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 [转帖]Finding a way to break through the great marketwall of China |
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youhighness
头衔: 海归中尉
性别: 
加入时间: 2006/10/14
文章: 783
来自: 哲里木盟科尔沁左翼中旗木里图苏木爱搞不搞嘎查
海归分: 5798
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作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Matthew Richards
Over the past few years China has emerged as a growing world power. Its rapidly expanding economy, combined with entry to the World Trade Organisation and a more assertive role in international diplomacy, have grabbed the rest of the world’s attention.
China has become too big for investors to ignore. It recently overtook the UK to become the world’s fourth-largest economy. Goldman Sachs, the investment bank, predicts that it will replace the US in the top spot by 2040.
As an emerging economy where private companies have only existed since the 1980s, China has been slow to develop a mature stock market where investors can take advantage of the country’s progress.
But after years of stagnation, the market has sprung to life. It is true that 2006 is the Year of the Dog in Chinese horoscopes, but it has also been the year when the dogs on the stock market turned into top performers. The MSCI China A index has delivered a puny 3.9 per cent annual return in the past five years, but in the year to date the return has been a whopping 83 per cent.
Unfortunately for investors, the stocks in that index are largely forbidden fruit for non-Chinese. Access to the A-shares on the Shanghai stock exchange is strictly controlled, and foreigners must obtain a quota from the government if they want to buy them. B-shares are open to foreigners, but have a dubious reputation and are being merged into the A-share category.
This means that buying Chinese shares directly is not a realistic option for UK-based investors. Indeed, even professional fund managers who want to invest in China have to be creative to get around the quota system.
The Aberdeen Global China Opportunities Fund, for example, invests in Hong Kong-listed H-shares in mainland Chinese companies. The First State Greater China Growth fund holds about half of its assets in mainland-listed stocks, a third in Hong Kong and a fifth in Taiwan.
Bestinvest, the broker, argues that most investors are better off putting their money into Asia-Pacific funds rather than China-specific ones to avoid putting all their eggs in one basket.
It recommends funds including Aberdeen Asia Pacific, which has 19 per cent of its assets in Hong Kong and 4 per cent in mainland China; Invesco Perpetual Asian, with 21 per cent in Hong Kong and 7 per cent in China; and Templeton Global Emerging Markets, which has 17 per cent of its assets in mainland China and 14 per cent in Taiwan.
The Templeton fund is run by Mark Mobius, who has achieved guru-like status as an emerging markets investor. The fact that he has a third of the fund’s assets in greater China, when his mandate allows him to invest anywhere in the world, can be interpreted as a powerful vote of confidence.
As well as using Hong Kong and Taiwanese companies to gain exposure to China, you can also think more laterally. A growing number of non-Chinese companies do a great deal of their business in China.
One such company is Heidelberger, a German manufacturer of printing presses for envelope and paper. It may seem bizarre as a China play, but Jonathan Schiessl, a fund manager at investment group Ashburton, describes it as “the only complete printing solutions provider in China”. It makes the labels that go on food and drink containers, thus tapping into what Schiessl says is a key Chinese trend: the transition from buying provisions from markets and street hawkers to “organised retail” with large-scale producers and big supermarkets.
Since these companies are listed outside China, they are available for individual investors without the hassle of asking the government for a quota. If you fancy picking your own China-oriented stocks, there are a number of areas to consider.
China is a voracious consumer of raw materials - for example, it is the world’s biggest user of metals including copper, steel, aluminium, zinc and lead. So companies involved in the production of those metals, directly or indirectly, should benefit from China’s success. China also has a growing need for specialist metals such as platinum for catalytic converters on vehicles and titanium for desalination plants.
London-listed companies that rely on China include Monstermob Group, a mobile phone ringtone provider that makes most of its sales in China, and Xaar, which specialises in printing technology.
Financial services is another area to consider, particularly if you are looking for large companies. Several international banks have been buying stakes in their Chinese counterparts. But they still do only a fairly small proportion of their business in China.
作者：youhighness 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖]Finding a way to break through the great marketwall of China -- youhighness - (4668 Byte) 2006-11-30 周四, 06:04 (1399 reads)
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