成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线


 
|
|
|
|
|
|
|
|
|
|
 
Shorts and hedge funds, welcome to China!
作者: Katherine Ryder    時間: 2010年09月25日    來源: 財富中文網(wǎng)
 位置:投資理財         
字體 [   ]        
打印         
發(fā)表評論        
There are liquidity issues and capital-raising challenges in the Chinese markets, but Zhen Liu hopes to overcome all that with China's first official hedge fund.





????A flurry of bad news this summer in the U.S. hedge fund industry, including the shuttering of big name funds like Stan Druckenmiller's Duquesne Capital Management, led to more pessimistic predictions about the future of hedge funds. Amidst all the turmoil in the U.S. came the announcement early this month of China's first domestic hedge fund.

????The fund's splashy media debut probably oversells its ultimate significance -- there are already many hedge fund-like structures in China, and countless structural problems limiting the growth potential of the industry. But it's nevertheless an important event, as it comes as a signal of loosening regulation in the Chinese alternative investment space -- and perhaps also as a rejoinder to Wall Street-centric analysts predicting doom for hedge funds.

????The market in China is certainly ripe. "If you go to an island where no one wears shoes, there won't be a shoemaker," says Zhen Liu, the former DE Shaw vice president who has been tapped to run the new fund, which will be run as a managed account of a bigger Chinese asset manager called E Fund. "Chinese investors have heard about hedge funds, but they've never seen one."

????Despite China's rapid growth, the country's equity markets have long been one-sided. Local investors could buy stocks, but no one could bet on share prices falling. Since shorting commonly plays a major role in hedge fund strategies -- it's typically how they "hedge" their bets -- this regulation severely crimped the market. Just a few months ago, however, short selling, margin trading, and stock index futures were finally introduced to the Chinese market, potentially opening up new realms of investment activity.

????Contrary to the recent spate of predictions about the end of the hedge fund era, Sebastian Mallaby, author of "More Money Than God," a new book on the hedge fund industry, predicts that fund assets will triple in the next decade due in large part to the growth of the sector in emerging markets. China's hedge fund launch is part of that.

????But change is slow. "This is only the first step in what's going to be a 10- to 20-year financial modernization," says Michael Kurtz, a China strategist at Macquarie Group in Hong Kong.

Great barriers to execution

????For now, that means the odds are stacked against E Fund and the other pioneers. In terms of strategy, the domestic market remains constrained by a limited supply of shortable stocks because there's no formal stock-borrowing program on the mainland.

????There's also a limit to the number of illiquid investments a hedge fund can buy. Due to China's relatively closed equity markets -- less than 1% of Chinese market capitalization is open to foreign investors -- there's a mismatch between the demand for liquidity and actual liquidity. Similarly, unlike their U.S. counterparts, China's hedge funds cannot turn to prime brokers to provide packaged assets, further limiting their investment options. There are also issues of corruption and transparency. Some Asia-based equity research firms refuse to cover China, citing a steady stream of bad information.

????From a capital-raising perspective, although much is written about China's new class of millionaires, there are major limitations to the fundraising abilities of Chinese hedge funds. "Hedge funds are difficult to understand for the normal retail investors," says Andy Mantel, Managing Director of Hong Kong-based Pacific Sun Investment Management. "People are interested right now in real estate or private equity." Due to the volatility in markets, says Alexander Mearns, CEO of Eurekahedge, a research firm based in Singapore, there aren't a lot of new investors entering the market right now.

First mover advantage?

????Liu's strategy is to tackle the limited marketplace by trading futures of Chinese market indexes in a way that mimics the effect of shorting market risk. With such market uncertainty, he says this is an attractive environment to market hedge funds. Liquidity, however, will be an ongoing problem, but that there's not much to be done until rules are further loosened.

????He projects the challenge will pay off. "If the deal is easy to do, there wouldn't be any money to make," says Liu, ever the optimist. "When I was in New York, everyone was chasing after billions of dollars. The first guy who comes in here gets all the opportunity for himself."




相關(guān)閱讀
用戶名: 密碼:      匿名


0條評論          查看更多評論











亚洲日韩第一页涩涩涩| 丰满亚洲大尺度无码无码专线| 欧美一级特黄大片色| 亚洲中文字幕国产综合| AV无码免费一区二区三区| 国产A∨国片精品一区二区| 亚洲精品第一国产综合高清| mide453在线观看中文字幕| 国产一区二区三区在线影院| 精品熟女碰碰人人A久久| 欧美一级特黄大片色| 2021国产最新无码精品| 国产A级毛片久久久久久精品| 久久精品亚洲专区无码| 午夜理论片免费播放| 色诱久久久久综合网ywww| 欧美性爱在线播放| 久久国产精品视频,久久久久久久综合| 无码人妻精品中文字幕免费东京热| 天堂中文最新版在线官网在线| 亚洲中文字幕无码永久免弗| 亚洲不卡国产黄页网址| 九热精品视频5月婷婷久久| 99精品免费无码视频在线观看| 亚洲人成网站观看在线播放| 国产v亚洲v天堂无码| 亚洲黄片无码国产精品伊人av| 亚洲视频精品在线观看| 亚洲精品美女久久久久久久| 久久久久久久综合综合狠狠| 一区二区日韩国产精品| а√最新版天堂资源在线| 婷婷色窝国色天香综合国产蜜臀| 国产精品无码AV在线毛片| 91亚洲精品全国免费| 免费国产A国产片高清| 99久久精品免费看国产一区二区三区| 国产精品无码素人福利不卡| 99久久99久久免費精品蜜桃| 愛妃影视?无码国产精品一区二区| 久久综合国产乱子伦精免费|