Fri, Jul. 1, 7:08 AM
- June monthly performance was: +5.97%
- 52-week performance vs. the S&P 500 is: -20%
- $0.28 in dividends were paid in June
- Top 10 Holdings as of 5/31/2016: CNOOC Ltd (OTCPK:CEOHF): 4.37205%, Gazprom PJSC ADR (OTCPK:OGZPY): 4.00976%, MMC Norilsk Nickel JSC ADR (OTCPK:NILSY): 3.5522%, PJSC Lukoil GDR (LUKUF): 3.21156%, China Construction Bank Corp H (OTCPK:CICHF): 2.65871%, Chunghwa Telecom Co Ltd (2412): 2.12161%, Industrial And Commercial Bank Of China Ltd H (OTCPK:IDCBF): 1.96586%, Ptt PLC DR (OTC:PUTRF): 1.57664%, Mobile TeleSystems PJSC ADR (MBT): 1.54441%, MTN Group Ltd (OTCPK:MTNOF): 1.54063%
Thu, Jun. 2, 7:46 AM
- May monthly performance was: -6.47%
- 52-week performance vs. the S&P 500 is: -21%
- No dividends were paid in May
- Top 10 Holdings as of 4/29/2016: Gazprom PJSC ADR (OTCPK:OGZPY): 4.41%, CNOOC Ltd (OTCPK:CEOHF): 4.22%, MMC Norilsk Nickel JSC ADR (OTCPK:NILSY): 3.44%, PJSC Lukoil GDR (LUKUF): 3.31%, China Construction Bank Corp H (OTCPK:CICHF): 2.47%, Vale SA (VALE3): 2.02%, Chunghwa Telecom Co Ltd (2412): 1.98%, MTN Group Ltd (OTCPK:MTNOF): 1.93%, Industrial And Commercial Bank Of China Ltd H (OTCPK:IDCBF): 1.87%, Mobile TeleSystems PJSC ADR (MBT): 1.52%
Mon, May 2, 8:00 AM
- April monthly performance was: +3.45%
- No dividends were paid in April
- Top 10 Holdings as of 3/31/2016: CNOOC Ltd (OTCPK:CEOHF): 4.1%, Gazprom PJSC ADR (OTCPK:OGZPY): 3.78%, MMC Norilsk Nickel JSC ADR (OTCPK:NILSY): 3.1%, PJSC Lukoil GDR (LUKUF): 3.07%, China Construction Bank Corp H (OTCPK:CICHF): 2.53%, Chunghwa Telecom Co Ltd (2412): 2.04%, Industrial And Commercial Bank Of China Ltd H (OTCPK:IDCBF): 1.99%, Mtn Group Ltd (OTCPK:MTNOF): 1.75%, MediaTek Inc (OTC:MDTKF): 1.59%, Vale SA (OTC:VALEF): 1.56%
Nov. 26, 2015, 4:34 AM
- China's "national team" owns at least 6% of the mainland stock market following the summer rescue to prop up prices, putting even more of the $4.2T bourses into state hands, FT reports.
- Government rescue funds were corralled into buying shares when the equity markets went into meltdown over summer. The intervention seems to have succeeded so far - the Shanghai Composite has since recovered by 28% from its last low point in late August.
- Top ten purchases in Q3 by China Securities Finance Corp: Bank of China (OTCPK:BACHY), Industrial and Commercial Bank of China (OTCPK:IDCBY), Agricultural Bank of China (OTCPK:ACGBY), China Construction Bank (OTCPK:CICHY), Bank of Communications (OTCPK:BCMXY), China Petroleum & Chemical Corp (NYSE:SNP), China Everbright Bank (OTC:CBVHY), China Minsheng Banking (OTCPK:CMAKY), BOE Technology Group and PetroChina (NYSE:PTR).
- Shanghai -0.3% to 3,636.
Sep. 9, 2013, 7:58 AM
- A gauge of financial companies soared 6.7% on rumors Chinese banks will be allowed to issue preferred stock to boost capital levels. Shanghai Pudong and Agricultural Bank each jumped 10% on speculation they will be the first to participate in a trial offering.
