The "Beijing Put" | Jason Hsu's Bull Case For Chinese Stocks
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Jason Hsu of Rayliant joins Forward Guidance to share his view on the particulars of the Chinese equity market. Hsu argues that the “brutal” bear market is close to over and makes the bull case for onshore Chinese stocks. Recorded on March 28, 2024.
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Jason Hsu on LinkedIn https://www.linkedin.com/in/jasonchsu/
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Timestamps:
(00:00) Introduction
(00:30) The "Brutal" Bear Market In Chinese Equities
(12:49) In China, It's Not The Homebuyers Who Are Indebted... It's The Builders (aka Developers)
(19:31) Spillovers Of China's Real Estate Correction
(23:41) Impact of Real Estate Issues On China's Banking System
(26:39) Beijing's Biggest Fixation: How To Avoid Japanese Real Estate Bust Of 1990s
(33:58) Regulatory Scrutiny On Tech And Other Industries Has Been Reduced
(38:09) VanEck Ad
(38:52) 5-10 Years From Now, People Will Look At Now AS Bottom In Chinese Equities
(39:55) China's Ambition To Move Up The Value Chain
(43:04) Just How Cheap Are Chinese Stocks?
(43:59) Who Are The Investors In The Chinese Stock Market?
(46:08) Immense Pessimism Has Gripped Chinese Stock Investors
(47:16) What Causes Chinese Stocks To Go Up Or Down?
(49:06) China's Role In Emerging Market Equity Portfolios
(51:50) What Moves Emerging Market (EM) Stocks As A Category?
(55:53) Latin American, Middle East, and Africa
(57:23) The Role of Diversification and "Quantamental" Analysis
(01:04:45) State-Owned Enterprises (SOEs) - What Do Investors Really Own?
(01:08:29) Biggest Overweights. (Mexico) and Underweights (India)
(01:11:00) Mechanics Of "The Beijing Put"
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.