EPFR China Share Class Allocations Dataset

Total Page：16

File Type：pdf, Size：1020Kb

EPFR China Share Class Allocations Dataset EPFR China Share Class Allocations dataset The demand from both investors and the financial industry for a reliable and regular source of data to balance exposure to China and minimize A Shares market volatility has led us to create and introduce our latest EPFR dataset; China Share Class Allocations. Foreign investment activity in China’s domestic equity market is increasing at a rapid rate. In recent months, the increased allocation in several widely followed and traded indices has kept the spotlight squarely on the domestically listed A Shares. But, portfolio managers need to balance their exposure to China to minimize the volatility that is a feature of the retail-driven A Shares market. There are eight other China Share Classes that managers and investors can use to achieve this, and many of them offer the chance for excess returns. This new dataset allows investors to access: • Foreign investor sentiment towards China with combined mutual fund and ETF data to deep dive into what has been a ‘traditionally opaque’ market • An equity market’s total market value in excess of $12 trillion in more than 4,000 publicly traded Chinese securities Features of the China Share Class Allocations dataset • This dataset includes dedicated China, Greater China, Global, Global Emerging Markets (GEM) and Asia ex-Japan Regional Equity Funds • Tracks the exposure of this universe to nine distinct share classes: • A Shares, B Shares, H Shares, P Chip, S Chip, N Shares, Red Chip, T Chip and ADRs (for definitions, see overleaf) • Offers clients the ability to drill-down to manager and fund level data • Includes 800+ funds with an AUM of $2 trillion (as of 12/31) and climbing • Will be reported Monthly • Current history stretches back to 2014 • Reports will be delivered by email, FTP or by logging in to EPFR platform (next.epfrglobal.com) For more information about EPFR: Email [email protected] Visit: financialintelligence.informa.com/epfr China Share Classes defined & GEM Fund trends illustrated Country of Category Country of Listing Trading Currency Incorporation A Share PRC China CNY USD (Shanghai) B Share PRC China HKD (Shenzen) H Share PRC HK SAR HKD Red Chip Non-PRC HK SAR HKD P Chip Non-PRC HK SAR HKD S Chip Non-PRC Singapore SGD N Share Non-PRC USA USD T Chip PRC Taiwan TWD ADR PRC USA USD For more information about EPFR: Email [email protected] Visit: financialintelligence.informa.com/epfr.

Copy Link

Recommended publications

Tapping Into a Broader Range of Investment Opportunities As China Market Opens Up
Avenir - main text Gotham Sub text CMYK For professional / institutional investors only Tapping into a broader range of investment opportunities as China market opens up RISK FACTORS This is a financial promotion for The FSSA China Strategy. This information is for professional clients only in the UK and EEA and elsewhere where lawful. Investing involves certain risks including: • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested. • Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund’s investments and could cause the Fund to defer or suspend redemptions of its shares. • Single country / specific region risk: investing in a single country or specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk. • China market Risk: although China has seen rapid economic and structural development, investing there may still involve increased risks of political and governmental intervention, potentially limitations on the allocation of the Fund’s capital, and legal, regulatory, economic and other risks including greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities. • Concentration risk: the Fund invests in a relatively small number of companies which may be riskier than a fund that invests in a large number of companies.
