HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

China Onshore Credit: Bravo! 2Q20 Default Figure Better than Expected

China Onshore Credit: Update on the China Government Bond Market

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Investing into China's Growing Onshore Bond Market

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Credit

iShares China CNY Bond UCITS ETF / Credit

iShares China CNY Bond UCITS ETF (CNYB NA)

<p>The issuance of onshore bond in China has actually accelerated YTD despite the COVID-19 outbreak, with total issuance increased 25% YoY. In particular, by proportion, the issuances of short-term commercial paper and corporate bonds have increased most significantly. The growth in new issue has supported a 15.4% YoY growth in the onshore bond market to a value of Rmb104.3trn.</p><p>On the contrary, foreign investors' net increase in position in the market has slowed, with more significant increase in treasury bonds and net decline in negotiable certificate of deposits and enterprise bonds as they turned risk averse. We, however, see brighter outlook in the market for foreign investors. In our view, there are at least six recent factors that will drive their participation.</p>

The issuance of onshore bond in China has actually accelerated YTD despite the COVID-19 outbreak, with total issuance increased 25% YoY. In particular, by proportion, the issuances of short-term commercial paper and corporate bonds have increased most significantly. The growth in new issue has supported a 15.4% YoY growth in the onshore bond market to a value of Rmb104.3trn.On the contrary, foreign investors' net increase in position in the market has slowed, with more significant increase in treasury bonds and net decline in negotiable certificate of deposits and enterprise bonds as they turned risk averse. We, however, see brighter outlook in the market for foreign investors. In our view, there are at least six recent factors that will drive their participation.

China Onshore Credit: How Has Foreign Investors' Position Changed and What Is the Outlook?