendations for Sustainable Development and Trade Shirin Lakhani Follow this and additional works at: https://digitalcommons.du.edu/djilp Recommended Citation Shirin Lakhani, The China-Pakistan Economic Corridor: Regional Effects and Recommendations for Sustainable Development and Trade, 45 Denv. J. Int'l L. & Pol'y 417 (2017). This Article is brought to you for free and open access by Digital Commons @ DU. It has been accepted for inclusion in Denver Journal of International Law & Policy by an authorized editor of Digital Commons @ DU. For more information, please contact [email protected],[email protected]. THE CHINA-PAKISTAN ECONOMIC CORRIDOR: REGIONAL EFFECTS AND RECOMMENDATIONS FOR SUSTAINABLE DEVELOPMENT AND TRADE By: Shirin Lakhani' In November 2003, China and Pakistan signed a Joint Declaration of Cooperation outlining their bilateral intent to promote trade and economic development.' In 2006, these nations composed and signed the Pakistan-China Free Trade Agreement (FTA) according to World Trade Organization (WTO) guidelines. 2 It was not until April 2015, when Chinese President Xi Jinping visited Pakistan, that the fruits of these agreements came to blossom. During this visit, China and Pakistan signed 51 agreements, memorandums of understanding (MoUs), and financing contracts, signaling the beginning of what is now known as the China- Pakistan Economic Corridor (CPEC). CPEC is a $51 billion Chinese investment to develop Pakistan's infrastructure, transportation, and energy sectors.4 Approximately 80% of the projects are energy- related, with the remaining 20% dedicated to expanding existing infrastructure.s The Corridor will link Kashgar to Gwadar, providing China with a direct route to the Persian Gulf. -
The Political Economy of China-Latin American Relations in the New Millennium
See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/312721514 The Political Economy of China-Latin America Relations in the New Millennium Edited by Margaret Myers & Carol Wise Book · August 2016 CITATIONS READS 14 2,336 2 authors, including: Carol Wise University of Southern California 81 PUBLICATIONS 841 CITATIONS SEE PROFILE Some of the authors of this publication are also working on these related projects: National Bureau of Asian Research Annual Book View project All content following this page was uploaded by Carol Wise on 24 January 2017. The user has requested enhancement of the downloaded file. The Political Economy of China-Latin American Relations in the New Millennium In this book, China-Latin America relations experts Margaret Myers and Carol Wise examine the political and economic forces that have underpinned Chinese engagement in the region, as well as the ways in which these forces have shaped economic sectors and policy-making in Latin America. The contributors begin with a review of developments in cross-Pacific statecraft, including the role of private, state- level, sub-national, and extra-regional actors that have influenced China-Latin America engagement in recent years. Part two of the book examines the variety of Latin American development trajectories borne of China’s growing global presence. Contributors analyse the effects of Chinese engagement on specific economic sectors, clusters (the LAC emerging economies), and sub-regions (Central America, the Southern Cone of South America, and the Andean region). Individual case studies draw out these themes. This volume is a welcome addition to the growing body of literature on China-Latin America relations. -
CY2020 China Database Online Chapter Final.Xlsx
2020 Data on Chinese Official MLT Export and Trade-related Programs EXIM’s Charter1 instructs EXIM to estimate foreign ECA activity and include it in the annual Competitiveness Report. Therefore, EXIM gathers data and then estimates the size and scope of China’s official MLT export credit and trade-related programs. Since China EXIM and Sinosure publish their annual reports under a 2-year time -lag with data that is not detailed enough, often difficult to decipher, and missing information, the true scope, scale, and details of the Chinese government’s official export and trade-related activity is unknown. For example, the reporting from China EXIM had been on exposure basis by sector then their reporting excluded sectoral information the next year. Therefore, each year EXIM utilizes multiple open sources and research techniques to gather information on China’s official activity. EXIM generates a list of potential projects for inclusion in the Competitiveness Report based on online