[Show full text]
Chinese Equities – the Guide March 2021
Chinese equities – the guide March 2021 For professional investors only. In Switzerland for Qualified Investors. In Australia for wholesale clients only. Not for use by retail investors or advisers. Introduction Investors who venture into the Chinese stock universe face an alphabet soup of seemingly random letters. There are A-shares, H-shares and S-chips to name just a few (see Chart 1). These letters represent various attempts to develop the equity market in a country where people traded the first shares as long ago as the 1860s. But something resembling a modern stock market, the Shenzhen Stock Exchange, didn’t start operations until 1 December 1990.1 Shenzhen beat Shanghai as the first exchange of the modern era by some three weeks.2 The Hong Kong Stock Exchange, a forerunner to the city’s current bourse, began operations in 1914 but developed under British colonial rule.3 Investors view Hong Kong as a separate and distinct market. Chart 1: Alphabet soup of Chinese equities Shares Listing Currency Country of Country Examples Index inclusion Comments Can Chinese incorporation where investors buy? company does most business A-share Shanghai + Renminbi China China Shanghai CSI 300 or MSCI Some have dual Y Shenzhen International China A Onshore. listing in H-share Airport Co. MSCI EM since market June 2018 B-share Shanghai + US dollar + China China N/A None Interest has Y Shenzhen Hong Kong collapsed since dollar H-shares H-share Hong Kong Hong Kong China China PetroChina, China MSCI China All Often dual listing Y dollar Construction
[Show full text]
Shanghai's International Board
JUNE 10, 2010 Shanghai’s International Board By David Cheng and Shelly Sun In August 2009, Chinese officials, for the first time, released the timeline for the formal debut of the International Board of the Shanghai Stock Exchange (“International Board” of “SSE”). Since then, much attention has been focused on the specifics of the International Board. The promotion of the International Board is a significant step in China’s capital market development. Its successful implementation will help to make China a more favorable investment destination, and make China’s capital market more competitive and attractive. The promotion of the International Board, was officially and publicly announced by China’s State Council in the Opinions on Promoting Shanghai to Two Centers 1 (Guo Fa No. 200919) and was listed as one of the seven most important working assignments of the China Securities Regulatory Committee (“CSRC”). Many foreign companies have expressed interest in being listed on the International Board of the SSE including the New York Stock Exchange, HSBC Holdings, Hang Seng Bank, Reuters, Volkswagen, Mercedes-Benz, Coca-Cola, and Siemens.2 Despite the enthusiasm for the debut of the International Board, the regulations that will control listings on the board and more detailed official documents have not been issued. Relevant legal documents relating to the International Board have not been published nor has there been any specific timeline for their release. It was not until early May 2010 that Mr. Xu, Vice President of the Shanghai Financial Affairs Office, disclosed through the Shanghai municipal government press release that the International Board was likely to be put into effect by the end of this year.
[Show full text]
Preparing for China's Inclusion in Global Benchmarks
Research Preparing for China’s inclusion in global benchmarks A flexible approach to managing the transition ftserussell.com May 2015 Executive summary: • Following further increases in R/QFII allocations and improvements in the R/QFII application process, on May 26, 2015 FTSE Russell announced the start of its transition to include China A Shares in its widely followed global benchmarks, with the launch of new FTSE China A Inclusion Indexes. • China is opening its market to foreign investors at a significant pace. It is increasingly likely that within two to three years China A-shares will become eligible for inclusion in FTSE’s global indexes. To facilitate this growth in access, the FTSE China A Inclusion Indexes will give market participants a range of index choices to help them prepare for the inclusion of China A-shares in global benchmarks. • There will be no change to the standard FTSE Global Equity Index Series. Based on FTSE’s Annual Country Classification announcement, dated September 2014, China A-shares are not yet eligible for FTSE’s standard global benchmarks. For inclusion further progress is required as part of FTSE’s country classification process in areas such as market accessibility and quota allocation, as well as capital repatriation. • FTSE Russell will continue to consult and engage with market participants and the Chinese authorities to monitor developments and gauge progress in these key areas. A formal review of the status and eligibility of A-shares will be held every September. The next review is due in September 2015. • The FTSE China A Inclusion Indexes have been created to prepare market participants for the inclusion of China A-shares in FTSE’s standard indexes.
[Show full text]
Tapping Into a Broader Range of Investment
For professional / institutional investors only TAPPING INTO A BROADER RANGE OF INVESTMENT OPPORTUNITIES AS CHINA MARKET OPENS UP Tapping into a broader range of investment opportunities as China market opens up | November 2018 RISK FACTORS This document is a financial promotion for The First State China Strategy. This information is for professional and institutional investors only in the EEA and elsewhere where lawful. Investing involves certain risks including: • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested. • Currency risk: Changes in exchange rates will affect the value of assets which are denominated in other currencies. • Single country / specific region risk: Investing in a single country or specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk. • China market risk: Investing in the Chinese market involves risks such as legal, regulatory and economic risks. The securities markets in China may be subject to greater uncertainty than investments in more developed countries. • Concentration risk: Investments are made in a relatively small number of companies or countries which may be riskier than if investments are made in a larger number of companies or countries. • Emerging market risk: Emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Reference to specific securities or companies (if any) are included to explain the investment strategy and should not be construed as investment advice, or a recommendation to invest in any of those companies.
