Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

<p>In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current issues for investors to consider are:</p><ol>
<li>is the very visible pick-up in the economy and corporate sector likely to prove self-sustaining;</li>
<li>are the authorities serious about policy tightening and/or economic reform;</li>
<li>what action will the US administration take over both the bilateral trade imbalance and also over North Korea, which has emerged as the second…</li>
</ol>

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current issues for investors to consider are:
is the very visible pick-up in the economy and corporate sector likely to prove self-sustaining;
are the authorities serious about policy tightening and/or economic reform;
what action will the US administration take over both the bilateral trade imbalance and also over North Korea, which has emerged as the second…


China: Can Beijing Maintain the Policy Balancing Act Through 2017? (Part 2 of 8)

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

<p>One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.</p>

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

Chinese Officials Turn a Blind Eye to Corruption

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

<p>China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. <strong>As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.</strong></p><div class="content-highlight"><p>On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…</p></div>

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<p>With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes <em>claims on non-financial institutions</em> for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…</p>

With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes claims on non-financial institutions for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…

Founder, Supreme Peoples Court Monitor

Susan Finder

Founder

Supreme Peoples Court Monitor

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/021/924/original/szzy.gif?1488676695" class="editor-image img-responsive" data-smartkarma-image-id="21924"></figure><div class="content-caption">Shenzhen intermediate court</div><p>In late <a href="http://mp.weixin.qq.com/s?__biz=MjM5NjA3NDc5MA==&amp;mid=2654696895&amp;idx=1&amp;sn=41c2982eaf329a40760af460a0773537&amp;chksm=bd2111f68a5698e00d716a661a5d3a7a0eb34fa17ece44afe63a6eebc593cb0bb8968db492ff&amp;mpshare=1&amp;scene=5&amp;srcid=0304MZHkgsHHaR2svvqFNMLb#rd" target="_blank">February</a>, Liu Tao, the deputy general manager of the legal department of China Construction Bank, Shenzhen branch provided an update on bank litigation under the "new normal" at a symposium on commercial litigation. The issues faced by Chinese domestic banks relate both the domestic and international environment, particularly to Chinese companies "going out."</p><ol><li>In domestic litigation, in 90% of cases, the bank is the plaintiff suing regarding a corporate loan…</li></ol>

Shenzhen intermediate courtIn late February, Liu Tao, the deputy general manager of the legal department of China Construction Bank, Shenzhen branch provided an update on bank litigation under the "new normal" at a symposium on commercial litigation. The issues faced by Chinese domestic banks relate both the domestic and international environment, particularly to Chinese companies "going out."In domestic litigation, in 90% of cases, the bank is the plaintiff suing regarding a corporate loan…

Update on Chinese Bank Litigation Under The "New Normal"

China

Jilin Jiutai Rural Commercial Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, credit loans, mortgage loans, international trade financing, foreign currency exchange, card issuing, and other bank related services. Jilin JiuTai Rural Commercial Bank serves clients in China.

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Jilin Jiutai Rural Comm Bank (6122 HK)

China: Can Beijing Maintain the Policy Balancing Act Through 2017? (Part 2 of 8)

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current...

John-Paul Smith

Chinese Officials Turn a Blind Eye to Corruption

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its...

Bixmoor

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond...

Dechert LLP

Weakening Credit in 1Q17 in China

With new China data it’s easy to consider a fairly benign growth environment. The reality is more striking. The People’s Bank of China (PBOC)...

Daniel Tabbush

Update on Chinese Bank Litigation Under The "New Normal"

In late February, Liu Tao, the deputy general manager of the legal department of China Construction Bank, Shenzhen branch provided an update on...

Susan Finder

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