featured insights & webinar
As cyclical movements would revert and short-term volatility hikes would calm, long-term strategic investors often look out for overarching secular or structural trends. Yet by definition, structural shifts and new innovations often take time. However, there can be catalysts! Witnessing a black swan can be a crisis, but like Winston Churchill advised – let’s not waste a crisis. So where do we look for growth opportunities?
Jun 12, 2020
The Two Sessions are always of interest to the market for the key economic policies unveiled by Chinese leaders. At this year’s Two Sessions, China decided not to set a GDP growth target for the first time in decades, raised the budget deficit ratio above a long-held “red line,” issued special treasury bonds for the first time in the last 2 decades, and rolled out a host of measures to buoy employment and support economic recovery from Covid-19.
Jun 10, 2020
IoT, or Internet of Things, has gradually become well-known to all as applications such as connected cars and smart home appliances gain popularity in the consumer space. As we have been advocating, enterprise digitalisation would be a game changing space to watch – and IIoT is one of the critical piece of it. In fact, IIoT is among the #NewInfrastructure agenda that was specifically mentioned as policy support priority in China. So what is IIoT? And why are the leaders resilient through and beyond COVID? In this piece, we will share the concept of IIoT (Industrial Internet of Things), the industry revolution in this space, and the implications to investors.
May 26, 2020
Given the trade tensions and looming risks of de-globalisation, it is likely that China will embark on a different growth path in the aftermath of COVID, and increasingly rely on domestic demand to drive growth. This structural shift holds significant implications for EM Asia. In fact, ASEAN replaced the European Union as China’s biggest trading partner in 1Q20. In this webinar, our co-CIO David Lai shares our research and insights on investing into ASEAN markets in light of the late COVID crisis, re-escalating US-China trade dispute and more importantly the gradual global supply chain reconfiguration.
May 26, 2020
China is in the early stage of restarting its economy, and China A shares market has held up relatively well compared to other global equities markets amid the COVID. In particular, our Premia China New Economy strategy has been very resilient throughout the crisis with YTD NAV performance of 10.7% (in CNY, as of May 26th, 2020). It has been consistently seeing inflows over the past months and is also among the best performing broad market China A ETFs globally. In this webinar, our co-CIO David Lai shares first-hand insights on the post-COVID impact, policy developments, and capital market flows of the Chinese market. As China recovers from the pandemic, how shall investors watch out for opportunities from the post-COVID recoveries, policy supports and new norms?
May 26, 2020
Vietnam government has started a gradual and orderly reopening since April 23rd, though the macro data was still weak as expected due to the lockdown around the world. After initially keeping the goal for 5% GDP growth this year the government revised growth target last week to a two-scenario range of 4.4%-5.2% if major trading partners can control the outbreak by end of Q3 and 3.6%-4.4% if by Q4. How are things doing in Vietnam at the moment? Is it the time to position for recovery? Here is a quick update on the various.
May 18, 2020
Given the trade tensions and looming risks of de-globalisation, it is likely that China will embark on a different growth path in the aftermath of COVID, and increasingly rely on domestic demand to drive growth. This structural shift holds significant implications for EM Asia. In fact, ASEAN replaced the European Union as China’s biggest trading partner in 1Q20. And as a result of the increased tension and US protectionist measures targeting China, and pressure for MNCs to choose which one they side with under the pretext of protection against production disruptions in China, ASEAN and notably Vietnam are clear winners. But a more nuanced picture is closer to the truth. That is, the shifts in supply chains are more likely to be gradual than dramatic.
May 18, 2020
Yes, possibly. The different approaches taken by the US and China towards managing COVID-19 has likely set the stage for a widening of the growth differential between the two countries. Immediately, the earlier reopening of the Chinese economy means China’s GDP will still show a bit of growth this year. This compares to the controversial, tentative easing of restrictions in the US, only in May. Even if the US gradually normalizes from here, its GDP for will end 2020 with a big hole, which will take three to four years to fill. If China maintains its productivity growth, it should be able to manage a long-term average GDP growth rate of around 5.8% a year. Meanwhile, long-term US GDP growth from 2022 onwards could ease to 1.5% on lower investment/lower productivity growth. Taking into account IMF projected growth rates for 2020 and 2021, China could overtake the US in Dollar terms by 2029.
May 13, 2020
We previously highlighted the gaming industry just after the coronavirus outbreak in Account of an atypical, tech-enabled CNY holiday. With the COVID-19 pandemic raging on globally and people spend more time at home social distancing, the gaming industry has shown greater potential of booming opportunities. The large demographic base of tech-savvy and mobile-first youths born in the digital era provided a strong head start for China, especially in eSports.
May 11, 2020
Some of you or your kids might have just started your animal crossing journey as the newest social activity amid the COVID lockdown. In fact, it was estimated that the global video game market generated over USD 150 billion in revenue by the end of 2019. Within video gaming, eSports, also known as Electronic Sports, which often takes the form of organized, multiplayer video game competitions has evolved over the last decade, into a significant, professional industry already. Global revenue in esports is estimated to be over 1 billion US dollars, and China currently accounts for about 20% of it. In this mini-webinar, we hope to share with you the latest interest findings about the virtual land of video gaming, eSports, and live streaming in China!
May 08, 2020
BY TOPICS
Chart Of the Week
Michael Ng
China property USD bonds have extended gains through the third quarter, with the Premia China USD Property Bond ETF (3001/9001 HK) up more than 20% year to date. On 28 August, Beijing announced the most significant overhaul of China's housing sales and financing framework in three decades. It works through four channels:Sales milestones reset. MOHURD, MNR and NFRA now require a building to be structurally topped out before presales can begin, with 100% of purchase funds — down payments and mortgage proceeds — held in supervised escrow until completion and delivery.Lead-bank oversight. Designated banks supervise project financing, escrow and construction progress end to end, and a homebuyer's mortgage is now issued only after the project is completed.Longer mortgage tenors. The PBOC lifted the maximum personal mortgage tenor from 30 to 40 years.Wider capital-market access. The CSRC broadened refinancing and M&A channels, alongside expanded REIT, CMBS and ABS support for income-producing assets.While the near-term read is negative for developers - replacing presale proceeds with borrowing implies higher leverage and more secured debt, which can subordinate existing senior claims - that argues for selection rather than avoidance. The Premia China USD Property Bond ETF (3001 / 9001 HK) holds secured and senior unsecured paper only, and excludes subordinated debt and LGFVs, favouring issuers with recurring rental income and the securitisation access the CSRC has just widened. Over the medium to long term, the reform should reduce the risk of another property-sector shock. Delivery risk moves off household prepayments and into bank-supervised project finance, lowering the odds of a repeat of the unfinished-project stress that drove the last default wave, while tighter new-home supply supports the clearing of existing inventory. Meanwhile, banks are being capitalised to carry that risk: Beijing announced a further RMB360bn (US$54bn) injection into eight state financial institutions on 6 September, of which RMB290bn (US$43.2bn) went to lenders. Brokers expect developer equities to stay soft unless policy surprises or sales data improve. Bonds answer a different question: not whether growth returns, but whether issuers keep paying. The ETF yields around 12.9% (as of Sep 8, 2026), well above the broader Asia high yield market - the extra income investors are paid for the risk that some issuers still restructure or default while the transition plays out.
Sep 10, 2026
