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CHIQ vs. ETF Alternatives
The Global X China Consumer ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S-BOX China Consumer Index.
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Monday, Nov 183:39 AM
Monday, Nov 183:39 AM| 1 Comment
- Prices for new homes in China's four main cities continued to soar in October, strengthening concerns about a property bubble in the country - although apparently not at Moody's.
- Prices increased in 69 of the 70 cities tracked by the government, with sales surging 33% in the first 10 months of the year.
- Moody's described the sales growth as "moderate" and the outlook for the property sector as stable.
- The data follows Friday's release of the details of a comprehensive reform program in which the Communist Party plans to let the market play a "decisive" role in the economy. That, say Barclays analysts, indicates that property market regulation will shift to the supply side from the demand side, which hasn't been particularly successful in curbing demand.
- ETFs: FXI, GXC, PGJ, FXP, CYB, YINN, CNY, TAO, CHIQ, CHIX, YANG, PEK, MCHI, XPP, YAO, DSUM, CHXX, CHII, CHXF, FXCH, YXI, CHIM, ASHR, KFYP, FCA, TCHI, CHLC, CHNA
Friday, Nov 1511:22 AM
Friday, Nov 1511:22 AM| 2 Comments
- "A demographic cherry" on top of the sundae that is China is how Yves Lamoureux describes Beijing's decision to ease up on the country's one-child policy. Lamoureux was already bullish on Chinese stocks, calling them the best contrarian asset play around. "if you look at world money managers, big portfolios, everyone is massively underweight China mostly ... This market is the second biggest in the world, but is trading like a third-world country, and should be valued 100% more.”
- Chinese ETFs are sharply higher in wake of the one-child move and other reforms announced earlier. The popular FXI +5.3% and the newly-launched A-share tracker, ASHR +4.5%.
- Chinese equity ETFs: FXI, GXC, PGJ, FXP, HAO, YINN, TAO, CHIQ, CHIX, PEK, YANG, MCHI, XPP, CQQQ, QQQC, YAO, CHXX, CHII, CHXF, ECNS, CHIE, YXI, CHIM, ASHR, KFYP, KWEB, FCA, TCHI, CHNA
Monday, Nov 111:26 PM
Monday, Nov 111:26 PM| Comment!
- Among the potential reforms being looked by China's leaders for the country's state-owned firms would be allowing private investors to hold up to a 15% stake, according to a local report. "We welcome private capital to invest in the state-owned enterprises," says one official when questioned about the story.
- The trial balloon comes as the Communist Party's top officials meet in Beijing - the meeting's conclusion and the communique come tomorrow.
- Private investors currently may buy shares of those publicly-traded state-owned firms on the stock exchange, but these can't amount to much for any one buyer. Larger stakes are one thing, but what about boardroom access to improve efficiency and corporate governance. I'll believe it when I see it, says an economist (in so many words) at Industrial Bank.
- Related ETFs: FXI, GXC, PGJ, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, YANG, PEK, MCHI, XPP, CQQQ, QQQC, YAO, DSUM, CHXX, CHII, FXCH, CHXF, ECNS, YXI, CHIE, CHIM, KFYP, KWEB, FCA, TCHI, ASHR, CHLC, CHNA
Monday, Nov 411:20 AM
Monday, Nov 411:20 AM| Comment!
- Deutsche on Wednesday is launching what would be U.S. ETF investors' first shot at owning so-called Chinese A shares - stocks trading in Shanghai and Shenzhen. The db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) will track the CSI 300 Index.
- Invesco last month launched the PowerShares China A-Share portfolio (CHNA), but until the company gets approval to own A-shares, it's trying to replicate the action with futures and other ETFs. There's also the Market Vectors China ETF (PEK) which attempts to approximate Shanghai and Shenzhen with swaps linked to those stocks, but it's failed to gain much traction with just $34M in AUM after three years in business.
- Then there's a closed-end fund, the Morgan Stanley China A Share Fund (CAF), currently trading at a 8.2% discount to NAV, and on the market since 2006.
- China A-shares is "the last big market access product," says Deutsche exec Martin Kremenstein, drawing a comparison to 2004's launch of the SPDR Gold Trust (GLD). MSCI estimates opening A shares completely to foreign ownership would boost China's weight in the MSCI Emerging Markets Index (EEM) to 30% from 18%.
- Related ETFs: FXI, GXC, PGJ, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, YANG, PEK, MCHI, XPP, CQQQ, QQQC, YAO, CHXX, CHII, CHXF, FXCH, ECNS, CHIE, YXI, CHIM, KFYP, TCHI, KWEB, FCA, CHNA.
Monday, Nov 48:07 AM
Monday, Nov 48:07 AM| Comment!
- "Investors have lost all confidence in China," says Howard Marks (OAK), who is scooping up what he calls "tremendous bargains" in common stocks there. "We are investing in Chinese equities along with emerging markets."
- He notes the Shanghai Composite's price-to-book ratio is about half of 2010's level and the P/E multiple is 42% lower. "The swings of the pendulum were excessive."
