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PSU exchange-traded fund to be launched by February
December 20, 2013-- Central Public Sector Enterprises (CPSE) Exchange-Traded Fund is likely to hit the market in February.
According to Finance Ministry officials, the Department of Disinvestment has identified 11 listed public sector enterprises, including blue chips, such as Coal India, ONGC, Indian Oil, Power Grid, Rural Electrification Corporation and Power Finance Corporation.
These firms have been selected on the basis of their five-year dividend record. Now, an Empowered Group of Ministers will finalise the composition of the proposed fund. It will also take a call on the timing, the official added. Goldman Sachs will manage the ETF.
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Source: Business Line
China ETFs lead new launches in 2013
December 20, 2013--Exchange traded funds linked to the Chinese stock exchange were among the hottest new product launches of 2013, in a remarkable repeat of the previous year.
Observers could certainly be forgiven for feeling a sense of "déjàvu all over again" as new ETFs tracking the performance of the CSI 300 index (the 300 largest issuers on the Shanghai and Shenzhen bourses) attracted billions of dollars in inflows, just as the 2012 vintage of launches did.
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Source: FT.com
Da Cheng gets the nod to launch first A-share RQFII balanced fund
December 19. 2013--Da Cheng International Asset Management has received the green light from Hong Kong's Securities Futures Commission (SFC) to launch the first RQFII balanced fund, the Da Cheng China Balanced Fund.
The approval follows China Securities Regulatory Commission (CSRC) lifting the restrictions that stipulated the first batch of RQFII funds must have 20:80 asset allocations in Mainland equities and fixed income in March this year. Under the new initiative, RQFII funds can now access a wide array of assets including IPOs, convertible bonds, interbank bonds, as well as index futures. The Da Cheng fund is scheduled to launch in early 2014.
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Source: Asia Asset
Da Cheng gets the nod to launch first A-share RQFII balanced fund
December 19, 2013--Da Cheng International Asset Management has received the green light from Hong Kong's Securities Futures Commission (SFC) to launch the first RQFII balanced fund, the Da Cheng China Balanced Fund.
The approval follows China Securities Regulatory Commission (CSRC) lifting the restrictions that stipulated the first batch of RQFII funds must have 20:80 asset allocations in Mainland equities and fixed income in March this year. Under the new initiative, RQFII funds can now access a wide array of assets including IPOs, convertible bonds, interbank bonds, as well as index futures. The Da Cheng fund is scheduled to launch in early 2014.
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Source: Asian Asset
Optimism among large companies highest in two years
December 18, 2013--BUSINESS confidence among some of China's largest companies stood at the highest since October 2011 this month with optimism boosted by the newly announced reform agenda, a private report showed.
The monthly measure of China's business sentiment rose to 58.4 in December from 53.3 in November, fueled by a large jump in the number of firms that said the current business conditions were better than a month earlier, Market News International (MNI),, a unit of Deutsche Boerse Group, said in a report today.
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Source: Shanghai Daily.
E Fund vice GM Chen Zhimin resigns
December 18, 2013--Chinese asset manager E Fund Management announced on Tuesday (December 17) that its general manager (GM) and chief investment officer Chen Zhimin had relinquished his position, effective December 16.
Mr. Chen was one of the founders of E Fund Management when the company was established in 2001. Since then, he has held a number of senior positions in the investment department and the institutional wealth management department.
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Source: Asia Asset
Lack of commission-free debate in Asia 'a surprise'
December 18, 2013--Private bankers are not expecting commission-or retrocession-free rules in Asia soon.
Fee-for-advice is possible within a decade, but firms may need to package it with additional services.
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Source: Asian Investor
Motilal Oswal looks to export ETFs to Japan
December 17, 2013--The Indian firm is working on cross-listing exchange-traded funds on Asian exchanges outside its home market and expanding distribution
via distribution platforms.
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Source: Asian Investor
Less control on cross-border yuan investment
December 17, 2013--The Ministry of Commerce (MOC) announced on Monday that it will further loosen control on cross-border yuan direct investment in an effort to facilitate investment.
Under the new MOC regulation, approval procedures for yuan-denominated direct investment from overseas investors will be further simplified. The new regulation takes effect on Jan 1, 2014.
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Source: China Daily
IMF Working paper-Local Government Financing Platforms in China: A Fortune or Misfortune?
December 16, 2013--Summary: China's rapid credit expansion in 2009-10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly.
In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
view the IMF Working paper-Local Government Financing Platforms in China: A Fortune or Misfortune?
Source: IMF
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