[Show full text]
FTSE China Index Series Ground Rules Ground Rules
Ground Rules FTSE China Index Series v3.3 ftserussell.com An LSEG Business August 2021 Contents 1.0 Introduction .................................................................... 3 2.0 Management Responsibilities ....................................... 8 3.0 FTSE Russell Index Policies ....................................... 10 4.0 Eligible Securities ........................................................ 12 5.0 Periodic Review of Constituents ................................ 13 6.0 Changes to Constituent Companies .......................... 14 7.0 Industry Classification Benchmark (ICB)................... 16 8.0 Index Algorithm and Calculation Method .................. 17 Appendix A: FTSE China Index Series Share Class / Composite Index Matrix ................................... 18 Appendix B: Eligible Markets and Sources of Trading ...... 19 Appendix C: Further Information ......................................... 20 FTSE Russell An LSEG Business | FTSE China Index Series, v3.3, August 2021 2 of 20 Section 1 Introduction 1.0 Introduction 1.1 This document sets out the Ground Rules for the construction and management of the FTSE China Index Series. Please read these rules in conjunction with the FTSE Global Equity Index Series Ground Rules as index treatments that are not stipulated in this document will follow the methodology applied to the FTSE Global Equity Index Series (GEIS). Copies of the Ground Rules are available from FTSE Russell. 1.2 FTSE China Index Series 1.2.1 The FTSE China Index Series is designed to represent the performance of the global Chinese equity investment opportunity set. The series complements FTSE’s other China index offerings including the FTSE China 50 Index, the FTSE China A All Cap Index Series (including the FTSE China A50 Index) and the FTSE Global China A Inclusion Index Series. For further information on the FTSE China 50 Index, the FTSE China A All Cap Index Series and the FTSE Global China A Inclusion Index Series please refer to their relevant ground rules available on www.ftserussell.com.
[Show full text]
Consultation on China A-Shares Index Inclusion Roadmap
Consultation on China A‐Shares Index Inclusion Roadmap March 2014 This consultation is part of the 2014 MSCI Market Classification Review ©2014 MSCI Inc. All rights reserved.msci.com msci.com Proposed Index Inclusion Roadmap for China A‐shares ©2014 MSCI Inc. All rights reserved. msci.com 2 Objective . In June 2013, MSCI initiated the review of China A‐shares for a potential inclusion into the MSCI Emerging Markets Index following the implementation of a series of positive market oppgening measures . The Chinese authorities have continued with the market liberalization efforts. Notable positive developments include: . The expansion of the RQFII program to London and Singapore . The doubling of the size of aggregate QFII and RQFII quota . The shortening of the repatriation restriction from monthly to weekly for QFII open‐ended funds . The acceleration of investment license requests and quota approvals . As part of the 2014 MSCI Market Classification Review, MSCI is now consulting on a proposed roadmap for a potential inclusion of China A‐shares in the MSCI Emerging Markets Index . The results of the 2014 MSCI Market Classification Review, including the decision on the potential inclusion of China A‐shares in the MSCI Emerging Markets Index, will be announced in June 2014 ©2014 MSCI Inc. All rights reserved. msci.com 3 Proposed Index Inclusion Roadmap for China A‐shares . MSCI proposes to include China A‐shares in the MSCI China Index in steps starting with a partial Inclusion Factor of 5% to be implemented in 2015 . The inclusion in the MSCI China Index would be reflected in its corresponding composite indexes, including the MSCI Emerging Markets Index, simultaneously .
