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During China’s Spring Festival， the overseas stock market was hit by recession as the slump occurred to the Europe， America and Asia. However， in comparison， the foreign investment institutions are more interested in the equity assets （stocks and bonds） in China.
A senior executive from a Hong Kong-based investment institution said that the foreign investors were “eager”to be involved in the equity market of China. No matter institutional and individual investors， they have a low ration of the equity assets. In the other world， they have a great space to improve the proportion of money used for equity assets in their total investment capital.
The Popularity of Equity Assets
Li Dan was working in a high-end office building in the Central District of Hong Kong. One week before the Chinese Spring Festival， she happily found that the list of her overseas clients grew longer and longer.
“In the past month， I received many inqueries from India， Europe and Middle East. Most of them are new clients，” Li Dan said. She was working for an investment company， which was now preparing for issuing RQFII （RMB Qualified Foreign Institutional Investors） products with the total value of billions of yuan.
“Some overseas investment institutions used to contact us through emails or phone calls. After that they directly transmitted capital to our designated accounts for pre-order the product quota， even though they did not know when the products will be launched，” Li Dan was surprised by both these overseas institutions’ simple risk control and their eagerness to buy Chinese equity assets.
There are more than a few foreign investment institutions showing great interest in the equity assets of China. As Li Dan said， some of her fellow compa-nies met the same thing. “Though foreign investment institutions are always interested in the equity assets， in these days their interest grew bigger. For example， many overseas investors think that the bond market has already been in the bottom and it is the right time to absorb the Chinese bond assets.”
For this， Ding Cheng， president of CSOP Asset Management， had the same feeling. His company is going to provide the first exchange trade fund for RQFII sovereign bonds trades for international investors with the total value of 2 billion yuan. According to him， though when the fund is to be launched remained unknown， many Asian organizations have already accepted it and expressed the will to subscribe to it.” In addition， the South A50 products of CSOP Asset Management have been favored by domestic and foreign investors since they were launched in 2012 and now has become the largest and most active RQFII trade platform in Hong Kong.
The Hard-to-Get Quotas
The increasing demand for the equity assets of China made it hard for the supply side to catch up with the demand. As Li Dan said， QFII （Qualified Foreign Institutional Investors） and RQFII cannot apply for the new quotas before the old ones are run out. Now， many Hong Kong-based investment institutions are trying to apply for more quotas.
“For many overseas institutions， it is not a question about whether they have equity assets in China， but about whether they have assets in China. Most institutional investors have no way to get into the Chinese market and thus they cannot hold the equity assets of China even though they have strong interest，” a senior executive of a Hong Kong-based investment company said.
Even though the Chinese economy has met some problems today， it is still better than others. Presently， the general stock price in the A-share market of China stayed at a low level so it presents higher risk aversion ability than other stock markets.
According to the data from the State Administration of Foreign Exchanges of China， as of January 27， the Chinese government respectively fixed the investment quotas of QFII and RQFII at US$51.418 billion and 167.8 billion yuan. As revealed in the monthly report of China Securities Depository and Clearing Co.， Ltd， there were 45 new QFII accounts opened in the A-share market in December 2013， which was the highest monthly increase. Many analysts considered it as a sign of QFII’s faster pace to allocate in the Ashare market.
Take Norwegian Sovereign Wealth Fund， the largest sovereign wealth fund in the world， for example： this institution was in charge of around US$800 billion. By the end of 2012， the organization had 1.2% of stocks of listed companies in the world and had invested in 7，500 companies or so around the globe. But only 2.1% of its equity investment portfolio， whose value reaches US$480 billion， is targeting China， one third of the proportion for Japan， France and Germany and 1/15 of the investment for the U.S. Recently， Norwegian Sovereign Wealth Fund got the approval to make investment into China’s equity assets but the amount is capped at US$1.5 billion. Its securities managers said several times that they would like to increase the investment into China considering the size of Chinese economy. The aforementioned Hong Kongbased investment institution said that overseas investors were very interested in China as they found in their overseas road shows. For example， the company itself and other Hong Kong-based companies are very quick in starting their business in Europe and America even though the Chinese government just set free the policies about RQFII in 2013.
The active participators included Harvest Global Investments， which worked with Deutsche Assets and Wealth Management Co.， Ltd to issue the db X-trackers for A-share market， which went public in the New York Stock Exchanges in the U.S.
Sheng Feilong， director of the Alpha Coefficient Investment Strategy and Products of Blackrock Asia-Pacific， pointed out that the overseas investors are definitely to have a growing liking for the A-share market of China with the ongoing economic reform in this country. In the future， the Chinese government is going to open the capital market to global investors step by step and more overseas capital will flow into the A-share market.
