featured insights & webinar
As we head toward the G20 meeting in Osaka, we take a moment to review the latest status of the trade war between the two largest economies today. Is it about containment or tariffs? How does the current situation compare to Japan in the ‘80s? Do either China or the US actually want to make a deal? What are the possible paths going forward?
Jun 12, 2019
As we approach the end of 1H19, it is clear that the market now finds itself in a tug of war between the Fed Put and the potential for recession. We explore this dynamic, discuss Q1 vs future growth across the 4 major economies (US, Europe, Japan and China) and remind investors to stay defensive going forward by tilting toward value and quality where possible.
Jun 12, 2019
The Global Mobile Communication Systems Association estimates that by the end of this year, 5G services will be available in 29 markets around the world, with 10 million connections. What is 5G and where do we see potential investment opportunities from this significant technology upgrade in Asia?
Jun 06, 2019
As the issuer of world’s first two fundamental multifactor China A-shares ETFs, we look closely into the factors. The China A shares market went on a roller coaster ride since late 2018, and how about the factors – are they on the same ride or rotating around a Ferris wheel? In this piece, we re-cap the research on China A fundamental factors and share the recent observations on factor performances.
Jun 03, 2019
Investors looking for China’s NASDAQ seem to have settled on ChiNext as the default index to follow. BUT what if there is an even better option in the market, offering a more appropriate China new economy exposure with better performance, higher quality, lower volatility and discounted valuations?! It may sound too good to be true, but it is exactly what the Premia China New Economy ETF (3173.HK) has achieved so far.
May 20, 2019
Most investors assume that the more liquid the ETF, the easier and cheaper it is to trade. This is true in markets like the US, where on-screen liquidity is prevalent, but Asia markets are not as straightforward. China A ETFs with on-screen liquidity are easy to trade, but easier does not always mean cheaper to trade. There is market risk in trading on-screen and though it is easier, it can actually be more expensive than trading via the underling liquidity of China A stocks inside the ETF.
May 16, 2019
ASEAN equity markets have underperformed so far this year. Is it the start of a new trend, or simply a blip given the strong reversal in China? Say Boon Lim shares his views on why ASEAN is likely to outperform going forward.
May 06, 2019
Nasdaq has made new highs and investors are understandably excited. Similarly, here in Asia we have seen innovative technology companies outperform YTD but with much less fanfare. David Lai explores the major megatrends in Asia and why you need to invest in tech leaders across this region.
May 03, 2019
Looking past stellar Q1 returns, we discuss positioning going forward and the need to navigate the conflicting signals offered by equity and bond markets today
Apr 10, 2019
With the CSI300 up ~25% YTD, many clients are worried that the market has fully priced in the MSCI inclusion. We review 5 flawed assumptions and explain why the rally is just the start of a long-term trend.
Mar 26, 2019
BY TOPICS
Chart Of the Week
David Lai , CFA
CFA
China’s A-share market has broken out since early July, handily outperforming offshore H-shares and global equities. The rally is being fueled by easing geopolitical tensions, Beijing’s “anti-involution” reforms to curb price wars and excess capacity, and renewed risk appetite from both institutional investors and retail flows. Concerns about surging margin financing look overdone. While balances have topped RMB 2.1 trillion, they remain just 1.85% of total market cap — less than half the 2015 peak — signaling leverage is not yet a systemic risk. More importantly, fundamentals are turning decisively supportive:Resilient returns – Stable dividends and accelerating buybacks are anchoring valuations, while low bond yields push capital toward equities.Underweight positioning – Global investors remain light on China; sustained outperformance could force incremental inflows.Attractive valuations – A-shares trade at a ~30% discount to global equities, with the AH premium near five-year lows.Policy visibility – The upcoming Fourth Plenum is expected to reaffirm Beijing’s pro-growth stance and set the tone for the next Five-Year Plan.Currency stability – The RMB looks steady with upside bias, reinforcing investor confidence.Together, these dynamics suggest the rally is more than a short-term bounce — it’s the start of a re-rating story supported by policy, positioning, and valuations.
Aug 24, 2025