[Show full text]
FTSE China B Index Series V2.6
Ground Rules FTSE China B Index Series v2.6 ftserussell.com June 2016 Contents 1.0 Introduction ......................................................................... 3 2.0 Management Responsibilities ............................................ 5 3.0 Eligible Securities ............................................................... 6 4.0 Indexes Algorithm and Calculation Method ................... 10 5.0 Periodic Review of Constituents ..................................... 12 6.0 Changes to Constituent Companies ............................... 14 7.0 Changes to Constituent Weightings ............................... 16 8.0 Industry Classification Benchmark System (ICB) .......... 17 Appendix A: Markets & Stock Exchanges ................................ 18 Appendix B: Eligible Markets, Exchanges & Exchange Rates ...................................................................... 20 Appendix C: Index & Market Opening and Closing Hours ...... 21 Appendix D: Status of Indexes .................................................. 22 Appendix E: Further Information ............................................... 23 FTSE Russell | FTSE China B Index Series, v2.6, June 2016 2 of 23 Section 1 Introduction 1.0 Introduction 1.1 This document sets out the Ground Rules for the construction and management of the FTSE China B Index Series. Copies of the Ground Rules are available from FTSE Russell (see Appendix E) and www.ftserussell.com. 1.2 The FTSE China B Index Series is designed to represent the performance of the mainland Chinese market that
[Show full text]
An Overview of the Shanghai-Hong Kong Stock Connect
The Through Train is Coming: An Overview of the Shanghai-Hong Kong Stock Connect Presented by: Brendan Ahern [email protected] KraneShares is dedicated to raising awareness of opportunities in China’s economy & capital markets among global investors Shanghai-Hong Kong Stock Connect Is a Significant Event For Investors Globally 1. Unprecedented Access to China’s Mainland Markets For the First Time 2. Immediate buy opportunity • Mainland Discount to Hong Kong Dual Listed Companies • Inexpensive Valuations • Technical Analysis • Lack of Correlation to Equity Indices 3. Potential Inclusion In Benchmarks Top 15 stock exchanges by market cap, July 2014 Rank Exchange % of Total China Is Home To Three of the 1 NYSE 26.59% World’s Largest Stock Exchanges 2 NASDAQ OMX 9.35% 3 Japan Exchange Group - Tokyo 6.69% • There are 120 active stock exchanges 4 London Stock Exchange Group 6.41% in the world 5 Euronext 5.20% • The top 15 stock exchanges hold 6 Hong Kong Exchanges 4.73% 81.69% of global market capitalization 7 Shanghai Stock Exchange 3.76% 8 TMX Group - Canada 3.48% • 10.83% of global market capitalization 9 Deutsche Bourse 2.60% is held on the three Chinese stock 10 Shenzhen Stock Exchange 2.34% exchanges 11 SIX Swiss Exchange 2.22% 12 Australian Stock Exchange 2.17% 13 Bombay Stock Exchange India 2.14% 14 National Stock Exchange India 2.10% 15 Source: www.world-exchanges.org as of July 2014, KraneShares Korea Exchange 1.92% Foreign Investors Have Had Very Limited Exposure to the Mainland Markets. Investing In China Has Historically
[Show full text]
China Through the Mosaic of Its Share Classes
Research China through the mosaic of its share classes 2016 | ftserussell.com China’s global competiveness is not a recent phenomenon. The “Opium Wars” of 1839-1860 left China aspiring to the technological and industrial capabilities of Britain and France. Needing fresh capital in order to fund the desired advancements, the concept of a joint-stock company was introduced. This development led to the formation of the Chinese Steam Merchant’s Company; and its shares began trading in Shanghai teahouses.1 More companies followed, and by 1890 Shanghai had formally established a stock exchange. Fast forward one-hundred years, past several more wars and a redefining political revolution, and China was again on the path towards the formation of a stock exchange. Beginning around 1980, a series of reforms were initiated with the overarching goal of improving the performance of state owned enterprises (SOEs). These reforms included making local governments the de facto owners of SOEs, introducing managerial performance incentives, and market-based pricing.2 Partly in response to the rapidly increasing competitiveness of China’s companies, the Shanghai Stock Exchange was founded in November 1990, shortly followed by the Shenzhen Stock Exchange. The ownership of publicly listed companies remained mostly in the hands of the government, but “free float shares”3 were made available exclusively to domestic investors. The domestic-only “A-share” class, denominated in Renminbi was soon followed by the “B-share” class which was created to facilitate foreign ownership of Chinese companies. B-shares were still traded on the mainland but paid dividends and were settled in either US or Hong Kong dollars, allowing global investors to gain access to Chinese domestic companies.
