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IMF Working Paper-Resolving China's Zombies: Tackling Debt and Raising Productivity
November 27, 2017--Summary:
Nonviable "zombie" firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals.
Empirical results also show that resolving these weak firms can generate significant gains of 0.7-1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.
view the IMF Working Paper-Resolving China's Zombies: Tackling Debt and Raising Productivity
Source: IMF
Ultumus-Mitsubishi brings market neutral ETFs to Asia
November 27, 2017--Japan
Mitsubishi brings hedge fund dividend strategy to Asian ETFs
Mitsubishi's ETF issuer MAXIS is going hard and fast into the alternative ETF segment, listing a market neutral ETF that targets Japanese companies based on their dividends, the MAXIS Japan Equity High Dividend 70 Market Neutral ETF (1499).
Market neutral ETFs use a hedge fund strategy of buying similar stocks both long and short, so that they’re covered whichever way the market moves....
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Source: ULTUMUS-Financial Data Management
China regulator suspends approval of HK-focused funds: China Fund
November 27, 2017--China's securities regulator has suspended approval of Hong Kong-focused mutual funds, according to the industry newspaper China Fund, potentially slowing the pace of Chinese money into Hong Kong stocks.
New funds with "Hong Kong" in their names -which rules dictate must allocate at least 80 percent of their portfolio into Hong Kong-listed stocks-have seen their approvals suspended by the China Securities Regulatory Commission (CSRC), China Fund said on its website, citing two unidentified fund sources.
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Source: Reuters
Debt increase drives China's asset management reforms
November 26, 2017--Government moves to defuse investment risks accumulating in country's financial system.
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Source: FT.com
BetaShares-Steady as she goes
November 26, 2017--Week in Review
lt was a relatively calm week across global markets with few major events of note. The quiet nature of the market reflected America's focus on Thursday's thanksgiving holiday, little major economic data, and postponement of further debate on US tax cuts until this week.
One major market move of note was a further lift in oil prices, reflecting US supply disruptions due to a shutdown of a Canada's Keystone pipeline, following a spill-its second in two years. Despite the pipeline's stained record (excuse the pun!), regulators only recently approved plans for a second controversial pipeline, that had once been rejected by US President Obama but eagerly accepted by President Trump.
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Source: betashares.com.au
HKEX Markets Break Shenzhen Connect, Structured Product and Derivatives Records
November 24, 2017--Hong Kong Exchanges and Clearing Limited's (HKEX) markets set several records this week amidst strong market momentum. The following data are provided in response to media enquiries.
Securities market
Record high Northbound Shenzhen Connect turnover of RMB9.1 billion on Thursday (23 November).
Record high 355 Structured Product (derivative warrants and Callable Bull/Bear Contracts, or CBBCs) launches on Tuesday (21 November), surpassing the previous record of 325 on 8 July 2015.
Record high 18,669 Structured Product launches in a single year (as of 23 November 2017), surpassing the record of 17,626 in 2014.
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Source: HKEX (Hong Kong Exchanges and Clearing Limited)
STOXX expands its footprint in Asia
November 22, 2017--STOXX Ltd., the operator of Deutsche Boerse Group's index business, and a leading global provider of innovative and tradable index concepts, is expanding its footprint in the Asia-Pacific region as smart beta strategies are gaining the interest of Asian investors. A passive index fund-with the iSTOXX MUTB Asia/Pacific Quality Dividend 100 Index as underlying-has been issued by Yuanta Securities Investment Trust Company recently.
In its initial weeks of subscription, the fund raised more than US$100 million, a clear sign of the appetite of local investors for smart beta strategies. STOXX has already co-developed six index concepts together with Mitsubishi UFJ Trust and Banking Corp. (MUTB). In July 2016 STOXX, Yuanta and MUTB had signed a memorandum of understanding to expand the smart beta footprint in Taiwan and beyond. "A key pillar of our Asian expansion is the cooperation with strong partners such as Yuanta and MUTB. Working with local partners helps us to understand precisely the expectations of regional investors when creating new concepts. Our expertise in factor and thematic strategies allow us to address the rising sophistication among Asian investors looking to diversify beyond the traditional country exposure indices. Our strong commitment to the region is underlined by the expansion of our local sales force in Hong Kong," said Matteo Andreetto, chief executive officer, STOXX Limited.
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Source: STOXX
State Bank of India Plans to Pilot Test Blockchain-based Smart Contracts
November 22, 2017--The State Bank of India (SBI) plans to beta test a Blockchain-based smart contracts system that was developed by the BankChain consortium in December 2017.
The consortium, which was launched in February, is composed of 27 banks that aim to develop Blockchain solutions for the banking industry in the country.
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Source: cointelegraph.com
Hong Kong's Hang Seng breaks through 30,000 points, hits decade high
November 22, 2017--Hong Kong's benchmark Hang Seng Index broke through the 30,000 point-mark on Wednesday for the first time in 10 years, amid signs Chinese investors are stepping up buying Hong Kong blue chips such as Tencent. China stocks also rose.
The Hang Seng Index rose 0.9 percent to 30,087.73 points. Chinese H-shares listed in Hong Kong rose 1.21 percent to 12,018.56.
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Source: Reuters
Govt raises Rs 14,500 crore from Bharat 22 ETF; issue subscribed 4 times
November 20, 2017--The government on Monday said Rs 8,000 crore Bharat 22 Electronic Traded Fund (ETF) has been subscribed by four times, following which it has raised the issue size to Rs 14,500 crore.
The issue received highest subscription for any new fund offer (NFO) in the history of Indian mutual fund industry.
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Source: The Economic Times
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