A senior executive from a Hong Kong-based investment institution said that the foreign investors were “eager”to be involved in the equity market of China. No matter institutional and individual investors， they have a low ration of the equity assets. In the other world， they have a great space to improve the proportion of money used for equity assets in their total investment capital.
The Popularity of Equity Assets
Li Dan was working in a high-end office building in the Central District of Hong Kong. One week before the Chinese Spring Festival， she happily found that the list of her overseas clients grew longer and longer.
“In the past month， I received many inqueries from India， Europe and Middle East. Most of them are new clients，” Li Dan said. She was working for an investment company， which was now preparing for issuing RQFII （RMB Qualified Foreign Institutional Investors） products with the total value of billions of yuan.
“Some overseas investment institutions used to contact us through emails or phone calls. After that they directly transmitted capital to our designated accounts for pre-order the product quota， even though they did not know when the products will be launched，” Li Dan was surprised by both these overseas institutions’ simple risk control and their eagerness to buy Chinese equity assets.
There are more than a few foreign investment institutions showing great interest in the equity assets of China. As Li Dan said， some of her fellow compa-nies met the same thing. “Though foreign investment institutions are always interested in the equity assets， in these days their interest grew bigger. For example， many overseas investors think that the bond market has already been in the bottom and it is the right time to absorb the Chinese bond assets.”
For this， Ding Cheng， president of CSOP Asset Management， had the same feeling. His company is going to provide the first exchange trade fund for RQFII sovereign bonds trades for international investors with the total value of 2 billion yuan. According to him， though when the fund is to be launched remained unknown， many Asian organizations have already accepted it and expressed the will to subscribe to it.” In addition， the South A50 products of CSOP Asset Management have been favored by domestic and foreign investors since they were launched in 2012 and now has become the largest and most active RQFII trade platform in Hong Kong.
The Hard-to-Get Quotas
The increasing demand for the equity assets of China made it hard for the supply side to catch up with the demand. As Li Dan said， QFII （Qualified Foreign Institutional Investors） and RQFII cannot apply for the new quotas before the old ones are run out. Now， many Hong Kong-based investment institutions are trying to apply for more quotas.
“For many overseas institutions， it is not a question about whether they have equity assets in China， but about whether they have assets in China. Most institutional investors have no way to get into the Chinese market and thus they cannot hold the equity assets of China even though they have strong interest，” a senior executive of a Hong Kong-based investment company said.
Even though the Chinese economy has met some problems today， it is still better than others. Presently， the general stock price in the A-share market of China stayed at a low level so it presents higher risk aversion ability than other stock markets.
According to the data from the State Administration of Foreign Exchanges of China， as of January 27， the Chinese government respectively fixed the investment quotas of QFII and RQFII at US$51.418 billion and 167.8 billion yuan. As revealed in the monthly report of China Securities Depository and Clearing Co.， Ltd， there were 45 new QFII accounts opened in the A-share market in December 2013， which was the highest monthly increase. Many analysts considered it as a sign of QFII’s faster pace to allocate in the Ashare market.
Take Norwegian Sovereign Wealth Fund， the largest sovereign wealth fund in the world， for example： this institution was in charge of around US$800 billion. By the end of 2012， the organization had 1.2% of stocks of listed companies in the world and had invested in 7，500 companies or so around the globe. But only 2.1% of its equity investment portfolio， whose value reaches US$480 billion， is targeting China， one third of the proportion for Japan， France and Germany and 1/15 of the investment for the U.S. Recently， Norwegian Sovereign Wealth Fund got the approval to make investment into China’s equity assets but the amount is capped at US$1.5 billion. Its securities managers said several times that they would like to increase the investment into China considering the size of Chinese economy. The aforementioned Hong Kongbased investment institution said that overseas investors were very interested in China as they found in their overseas road shows. For example， the company itself and other Hong Kong-based companies are very quick in starting their business in Europe and America even though the Chinese government just set free the policies about RQFII in 2013.
The active participators included Harvest Global Investments， which worked with Deutsche Assets and Wealth Management Co.， Ltd to issue the db X-trackers for A-share market， which went public in the New York Stock Exchanges in the U.S.
Sheng Feilong， director of the Alpha Coefficient Investment Strategy and Products of Blackrock Asia-Pacific， pointed out that the overseas investors are definitely to have a growing liking for the A-share market of China with the ongoing economic reform in this country. In the future， the Chinese government is going to open the capital market to global investors step by step and more overseas capital will flow into the A-share market.