[Show full text]
FTSE China Indexes
Product highlights FTSE China Indexes Overview FTSE Russell is a leading FTSE Russell’s China equity indexes cover every available China provider of China indexes share classes, including A Shares, B Shares, H Shares, Red Chips, and offers a broad range P Chips, S Chips and N Shares, categorised by size, sectors and of China equity and fixed particular themes. Composite indexes have also been created income indexes that reflect that combine two or more share classes and/or Hong Kong and the opportunity sets Taiwan stocks. The FTSE Total China Connect Index covers all major Chinese share classes and reflects a comprehensive China available to international equity opportunity set available to international investors. The and domestic investors. FTSE China A50 Index and FTSE China 50 Index are two flagship tradeable indexes that underline some of the world’s largest China ETFs. FTSE Russell also offers China focused bond indexes, including the FTSE-BOCHK Offshore RMB Bond Index and the FTSE China Onshore Bond Index. For more information please see FTSE-BOCHK Offshore RMB Bond Index Series and FTSE China Onshore Bond Index Series. For global investors interested in including China A shares in their global benchmarks, the FTSE Global China A Inclusion Indexes are transitional tools providing choices on how to incorporate A shares. For more information please see FTSE Global China A Inclusion Indexes. ftserussell.com 1 FTSE China Indexes FTSE Russell Index structure A summary of FTSE Russell’s China indexes are shown in the table below: Underlying
[Show full text]
Understanding China's Onshore Market an Overview of The
Understanding China’s Onshore Market An Overview of the KraneShares Bosera MSCI China A ETF (ticker : KBA) Brendan Ahern Chief Investment Officer (646) 218-9852 [email protected] Contents: I. Why China Today? II. Understanding China’s Underweight in Indices III. Overview of the KraneShares Bosera MSCI China A IV. MSCI’s Review of the Onshore Equity Market V. Conclusion 2 Understanding China’s Underweight In Indices 3 Why China Today? China Stock Market Is Small Relative to the Size of the Economy Country Size of Stock Market (Market Cap) GDP Market Cap/GDP Ratio U.S. $25.18 trillion $17.42 trillion 145% China $6.83 trillion $10.36 trillion 66% Japan $5.05 trillion $4.60 trillion 110% U.K. $3.83 trillion $2.94 trillion 130% Germany $1.94 trillion $3.85 trilllion 50% Switzerland $1.74 trillion $685 billion 254% Market Cap Data from Bloomberg as of 6/30/2015. GDP data from the World Bank as of 12/31/2014 4 Why China Today? The Definition of China for many investors has been 145 Chinese companies ($994 billion market cap) listed on the Hong Kong Stock Exchange, which is a small percentage of Chinese stocks. China Share Class Breakdown of MSCI All China IMI MSCI China 145 Stocks U.S.–Listed $994 Billion Market Cap Chinese Companies 4% MSCI All China IMI Onshore China 2,519 Stocks 70% $1.15 Trillion Market Cap Hong Kong Listed Chinese Companies % of Stocks In Current China Definition: 5.7% 26% % of Market Cap In Current Definition: 26% Source: MSCI June 30, 2015 5 Why China Today? Chinese Companies Listed In Hong Kong Are Not representative of China’s Economy The onshore equity market is more aligned with China’s economic growth than Chinese companies listed in Hong Kong GDP Growth and Equity Return – BRICS Countries (1994 – 2013) *The compound annual growth rate Country GDP Growth CAGR* (%) Equity Market Growth CAGR (%) (CAGR) is a useful measure of growth over multiple time periods.
[Show full text]