- Separately, Ping An Bank gained 10% after announcing plans to raise $2.4B by selling 1.32B shares to parent Ping An Insurance Group. The purchase will raise the parent's stake to 59% from 52.4%.
- Previous: China also boosted by favorable import data.
- China financial ETF: CHIX.
- China ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP.
- Chinese banks: BACHY.PK, CICHF.PK, IDCBF.PK, CIHHF.PK.
Aug. 22, 2012, 12:28 AM
When will China's big 4 banks begin to recognize what must surely be increasing levels of nonperforming loans? Essentially government arms, the lenders have been pushed to make loans to local governments for favored, but not necessarily economic projects. China Merchants Bank (the nation's 6th largest) reported an NPL ratio of 0.56%, unchanged from last year. "Hilarious," tweets Patrick Chovanec.| Aug. 22, 2012, 12:28 AM | 2 Comments
Jul. 2, 2012, 4:15 AM
Chinese banks accounted for almost a third of global bank profit last year, up from just 4% in 2007. Much of the gains came at the expense of European peers who bled marketshare. Leading the profit tables: ICBC with pretax earnings of $43.2B, China Construction Bank with $34.8B, and Bank of China with $26.8B. JPMorgan (JPM) and HSBC (HBC) took fourth and fifth place.| Jul. 2, 2012, 4:15 AM | 1 Comment
Jun. 13, 2012, 9:55 AM
Last week's PBOC rate cut looks like a step to ending Chinese banks' comfy 3-6-3 arrangement (borrow at 3%, lend at 6%, golf course by 3). A major step towards a market-oriented interest rate regime, the central bank now allows lenders to offer up to a 20% discount from the state-mandated rate, a move expected to shave cushy profit margins.| Jun. 13, 2012, 9:55 AM
Jun. 8, 2012, 9:14 AM
Industrial Bank (IDCBF.PK) dove 4.5% in Hong Kong trade last night after the PBOC rate cut included allowing banks to offer a 20% discount to the benchmark lending rate. Chinese banks have benefited from state-set lending and deposit rates which guaranteed them a chunky margin. Liberalization is a good thing, but true competition is sure to crimp profits.| Jun. 8, 2012, 9:14 AM
Jun. 7, 2012, 2:35 AM
China delays tightening bank capital rules until next year, with new draft rules from the China Banking Regulatory Commission that seek to set "reasonable" schedules for banks to meet capital targets in a way that helps "maintain appropriate credit growth." Shares of Chinese banks climbed.| Jun. 7, 2012, 2:35 AM
Jun. 1, 2012, 8:15 AMAn investigation of the China's Industrial Bank by the National Audit Office finds the bank lent money for land acquisition to firms not in the real estate business, and for trade finance to companies not in the business of trading. The books are a "mess." "Basically what would happen when banks were told to lend as much as possible," writes Also Sprach Analyst. | Jun. 1, 2012, 8:15 AM
May 9, 2012, 2:46 PM
The Fed approves the first-ever Chinese purchase of a U.S. bank, giving the green light to ICBC's (IDCBF.PK) purchase of 80% of Bank of East Asia. The Fed also approves applications by the Bank of China (BACHY.PK) to establish a branch in Chicago and Ag Bank of China to open a branch in NYC.| May 9, 2012, 2:46 PM | 5 Comments
Apr. 12, 2012, 8:45 AMJim Chanos brushes off chatter about the large Chinese banks being broken up, calling them "arms of state policy. They loan because the local party official ... tells them we need a new stadium ... I really doubt the party is going to give up a lever of power." (Chanos earlier on "the party.") | Apr. 12, 2012, 8:45 AM
Apr. 5, 2012, 11:10 AM
"China's banks (aren't) really the villains here," writes Patrick Chovanec, responding to Premier Wen's comments about their monopoly power. "They are creatures of the State; they do what they are told and incentivized to do," - that is lend, without counting the cost, for projects that "carry the imprimatur (and implicit guarantee) of the Mother State."| Apr. 5, 2012, 11:10 AM | 1 Comment
Apr. 4, 2012, 7:54 AM
Apr. 3, 2012, 12:21 PM
China's large banks are able to make profits "too easily," says Premier Wen Jiabao, calling for the monopoly posed by the country's giant lenders to be broken.| Apr. 3, 2012, 12:21 PM