- As for the U.S., stock valuations have moved from cheap to fair. "It's not overpriced in the context of history."
- China equity ETFs: FXI, GXC, PGJ, FXP, HAO, YINN, TAO, CHIQ, CHIX, YANG, PEK, MCHI, CQQQ, XPP, QQQC, YAO, CHXX, CHII, CHXF, ECNS, CHIE, YXI, CHIM, KFYP, TCHI, KWEB, FCA, CHNA.
Wednesday, Aug 712:22 PM
Wednesday, Aug 712:22 PM| 1 Comment
- Q2 data "paints a depressing picture of the progress of economic rebalancing in China," says the Peterson Institute's Nicholas Borst, giving the country's efforts an "F."
- Particularly notable on the downside is residential real estate investment now outpacing overall GDP growth by a whopping 12 percentage points. "Given persistent reports of excess housing stock, it seems unlikely that this level of spending is justified by actual demand."
- On the positive side: Growth in the service sector (8.3%) began to outpace that of the industrial sector (7.6%) - a trend if continued would have services eventually occupying a more "normal" share of the overall economy.
- China stock ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP.
- Sector ETFs: Real estate (TAO), Retail (CHIQ), Infrastructure (CHXX), Industrials (CHII), Financials (CHIX).
Monday, Jan 73:00 PMFor those interested in Chinese stocks, but wanting to state away from the state-owned mega caps favored by FXI or GXC, Dennis Hudacheck recommends the China Consumer ETF (CHIQ) and the Guggenheim China Small Cap ETF (HAO) - really more of a mid-cap fund. For true small cap exposure, there's the MSCI China Small Cap Fund (ECNS). Performance comparison. |Monday, Jan 73:00 PM| Comment!
Sunday, Sep 92012, 11:03 PMOne-third of publicly listed Chinese companies suffered negative cash flow in Q2, according to the FT, as the slowdown spreads from construction, machinery and chemicals to those industries expected to lead the supposed rebalancing of the economy - retail, healthcare, electronics. While non-performing bank loans have yet to be affected by the cash crunch, those classified as overdue leapt 29%. |Sunday, Sep 92012, 11:03 PM| 4 Comments
Wednesday, Jul 252012, 2:57 AMChina’s slowing economy faces significant downside risks and relies too much on investment, says the IMF in its annual review (.pdf), and the yuan is still "moderately" undervalued. The report urges China to boost consumption and to direct savings away from housing. |Wednesday, Jul 252012, 2:57 AM| 1 Comment
Thursday, Jul 52012, 2:25 AMChina's Beige Book, a new private survey of around 2,000 executives and bankers, shows retail sales and manufacturing strengthened last quarter, property sales increased, and 80% of retailers expect higher sales in six months, suggesting an economic pick-up not fully captured in China's official statistics. |Thursday, Jul 52012, 2:25 AM| 2 Comments
Tuesday, Jul 32012, 2:54 PMThe most popular China ETF, FXI, is a play on a handful of the country's mega-cap state-owned businesses, with the big 4 banks making up 25% of the weighting. Still top-heavy with mega-caps, GXC and YAO hold a wider variety of stocks. Want to get completely away from the biggest firms? Try the small cap (HAO) or Consumer (CHIQ) ETFs. |Tuesday, Jul 32012, 2:54 PM| Comment!
Thursday, May 312012, 1:25 AMChinese stocks will keep rising, with the benchmark Shanghai Composite Index poised to add 15% by year-end as slowing inflation gives the government room to loosen monetary policy and allows for bank lending to pick up, according to Beijing Gao Hua Securities Co, Goldman Sachs' China partner. |Thursday, May 312012, 1:25 AM| 3 Comments
Thursday, May 172012, 5:29 AMChinese consumer confidence rose to a seven-year high in Q1, making China the world's fourth most optimistic nation, but that hasn't translated into increased consumer spending. In fact, China's discretionary spending has actually cooled as consumers opt to either save money or pay for education for their children. |Thursday, May 172012, 5:29 AM| 1 Comment
Wednesday, Apr 42012, 4:47 AMChina surpasses the U.S. as the world's top spender on food. China's supermarket sector was worth $970B in 2011, pushing past the U.S. sector's $913.5B value. China's grocery market is forecast to expand to nearly $1.46T by the end of 2014, driven by China's economic growth, an increase in its citizens' wealth and inflationary pressures. |Wednesday, Apr 42012, 4:47 AM| Comment!
Wednesday, Mar 282012, 8:01 AMProfit estimates for Chinese firms remain "far too optimistic," says SocGen, seizing on the report that Y/Y industrial profits shrank in the year's first 2 months. Among the losers in Shanghai's 2.7% plunge last night: Alum. Corp. of China (ACH) -5.8% and Jiangxi Copper JIXAY.PK) -5.5%. FXI -0.3% premarket. |Wednesday, Mar 282012, 8:01 AM| Comment!
Thursday, Dec 152011, 2:21 AM