tools. EXIM’s research pulls information from English and certain Mandarin sources when possible, including newspapers, press releases, official websites, academic papers, and government reports from across the globe. EXIM uses the web search tools below, among others, to compile a database of potential Chinese export and trade-related projects: • Emerging Markets Information Service (EMIS) Intelligence • Google Alerts • Bloomberg • EBSCO Information Services • Lexis Nexis (Lexis Advance) • TXF Although EXIM found specific Sinosure transactions, Sinosure’s official export credit numbers were estimated using their 2019 annual report. For more details on the methodology EXIM used for the CY 2020 China database, visit the Methodological Note in the Introduction section (pages 22-23) of the Competitiveness Report. -
Gwadar: China's Potential Strategic Strongpoint in Pakistan
U.S. Naval War College U.S. Naval War College Digital Commons CMSI China Maritime Reports China Maritime Studies Institute 8-2020 China Maritime Report No. 7: Gwadar: China's Potential Strategic Strongpoint in Pakistan Isaac B. Kardon Conor M. Kennedy Peter A. Dutton Follow this and additional works at: https://digital-commons.usnwc.edu/cmsi-maritime-reports Recommended Citation Kardon, Isaac B.; Kennedy, Conor M.; and Dutton, Peter A., "China Maritime Report No. 7: Gwadar: China's Potential Strategic Strongpoint in Pakistan" (2020). CMSI China Maritime Reports. 7. https://digital-commons.usnwc.edu/cmsi-maritime-reports/7 This Book is brought to you for free and open access by the China Maritime Studies Institute at U.S. Naval War College Digital Commons. It has been accepted for inclusion in CMSI China Maritime Reports by an authorized administrator of U.S. Naval War College Digital Commons. For more information, please contact [email protected]. August 2020 iftChina Maritime 00 Studies ffij$i)f Institute �ffl China Maritime Report No. 7 Gwadar China's Potential Strategic Strongpoint in Pakistan Isaac B. Kardon, Conor M. Kennedy, and Peter A. Dutton Series Overview This China Maritime Report on Gwadar is the second in a series of case studies on China’s Indian Ocean “strategic strongpoints” (战略支点). People’s Republic of China (PRC) officials, military officers, and civilian analysts use the strategic strongpoint concept to describe certain strategically valuable foreign ports with terminals and commercial zones owned and operated by Chinese firms.1 Each case study analyzes a different port on the Indian Ocean, selected to capture geographic, commercial, and strategic variation.2 Each employs the same analytic method, drawing on Chinese official sources, scholarship, and industry reporting to present a descriptive account of the port, its transport infrastructure, the markets and resources it accesses, and its naval and military utility. -
2014 China – US Symposium Participant List
SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21ST CENTURY: AN AGENDA FOR CHINA AND THE UNITED STATES SHENZHEN, CHINA • JUNE 5-7, 2014 U.S. PARTICIPANT LIST as of June 9, 2014 Xiaomin CHEN Alice Au Global Managing Partner, DeHeng Chen, LLC (Law Partner, Spencer Stuart Firm); General Counsel, China General Chamber of Commerce in USA Xiaochun BIAN Executive Deputy Director, Institute of World Youan CHEN Development, Development Research Center of the Chairman, China Galaxy Securities Co. Ltd State Council of China (DRC) Yinhua CAO Amy CHENG Partner, PricewaterhouseCoopers ZhongTian LLP Managing Director, Bank of China International Holdings Limited Steven Chan Vice President & Head of Regulatory, Industry and Guoqiang Cheng Government Affairs, Asia Pacific, State Street Director General, International Cooperation Department, Development Research Center of the Iris Chan State Council of China (DRC) Partner, The Angel’s Forum (TAF) Eugene Cheung James Chang Executive Director, Clearing Solutions, CME China Financial Service Consulting Leader, Pricewaterhouse Coopers Na CHEUNG Senior Manager, CITIC Securities International Co., Howard Chao Ltd. Of Counsel, O’Melveny & Myers LLP Rebecca Chua Liang CHEN Lippincott - Oliver Wyman Group Managing Partner & Hedge Fund Specialist, Humboldt Capital Co. Ltd David C. Donald Professor, Faculty of Law, The Chinese University of Fangfang Chen Hong Kong Senior Vice President of Strategy, State Street Asia Limited Jianjun FAN Research Fellow & Division Chief, General Office, Sam CHEN Development Research -
Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020
Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices