Ultime notizie per iShares MSCI China ETF (NASDAQ:MCHI)

Consumer Cyclical

Communication Services

Financial Services

Consumer Defensive

Industrials

Healthcare

Technology

Other

Energy

Basic Materials

Real Estate

Utilities

The fund generally will invest at least 90% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is a free float-adjusted market capitalization-weighted index designed to measure the performance of equity securities in the top 85% in market capitalization of the Chinese equity securities markets, as represented by the H-shares and B-shares markets. The fund is non-diversified.

Tencent Holdings Ltd

PDD Holdings Inc

Meituan Dianping

iShares MSCI China ETF

MARUICHI STEEL TUBE LTD by Maruichi Steel Tube Ltd.

Maruichi Steel Tube Ltd

ISHARES MSCI CHINA ETF

China has gone all out to stimulate the domestic economy and a slew of measures the government and the central bank proposed has kickstarted a<a href="https://www.benzinga.com/markets/asia/24/09/41084907/japans-nikkei-plummets-over-2-000-points-amid-change-of-guard-while-chinese-market-extends-stimulus"> strong rally in the domestic stock market.</a> CNBC Mad Money host Jim Cramer weighed in on the development and recommended a few stocks that could be potential beneficiaries.
What Happened: &#8220;The Chinese are, once again, stimulating and everyone&#8217;s back,&#8221; said Cramer in a post on X, formerly Twitter. He also recommended Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) and Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) for those looking for stimulus plays.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Back in action after some nice time off and i see that the Chinese are, once again, stimulating and everyone&#39;s back&#8230; Perfect&#8230;.Sorry to be so cynical. But if you want stimulus plays: BABA, AAPL and SBUX will do
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1840670203350270232?ref_src=twsrc%5Etfw">September 30, 2024</a></blockquote>
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In a separate post, Cramer said he would love for China to set up a stock stabilization fund and use it to cushion any downside in stocks.
On Monday, the Chinese Shanghai Composite Index settled 8.06% higher 3,336.50 after Caixin manufacturing and services sector purchasing managers&#8217; indices disappointed to the downside. The index has gained nearly 22% since Sept. 20 and is up about a little over 12% for the year.
The People&#8217;s Bank of China announced last week it will in the near future cut the reserve requirement ratio, which is the amount of cash banks must hold as reserves, by 50 basis points freeing up about 1 trillion yuan ($142 billion) for new lending, Reuters reported.
The central bank hinted at the possibility of reducing it by an incremental 0.25-0.50% points. The PBoC also said it would lower the seven-day repo rate by 0.2 points, the interest rate on a medium-term lending facility by about 30 basis points and loan prime rates by 20-25 basis points.
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks">Best Chinese Stocks</a>
Why It&#8217;s Important: For Apple, China is a key market both from the perspective of supply and demand. Cupertino counts China as its major manufacturing base despite its efforts to diversify its production base. China is also a key market for the company&#8217;s consumer electronics products, specifically its iPhone, and its services business. Of late, <a href="https://www.benzinga.com/news/24/09/40823119/china-is-eating-apples-lunch-where-smartphone-maker-ranks-vs-asian-competitors">Apple has been stymied by domestic competition </a>that is flooding the market with cheaper smartphones. Huawei has re-emerged as a key rival for Apple in the Chinese smartphone market.
Coffee chain retailer Starbucks has a strong presence in China. The weakening of economic fundamentals in China has impacted the company&#8217;s sales in recent quarters. In the June quarter, Starbucks&#8217; same-store sales in China fell 14% compared to a more modest 2% drop in the U.S.
Alibaba&#8217;s fortunes are closely tied to the Chinese economy as it generates the bulk of its e-commerce sales from China.
Apart from Cramer&#8217;s recommendation, a Chinese economic revival may also bode well for commodity and energy stocks and those multinational corporations have a big presence in the country such as Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
The iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>) rallied 3.35% to $52.70 in premarket trading on Monday, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
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<li><a href="https://www.benzinga.com/opinion/24/09/41053956/a-win-either-way-trade-on-chinas-new-stimulus-package">A &#8220;Win-Either-Way&#8221; Trade On China&#8217;s New Stimulus Package</a></li>
</ul>
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TSLA

Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy

The major Asian markets diverged on Monday as country-specific catalysts drove the averages to either side of the unchanged line. Amid the development, the<a href="https://www.benzinga.com/futures"> U.S. index futures remained unchanged,</a> with a slight positive bias.
Geopolitics Weighs On Japan: Japan&#8217;s key stock market gauge, the Nikkei 225 average, gap-opened lower and fell sharply in early trading. Since then it has been moving roughly sideways around depressed levels. At last check, the export-heavy index was down about 2,000 points or 5.02% at 37,836.70.
The negative reaction comes as 67-year-old Shigeru Ishiba assumes the reins as the country&#8217;s prime minister after he was elected to lead the Liberal Democratic Party. He is widely expected to be sworn in as the prime minister on Tuesday, given the LDF is the majority party in the Japanese parliament Diet.
Japanese public broadcaster NHK said traders could be unwinding positions as they step to the sidelines to see off the policy announcements by Ishiba.
The yen has been modestly stronger against most major currencies early Monday in Asian hours.
Ishiba is a proponent of normalizing monetary policy, which would mean more rate hikes, and favors a more restrictive fiscal policy, including increasing taxes on corporations and financial income, Nikkei <a href="https://asia.nikkei.com/Business/Markets/Equities/Japan-stock-futures-fall-5-as-Ishiba-to-succeed-PM-Kishida">reported. </a>He also supports raising minimum wages in a bid to boost consumer sentiment and end deflation, the report said.
&#8220;Market caution seems to have spread for such issues, as Mr. Ishiba&#8217;s indicated [his] intention to tax financial income and [create] leeway for raising corporate tax,&#8221; said Nozomi Moriya, Japan equity strategist at UBS Securities, according to the report.
A separate Nikkei report, citing senior party officials that Ishiba plans to call for snap polls on Oct. 27. The former defense minister reportedly plans to dissolve the House of Representatives in October to seek a public mandate even as he has been actively selecting new executives of the ruling party and members of his prospective government.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-japanese-stock">How To Buy Japanese Stocks</a>
China Rides High On Stimulus Largesse: China as well as Hong Kong continued to rally hard on Monday. At last check, the Shanghai Composite Index soared 7.49% to 3,318.64 and the Hang Seng Index climbed 3.87% to 21,431.14. 
The buoyancy is seen as a result of <a href="https://www.benzinga.com/opinion/24/09/41053956/a-win-either-way-trade-on-chinas-new-stimulus-package">China&#8217;s intent to reinvigorate economic growth through stimulus measures. </a>The People's Bank of China announced last week it will in the near future cut the reserve requirement ratio, which is the amount of cash banks must hold as reserves, by 50 basis points freeing up about 1 trillion yuan ($142 billion) for new lending, Reuters reported. 
The central bank hinted at the possibility of reducing it by an incremental 0.25-0.50% points. The PBoC also said it would lower the seven-day repo rate by 0.2 points, the interest rate on a medium-term lending facility by about 30 basis points and loan prime rates by 20-25 basis points.
Since Sept. 23, the Shanghai Composite Index has soared over 20%. 
Monday&#8217;s rally in Chinese stocks was facilitated by strengthening evidence of economic weakness. The Caixin China manufacturing purchasing managers&#8217; index fell from 50.4 in August to 49.3 in September, according to a report released by S&amp;P Global. A reading below 50 suggests contraction. The service sector PMI also dipped from 51.6 to 50.3, showing a slowdown in the pace of service sector expansion.
Weak data would allow leeway for authorities to lavish more stimuli into the economy.
The iShares MSCI Japan ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) ended Friday&#8217;s session down 2.62% at $71.08, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data, </a>while the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>) gained 1.78% before closing at $50.99. For the year, these ETFs are up 11.64% and 1.48%, respectively.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40745941/japan-pm-candidate-warns-bidens-opposition-to-nippons-us-steel-acquisition-could-undermine-the-trust">Japan PM Candidate Warns Biden&#8217;s Opposition To Nippon&#8217;s US Steel Acquisition Could &#8216;Undermine The Trust Of Its Allies&#8217;</a></li>
</ul>
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Japan's Nikkei Plummets Over 2,000 Points Amid Change Of Guard, While Chinese Market Extends Stimulus-Driven Run: What's Driving Sentiment In Asia

Even though the Chinese stock market has been scrutinized extensively in the past couple of years, some investors have begun to realize that there is much more upside than apparent risk for Asia&#39;s powerhouse. China&#39;s technology sector has the lowest valuation in history compared to its American counterpart.
Measured through the KraneShares CSI China Internet ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kweb#NYSE">KWEB</a>), names in this space now trade at steep discounts against peers like Alphabet Inc. and even Amazon.com Inc.. While discounted stocks might not look attractive to some investors based on their price action, others recognize the value to be had in them.
This is why stocks like Alibaba Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>), Baidu Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>), and the overall iShares MSCI China ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mchi#NASDAQ">MCHI</a>) have delivered shareholders a significant rally this week, one of the best performances since the few months after the COVID-19 pandemic. Retail investors can also feel a bit safer because some of Wall Street&#39;s favorite investors have also given these companies a chance to make billions.
<h2>Chinese Government Interventions Improve the Risk-Reward Balance for Investors</h2>
Recently, the Federal Reserve (the Fed) in the United States decided to lower interest rates by half a percent, or 50 basis points. The Chinese economy has been criticized long enough for its slowdown and contractions, so the government has also decided to cut rates by the same amount.
The difference is that the Chinese ETF trades at only 47% of the high prices it made in early 2021, while the technology-focused NASDAQ 100 index trades at 96% of its 52-week high now. This means that the potential reward is much bigger in China than the pullback the U.S. technology space could make after these runs.
Stanley Druckenmiller decided to sell out of NVIDIA Co. after realizing the potential upside was no longer that attractive; it is no surprise to see his former mentor and boss George Soros initiate a&nbsp;$73.4 million position in Alibaba.
As lower rates start to spread through the Chinese economy, the consumer discretionary sector and rate-dependent technology companies will probably see the benefits first, so they have become the top choice for other mega investors as well.
<h2>Who&#39;s Buying Chinese Stocks Now and What They&#39;re Adding to Their Portfolios</h2>
Some investors would recognize him for predicting the 2008 financial crisis, but Michael Burry has now made Alibaba his top holding. After buying it for the better part of 2024, Burry&#39;s portfolio is now reported to hold up to 155,000 shares valued at roughly $14.8 million today.
The trend doesn&#39;t end there for Burry, as he also chose Baidu as his fourth-largest position, with 75,000 shares valued at approximately $9 million. Coming right after Baidu, Burry chose JD.com Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>) to be his fifth-largest position, with 250,000 shares carrying a value of $8.3 million today.
Those names are the common choice among investors today. David Tepper has recently deviated from his typical picks in the financial and technology sector to pick on Chinese stocks. For Tepper, his fund bought up to 10,500,000 shares for an approximate value of just over $1 billion in the portfolio.
Considering that Alibaba trades at less than a third of the $316 a share high it made after COVID-19, it makes sense for these investors to look at the potential risk-to-reward ratios and decide if it is worth taking a risk on Chinese stocks.
<h2>Wall Street&#39;s Latest Take on Alibaba and Baidu: Key Insights for Investors</h2>
Starting with Alibaba, analysts now justify a consensus price target of $107.6 a share on the stock, calling for 12.7% upside from where it trades today. However, those at Susquehanna decided to go above and beyond the consensus and place a $130 valuation on Alibaba, implying it could run by a much bigger 35.4% from today&#39;s price.
When it comes to Baidu, the stock trades at only 68% of its 52-week high to offer enough potential upside to consider it. This is why analysts at Citigroup see a potential case for the stock to trade as high as $155 a share, daring the stock to stage a massive 64.8% rally from where it has traded down to today.
Here are other insights for investors to consider: Alibaba&#39;s main competitor could be assumed to be Amazon, which is why the Chinese giant&#39;s 25.1x P/E ratio means a significant discount to Amazon&#39;s 46.0x valuation today. For Baidu, competition can only arguably be found in shares of Google.
Baidu&#39;s 12.4x P/E valuation would also offer investors a steep discount compared to Google&#39;s valuation of 23.3x P/E today, despite a recent selloff in that stock. When it comes to upside and diminished risk, investors all over are finding Chinese stocks to be the winners; maybe retail investors should, too.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/chinese-tech-stocks-rally-whats-behind-it-and-next-steps/">China&#39;s Tech Stocks Surge: What Top Investors Know That You Don&#39;t</a>&quot; first appeared on MarketBeat.

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KWEB

China's Tech Stocks Surge: What Top Investors Know That You Don't

Chinese stocks soared on Tuesday following an unexpected and substantial monetary stimulus from the <a href="https://www.benzinga.com/topic/china">People&#8217;s Bank of China (PBoC). </a>
The central bank announced cuts to the reserve requirement ratio (RRR) for banks and the seven-day repo rate, just a day after lowering the 14-day reverse repo rate.
<h3 class="wp-block-heading">People&#8217;s Bank of China Implements Aggressive Monetary Easing</h3>
The PBoC Governor, Pan Gongsheng, revealed a 50-basis-point cut to the bank&#8217;s reserve requirement ratio, reducing it from 10.0% to 9.5% for commercial banks. 
This cut is set to inject approximately 1 trillion yuan ($140 billion) of liquidity into the banking system, allowing banks more capital to lend.
In addition to the RRR cut, Pan also announced a 0.5 percentage point reduction in existing mortgage rates, offering relief to the struggling property market.
The seven-day repo rate was slashed by 20 basis points to 1.5%, while the 14-day reverse repo rate, already lowered on Monday, saw a 10-basis-point reduction to 1.85%. These moves are seen as a clear signal that Chinese policymakers are increasingly focused on addressing the economic slowdown.
<h3 class="wp-block-heading">Analysts Praise PBoC&#8217;s Moves</h3>
&#8220;The rare simultaneous cut of policy rates and the RRR, the relatively large magnitude of cuts, and unusual guidance on another 25-50 basis point RRR cut by the end of this year, indicated policymakers&#8217; growing concerns over downside risks to domestic economic activity,&#8221; wrote Xinquan Chen, an economist at Goldman Sachs, in a note.
While these monetary measures point to a more proactive stance from the Chinese government, Chen warned that more fiscal stimulus will be required to bolster domestic demand. 
Goldman Sachs expects another 25-basis-point RRR cut in the fourth quarter of 2024, along with further reductions in 2025. The bank forecasts two additional 25-basis-point RRR cuts in the first and third quarters of 2025, as well as two 10-basis-point policy rate cuts in the second and fourth quarters.
ING Group commented that markets had initially anticipated smaller 10-basis-point cuts, making the 20-basis-point reduction more aggressive than expected. However, they cautioned that the long-term impact would depend on whether the PBoC continues with more cuts or adopts a &#8220;wait-and-see&#8221; approach following the current measures.
&#8220;We feel today&#8217;s measures are a step in the right direction, especially as multiple policies were announced together rather than spaced out piecemeal. We continue to believe that there is room for further easing in the months ahead, as most global central banks are now on a rate-cut trajectory,&#8221; ING&#8217;s China chief economist Lynn Song said.
<h3 class="wp-block-heading">Market Reactions: Chinese Stocks, ETFs Rally</h3>
The Hang Seng Index jumped 4.13% on Tuesday, closing at 19,000.56 — the highest level since May. 
U.S.-listed ETFs investing in Chinese equities also rallied strongly in premarket trading. The iShares MSCI Hong Kong Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWH#NYSE">EWH</a>) was up 2%.
The Chinese yuan appreciated 0.3%, reaching its strongest levels since May. 
Major U.S.-listed ETFs focused on China also surged ahead of the market open. The KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) jumped 5.6%, the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) climbed 5.4%, and the iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) rose 5.3%.
Chinese companies listed on U.S. exchanges also saw significant premarket gains. 
Chinese EV-maker Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) surged 8%, while NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) gained 7%. JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) rose 7.1%, and Alibaba Group Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), China's largest publicly traded company with a market capitalization of $209 billion, climbed 5.4%.
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Chinese Stocks Jump As Central Bank Unveils Major Stimulus To Spur Economy: 'A Step In The Right Direction'

The Federal Reserve&#8217;s recent 50 basis point rate cut marks a notable shift in monetary policy, with significant implications for both the U.S. economy <a href="https://www.benzinga.com/markets/emerging-markets">and global markets</a>. 
Fund managers and strategists are weighing in on what this means for investors and what to expect next.
<h2 class="wp-block-heading">KraneShares: Fed's Rate Cut Signals A Cycle</h2>
Brendan Ahern, CIO of KraneShares, believes the Fed's 50 bps rate cut is the beginning of a larger easing cycle.
According to Ahern, &#8220;Another 50 basis point reduction is expected later this year, with an additional 100 basis points projected for 2025.&#8221; 
While some fear the possibility of a mild recession, Ahern points out that the U.S. economy is still displaying resilience. "Unemployment remains low, inflation is easing, consumer spending is holding strong, and corporate profits are generally stable," he notes, suggesting the potential for a "soft landing" instead of a hard downturn.
<h2 class="wp-block-heading">Russell Investments: Softer Stance Could Boost Markets</h2>
Paul Eitelman, chief investment strategist at Russell Investments, shares a more tempered yet optimistic view, noting that the Fed&#8217;s focus is shifting from aggressive inflation control to stabilizing economic growth.
&#8220;This marked the start of a long-awaited easing cycle,&#8221; he said, adding that the Fed is aiming to prevent major damage to the labor market.
Eitelman expects the Fed to maintain a steady pace of cuts—25 bps at each meeting through 2025—to balance risks. Should this strategy succeed, sectors like real estate and small caps could benefit from lower rates and a stabilizing economy.
The Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) and the SPDR Real Estate Select Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) are two of the most popular real estate equity tracking ETFs in the U.S. 
On the small-cap front, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and the iShares Russell 2000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWO#NYSE">IWO</a>) are two popular ETFs tracking the Russell 2000 Index &#8211; a popular benchmark for small-cap equity in the U.S. The iShares Core S&amp;P Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJR#NYSE">IJR</a>) and the Vanguard Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VB#NYSE">VB</a>) are two other popular small-cap equity-tracking ETFs.
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<h2 class="wp-block-heading">WisdomTree&#8217;s Senior Economist: &#8220;I Am Surprised"</h2>
WisdomTree senior economist Professor Jeremy Siegel offered a candid take, expressing surprise at the Fed's bold move. &#8220;I&#8217;ll have to say, I am surprised. I was saying of course I wanted 50, you know I even wanted more, but I didn&#8217;t think he was going to do it.&#8221;
Siegel&#8217;s analysis also highlights the Fed's response to catching up with inflation control. "They realize that they were a bit behind the curve and now they are catching up," he said.
Siegel believes the rate cuts lower the probability of a recession, helping sustain economic strength.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/09/40995794/key-stock-market-dates-predicting-major-swings-revealed-ahead-of-2024-election-according-to-bank">Key Stock Market Dates Predicting Major Swings Revealed Ahead Of 2024 Election, According To Bank Of America</a>
<h2 class="wp-block-heading">Emerging Markets: A Beneficiary Of Lower Rates?</h2>
KraneShares' Ahern also highlights the potential boost for emerging markets. A weaker U.S. dollar resulting from lower rates could &#8220;strengthen emerging market currencies,&#8221; and increased capital inflows may follow. Investors in the iShares Core MSCI Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEMG#NYSE">IEMG</a>) and the Vanguard FTSE Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VWO#NYSE">VWO</a>) are well-positioned to benefit from the strengthening of emerging market equities.
Chinese assets, in particular, are attracting global investors as they trade at low valuations. Investors in the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>) and the KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) are positioned to benefit from any increase in fund flows towards Chinese equities.
Ahern advises closely watching both U.S. policy shifts and China's economic recovery for potential opportunities in this space.
While the Fed's aggressive 50 bps cut has caught many by surprise, fund managers and strategists agree it may provide much-needed relief to financial markets, with growth sectors and emerging markets standing to benefit from the shift.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/bonds/24/09/40993114/companies-run-to-bond-markets-after-last-weeks-fed-rate-cut">Companies Run To Bond Markets After Last Week&#8217;s Fed Rate Cut</a></li>
</ul>
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Fed 'Catching Up' With 50-Point Rate Cut: Fund Managers Expect Gains In Emerging Markets, Small Caps

Chinese stocks surged to their highest levels in four months on Monday, following the People&#8217;s Bank of China&#8217;s (PBoC) slashing <a href="https://www.benzinga.com/topic/interest-rates">a key interest rate</a>.
The surprise move reignites hopes for additional stimulus in the <a href="https://www.benzinga.com/topic/china">world&#8217;s second-largest economy.</a> 
The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) — which tracks major Chinese firms like Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Tencent Holding Ltd. (OTCPK: TCEHY), JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), and Baidu Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NYSE">BIDU</a>) — is up more than 2% as of 11:20 a.m. ET in New York. It&#8217;s a level not seen since late May.
<h3 class="wp-block-heading">PBoC Cuts Rates, Inject Liquidity</h3>
On Sept. 23, the People&#8217;s Bank of China unexpectedly reduced the 14-day reverse repurchase rate by 10 basis points to 1.85%, down from 1.95%.
Additionally, the central bank injected CNY 74.5 billion ($10.2 billion) of liquidity into the banking system through this operation, according to an official statement. The PBoC also pumped CNY 160.1 billion via seven-day reverse repos, maintaining the rate at 1.7%.
These measures come on the heels of the central bank's decision last week to keep key lending rates at record lows, following surprise cuts in July. 
Monday&#8217;s policy moves in China are likely seen as part of broader efforts to stimulate consumption ahead of the National Day Holiday, a week-long break that starts on Oct. 1. 
<h3 class="wp-block-heading">Market Reactions</h3>
Chinese ADRs (American Depository Receipts) rallied sharply in response, outpacing broader market gains. 
Other Chinese-linked ETFs made moves Monday:
<ul>
<li>Kraneshares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) was up 2%</li>
<li>iShares MSCI China (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), up 1.7%</li>
<li>Invesco China Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CQQQ#NYSE">CQQQ</a>) up1.6%.</li>
</ul>
On the same day, the U.S. Commerce Department proposed a ban on the import and sale of Chinese-made vehicles equipped with automated driving systems and critical communications software and hardware due <a href="https://www.benzinga.com/markets/asia/24/09/40981254/chinese-vehicle-tech-faces-biden-administration-ban-over-national-security-concerns-china-ev-stocks">to national security concerns</a>.
This ban is scheduled to take effect in 2027. 
Electric vehicle (EV) manufacturers like Shanghai-based NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Guangzhou, China-based Xpeng Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NASDAQ">XPEV</a>) also joined the broader country stock rally despite the potential negative challenges from the new regulation.
<h3 class="wp-block-heading">Monday&#8217;s Movers Among Largest Chinese Stocks</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Market Cap</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Alibaba Group Holding Limited</td>
<td>$210.26B</td>
<td>2.44%</td>
</tr>
<tr>
<td>NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>)</td>
<td>$ 52.23B</td>
<td>2.59%</td>
</tr>
<tr>
<td>JD.com, Inc.</td>
<td>$ 43.60B</td>
<td>4.19%</td>
</tr>
<tr>
<td>Baidu, Inc.</td>
<td>$ 31.10B</td>
<td>3.00%</td>
</tr>
<tr>
<td>Li Auto Inc.</td>
<td>$ 22.26B</td>
<td>3.55%</td>
</tr>
<tr>
<td>DiDi Global Inc.</td>
<td>$ 19.42B</td>
<td>0.75%</td>
</tr>
<tr>
<td>KE Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>)</td>
<td>$ 18.20B</td>
<td>5.60%</td>
</tr>
<tr>
<td>ZTO Express (Cayman) Inc.</td>
<td>$ 17.43B</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Tencent Music Entertainment Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TME#NASDAQ">TME</a>)</td>
<td>$ 16.34B</td>
<td>4.44%</td>
</tr>
<tr>
<td>Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) </td>
<td>$ 13.85B</td>
<td>2.38%</td>
</tr>
<tr>
<td>NIO Inc.</td>
<td>$ 11.53B</td>
<td>3.13%</td>
</tr>
</tbody>
</table>
</figure>
Read Now:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40983043/us-services-growth-tops-estimate-contraction-in-manufacturing-worsens-reacceleratio">US Services Growth Tops Estimate, Contraction In Manufacturing Worsens: &#8216;Reacceleration Of Inflation&#8217;</a></li>
</ul>
Photo: Shutterstock

Regulations

BEKE

CQQQ

NTES

TCEHY

XPEV

YUMC

Chinese Stocks Defy Biden's Auto Import Ban Concerns, Rally To 4-Month Highs As Central Bank Unexpectedly Slashes Interest Rates

The Biden administration announced Friday that it has finalized and <a href="https://www.benzinga.com/news/24/08/40643613/jd-vance-slammed-by-ex-obama-advisor-for-spewing-frustrating-lies-on-tariffs-stresses-need-for-fact">implemented significant tariff hikes</a> on Chinese imports, first introduced in May, to better safeguard strategic domestic industries from China&#8217;s excess manufacturing volume.
Many tariffs, including a 100% duty on Chinese electric vehicles, 50% on solar cells, and 25% on steel, aluminum, EV batteries, and key minerals, are set to take effect on Sept. 27, according to the U.S. Trade Representative (USTR).
The USTR determination included a 50% duty on Chinese semiconductors &#8212; polysilicon used in solar panels and silicon wafers &#8212; are set to begin next year, Reuters reported.
The USTR kept the 25% tariff on lithium-ion batteries, minerals and components. Tariffs for all other devices, such as laptops and cell phones, will take effect at the start of 2026.
China has promised to retaliate against the &#8220;bullying&#8221; tariff hikes and argued that its EV industry&#8217;s success is due to innovation, not support from its government. 
Read Also: <a href="https://www.benzinga.com/news/24/08/40597203/xi-jinpings-mouthpiece-slams-canada-says-ottawa-is-shooting-itself-in-the-foot-with-100-tariffs-on-e">Xi Jinping&#8217;s Mouthpiece Slams Canada, Says Ottawa Is &#8216;Shooting Itself In The Foot&#8217; With 100% Tariffs On EV</a>
The higher U.S. tariffs are being imposed as Vice President Kamala Harris and former President Donald Trump campaign in auto and steel-producing states, both aiming to demonstrate a tough stance on China with the November presidential election approaching.
The USTR hiked tariffs to 50% on medical face masks and surgical gloves, up from a proposed 25%, but pushed back their start to give buyers a chance to switch to non-Chinese suppliers. 
The tariff on Chinese syringes will double to 100%, but USTR will allow a temporary exclusion for enteral syringes, used to feed infants, for a year.
The USTR also said it will consider requests to exclude tariffs on five Chinese industrial machinery categories, including those for machinery for purifying or filtering liquids, industrial robots and printing machinery.
It will also exclude tariffs for Chinese solar wafer and cell manufacturing equipment, but not for equipment used to make full solar modules.
Price Action: Several Chinese companies that trade in the U.S. declined in Friday&#8217;s early-morning trading.
<ul>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) fell 1.12% to $84.53.</li>
<li>PDD Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) dropped 2.6% to $94.71.</li>
<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) slipped 1.14% to $26.36.</li>
</ul>
Meanwhile, Chinese exchange-traded funds gained on Friday morning.
<ul>
<li>IShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) rose 0.27%.</li>
<li>KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) slipped 0.72%.</li>
<li>IShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) ticked up 0.49%.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/05/38758049/biden-plans-new-tariffs-on-china-targets-electric-vehicles-and-other-strategic-sectors-report">Biden Plans New Tariffs On China, Targets Electric Vehicles And Other Strategic Sectors: Report</a></li>
</ul>
Photo: Shutterstock

Citigourp Global Markets 2% Protected Notes Linked To The Djia

Biden Hikes Tariffs On Chinese Goods, Alibaba, JD.com Stocks Drop

Whether it&rsquo;s Kamala Harris or Donald Trump at the helm of U.S. foreign policy in January 2025, one thing is likely: the continuation of a strategic decoupling from mainland China. That means Chinese companies outsourcing to or investing in factories in Southeast Asia and maybe even Mexico to keep their market share in the U.S. &nbsp;It could come at a loss to the Chinese labor force, setting the table for all sorts of potential problems as China and the U.S. go through a nasty divorce.
&quot;The presidential election is viewed as pivotal for China investors,&quot; said <a href="https://www.linkedin.com/in/shainvernier">Shain Vernier</a>, Financial Analyst of HowToTrade.com. &quot;Many are concerned about the prospects of extensive tariffs from another Trump. But think a Harris administration will be more passive regarding trade wars and related policies,&quot; he said.
The No. 2 economy is holding out, but slowing down. The real estate sector, a driver for domestic consumption and employment, is <a href="https://www.benzinga.com/markets/asia/24/07/39961679/has-chinas-real-estate-market-turned-a-corner">in trouble again.</a>
Shenzhen Anju group, a Shenzhen-based state-owned-enterprise, said it will begin buying apartment buildings and convert them into affordable housing. This could help alleviate the supply of 48,974 apartments for sale, totaling 5.16 million square meters, which is equivalent to two years of inventory, according to a <a href="https://chinalastnight.com/2024/08/08/shenzhens-real-estate-policy-ignites-rally/">KraneShares&#39; daily post</a> on China on Thursday, called China Last Night. Guangzhou said on May 30 that the city was adopting a &ldquo;purchase instead of construction model&rdquo; -- so Shenzhen is following in that city&#39;s footsteps. The idea is to soak up inventory, stabilize housing prices, and restore consumer confidence. Real estate stocks rose just over 1% on Thursday morning, though it does not appear Chinese developer credit default swaps tightened on the news. The market still does not like their debt.
June PMI data from China shows that employment indices are all in decline for the fifth straight month. A housing slump has construction jobs falling the lowest level since the start of the pandemic in February 2020. Services are also weak, with the services PMI sub-index hitting 46.3, the lowest level of 2024. Anything under 50 signifies a contraction.
Manufacturing employment has been falling for 16 months despite China exporting whatever it can make to wherever in the world will buy it.
China investors are not being rewarded for buying the dips.
The iShares MSCI China (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mchi#NASDAQ">MCHI</a>) ETF is down 27% over the last five years. XTrackers China CSI-300, best known as the China A-Shares ETF (ARCA: ASHR) is down around 11%.
Not that the overall emerging markets indexes were making you rich, but the iShares MSCI Emerging Markets (ARCA: EEM) is up over 3.5% in five years, and the reason it is that low is because of China dragging it down.
Even China tech has underperformed.
The KraneShares China Internet (ARCA: KWEB) ETF is down 4.3% year-to-date, down 15.5% over the last 12 months and down 33% over the last five years.&nbsp;
China EV manufacturer Nio (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) is down over 75% in the last 12 months, and also down year-to-date. (It&rsquo;s up 19% over five years, though.)
The China automotive sector is being hammered by the White House, with the Biden administration slapping high tariffs on Chinese EVs in <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/">May</a> and <a href="https://www.msn.com/en-us/autos/news/teslas-mexico-factory-on-hold-over-trump-tariff-fears/ar-BB1qD69P">Trump hinting</a> he would tariff Chinese EVs made in Mexico coming into the U.S. duty-free thanks to the USMCA trade agreement.
<h3>China Risks &ldquo;Skewed Towards Further Escalation&rdquo;</h3>
Figure the geopolitical headwinds for China will not improve under Harris or Trump. At best, investors and businesses will have to cope with the status quo.
Trump and his team, centered on USTR Robert Lighthizer, have focused on China &ldquo;decoupling&rdquo; - reducing the absolute level of trade deficits by using tariffs. Biden and his team &ndash; many of whom will share similar thinking of Harris&#39;s advisors &ndash; are focusing tariffs on so-called climate change policy goods like EV-related goods and solar, two sectors China dominates.
Since the Trump-era tariffs began in 2018, China&#39;s exports to the U.S. have declined but have gone up in Vietnam, Mexico, and other Asian markets to compensate.
Exports remain the bright spot for China&rsquo;s economy, though this has not translated into stock market gains.
In an Aug. 2 report by Barclays Capital, economist Jian Chang said that China&rsquo;s rising exports to the rest of the world minus the U.S. were signs of resilience against the West&rsquo;s &ldquo;trade war&rdquo;. However, Chang skews the risk meter in favor of&nbsp; &quot;further escalation.&quot;
She managed to find some positives there.
From Barclays&rsquo; report:
<ul>
<li>China semiconductor exports are rising, surpassing Taiwan, tied with India and approaching the leader &ndash; Korea</li>
<li>Chinese companies are expanding and investing in overseas markets to gain global market share amid geopolitical tensions and slowing domestic growth</li>
<li>Chinese manufacturers have enhanced their export competitiveness of high-tech products, supported by a decade of industrial upgrading, technological innovation, and customer-centric approaches, as seen from their shipping more high-end/high-tech products.</li>
</ul>
China&rsquo;s closely watched Politburo meeting of the CCP&#39;s A-list ended on July 30 with leadership acknowledging the difficulties and challenges facing the economy, including geopolitical risks, insufficient domestic demand, and the difficulties in going from old growth drivers like real estate to new growth drivers. They called for &ldquo;maintaining strategic determination,&rdquo; Chang wrote from her offices in Hong Kong.
&ldquo;That implies that the authorities will refrain from actions that might rekindle the old growth model fueled by rapid credit growth,&rdquo; she said. &ldquo;The July meeting fell short of offering big stimulus.&rdquo;
At this point, investors are in China because it&rsquo;s the second-largest economy in the world. Sectors from tech to healthcare and consumer have not impressed.
However, U.S. foreign direct investment into Chinese manufacturing broke a record in 2023, hitting a total $59.31 billion, up from the 2022 record of $56.56 billion, <a href="https://apps.bea.gov/international/factsheet/factsheet.html#650" style="color:#467886; text-decoration:underline">according to the Bureau of Economic Analysis.</a>
Based on these numbers alone, it does not look like any real decoupling or derisking is going on at all.&nbsp;&nbsp;
&quot;Despite tensions, traders and investors are still very optimistic about China because they have confidence in China&rsquo;s central bank&#39;s commitment to economic growth,&quot; said Vernier. &quot;Traders have to recognize that China is not a small economy solely reliant on exports. In terms of investment themes, traders particularly value China&#39;s capacity to operate at scale and at a lower cost. It may be beneficial to continue focusing on Chinese manufacturers of EVs and solar, two sectors China currently dominates,&quot; Vernie said.
Geopolitical tensions have not been kind to China solar.
Jinko Solar (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jks#NYSE">JKS</a>), which also manufactures solar panels in Florida, is down over 45% both year-to-date and over 12 months. It&#39;s down just over 3% in five years.
By comparison, American solar giant First Solar (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fsrl#OTC">FSRL</a>) is up 20% YTD, 5.8% in 12 months, and looks like cryptocurrency over five years, rising 224%.
Worth noting: publicly traded Chinese solar companies <a href="https://www.rubio.senate.gov/rubio-introduces-bill-to-block-subsidies-to-chinese-battery-companies/">run the risk</a> of being banned from receiving tax credits under the 2022 Inflation Reduction Act.
So China has problems &ndash; yet despite restrictions on capital into certain types of investments (like defense company stocks, or certain tech products being restricted for sale by U.S. companies to Chinese companies), FDI is flowing. China investors are rummaging through what looks like the political rubble. Some are finding that the decoupling and derisking narrative has not been so bad for China. These are the sectors to look into.
China&rsquo;s third quarter started weaker following lackluster second-quarter growth. Barclays is keeping with its 4.8% GDP forecast for 2024, which is just under Beijing&rsquo;s 5% target line.
*The writer is an investor in the KraneShares China Healthcare (KURE) ETF.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Penny Stocks

Small Cap

General

FSRL

Kamala And Trump Will Continue China De-Risking. Does That Make China A Turn-Off To Wall Street?

<a href="https://www.benzinga.com/news/24/04/38197616/china-shares-us-concerns-over-overcapacity-but-disagrees-with-its-views-on-solutions">A production surplus in China</a> threatens to flood Western global markets with cheaper Chinese products that can displace local competition. 
According to an <a href="https://www.foreignaffairs.com/china/chinas-real-economic-crisis">analysis</a> by Foreign Affairs, Beijing's industrial policies have pushed the country to produce more than the world can take in. This puts China at risk of spiraling into "a doom loop of falling prices, insolvency, factory closures, and, ultimately, job losses."
U.S. Treasury Secretary Janet Yellen <a href="https://www.benzinga.com/news/24/04/38146989/treasury-secretary-janet-yellen-sees-flood-of-chinese-exports-wiping-out-us-green-energy-industry">addressed the issue</a> in April, stating: &#8220;We&#8217;re not the only country that&#8217;s concerned about a flood of Chinese exports wiping out important firms and industries within our country.&#8221;
Specific sectors, like the green energy industry, are particularly at risk, she said. Chinese state-subsidies are leading the country to an overproduction of products — a topic <a href="https://www.benzinga.com/news/24/06/39285975/g7-summit-in-italy-to-address-concerns-over-chinas-overproduction-and-export-controls-report">heavily discussed during a June G7 meeting in Italy</a>.
China's exports continued to grow last month, though at a slower pace than before.
Output in July was 7% higher than the previous year, but below the 8.6% year-over-year growth registered in June. The slowdown was attributed to lower export prices, since export volumes remained at record levels.
<h2 class="wp-block-heading">China Overcomes Tough Tariffs</h2>
European powers and the U.S. are navigating a complicated period of <a href="https://www.benzinga.com/markets/asia/24/06/39192444/ray-dalio-warns-of-us-china-economic-sanctions-stresses-diversification">economic decoupling from China</a>. But, so far, China's export business appears to be surviving the trend.
Last month, the European Commission <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">slapped tariffs of up to 37% on some Chinese EV makers</a>, arguing that an oversupply in Chinese production is leading to unfair competition in the European electric vehicle market.
&#8220;Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies,&#8221; said the commission&#8217;s President Ursula von der Leyen when the bloc started analyzing whether to impose the tariffs back in 2023.
China&#8217;s overproduction surplus could be the reason behind the drop in export prices shown in July. Chinese factories now can produce twice as many solar panels as the world can put to use.
Read also: <a href="https://www.benzinga.com/markets/asia/24/08/40185161/china-related-etfs-take-a-hit-in-tuesdays-premarket-despite-global-markets-showing-signs-of-recovery">China-Related ETFs Take A Hit In Tuesday&#8217;s Premarket Despite Global Markets Showing Signs Of Recovery: What&#8217;s Going On?</a>
<h2 class="wp-block-heading">US Response To China</h2>
Last week, the U.S. Trade Representative's office said it would take longer than expected to review all the comments <a href="https://www.benzinga.com/markets/asia/24/05/38824198/biden-announces-massive-tariffs-on-chinese-imports-to-protect-us-industries-clean-energy-solar-stock">on the proposed tariffs</a>, leaving the <a href="https://www.benzinga.com/government/24/07/40064793/biden-administrations-tariffs-on-china-made-evs-to-protect-domestic-automakers-pushed-back">measure stalled for the time being</a>.
The U.S. already has high tariffs on Chinese EVs, which explains why Chinese car companies have not succeeded in the American market. In May, Biden announced that tariffs on Chinese EVs would rise from 25% to 100% in 2024. 
The administration has also raised tariffs on other Chinese products including medical supplies. 
Regardless of the recent tariffs and the negative environment, export from China to the U.S. and Europe actually grew between June and July, the WSJ <a href="https://www.wsj.com/economy/china-exports-growth-slows-unexpectedly-d256615b?mod=hp_major_pos2#cxrecs_s">reported</a>.
China is still pushing to meet its 5% growth target set for 2024. An aging population and <a href="https://www.benzinga.com/real-estate/24/05/38643079/chinas-new-homes-market-is-in-a-state-of-freefall">a severe real estate crisis</a> are some of the barriers to recovering the growth that characterized its economy during recent decades, before the onset of the COVID-19 pandemic.
Yet it could be the country's industrialization policies that are plaguing its growth potential.
<ul>
<li>KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) is down 2.1% in the last five trading days.</li>
<li>iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) recovered 0.6% on Wednesday and is down 1.7% in the last five trading days.</li>
<li>iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) is down almost 3% in the last five trading days.</li>
</ul>
Now Read:
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<li><a href="https://www.benzinga.com//node/40158092">Chinese EV Makers Spent Up To 29% Of Q1 Revenue On R&amp;D, Leaving Elon Musk&#8217;s Tesla In Rearview Mirror</a></li>
</ul>
Photo via Shutterstock.

China's Industrial Overcapacity Puts It In 'Doom Loop,' Western Markets Are At Risk: Analysis

The <a href="https://www.benzinga.com/markets/asia/24/08/40154219/what-investors-should-know-about-yen-carry-trade-unwinding-that-is-sending-global-markets-into-a-tai">unwinding of the yen carry trades roiled the global markets </a>on Monday although sanity returned, helping a rebound. Even as analysts sound caution regarding further unwinding that could happen over time and prolong the sell-off, a new threat is likely to aggravate matters further.
Yen Out, Yuan In: Chinese yuan carry trades are on the cusp of being unwound as positioning in the yen is not extreme, according to Citigroup, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-08-07/carry-trade-out-of-danger-zone-but-watch-yuan-citi-quants-say">said</a> in a report. The yen and yuan carry trades are still crowded compared to many of their targets, with the latter standing out, Citi&#8217;s quantitative strategists Dirk Willer and Alex Saunders said in a note to clients, the report said.
Carry trade is a strategy through which people take advantage of the low interest rates prevailing in a country and borrow capital to invest in high-yielding assets elsewhere. 
There are &#8220;more positioning worries on the funding side of the carry trade, and in particular the yuan, rather than on the long carry side,&#8221; the strategists reportedly said. They noted that the yuan was &#8220;swept up in the popular Trump trades, where the threat of tariffs was supposed to lead toward higher dollar-yuan,&#8221; they added.
&#8220;Overall, positioning in carry is not clean yet, but it is below the danger levels that we monitor,&#8221; the strategists said.
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks">Best Chinese Stocks</a>
Why It&#8217;s Important: The Bank of Japan&#8217;s ultra-loose monetary policy helped the rampant build-up of yen carry trades. As the Japanese currency strengthened amid two rate hikes by the central bank this year and the weakening of the U.S. economy, traders were forced to cover their positions by selling assets purchased using yen-funded loans.
The yuan has weakened 1.42% against the dollar so far this year, while it has strengthened 1.23% since the start of July. The USD-CNY pair is not allowed to float freely like most other major currencies and the exchange rate is controlled by the People&#8217;s Bank of China. The central bank fixes the starting level each day at around 9:15 am Beijing time and the yuan will be allowed to trade in a 2% range around the fix.
The recent strengthening of the yuan should be a welcome development for the PBoC, as it might provide leeway for the bank to lower rates in order to kickstart domestic growth, the Bloomberg report said.
The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) edged down 0.15% to $40.56, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/39704967/chinese-etf-market-explodes-with-5x-increase-in-inflows-over-3-years-despite-some-ceasing-operations">Chinese ETF Market Explodes With 5X Increase In Inflows Over 3 Years Despite Some Ceasing Operations In US</a></li>
</ul>
Photo Via Shutterstock

Forex

Media

Move Over Yen, Yuan Carry Trades Could Be Next Ticking Bomb, Warns Strategists: 'But It's Below The Danger Levels We Monitor'

In the wake of China stocks plummeting to a six-month low, China-related ETFs in the U.S. saw a decline in pre-market trading on Tuesday.
What Happened: <a href="https://www.benzinga.com/news/earnings/24/08/40183965/us-stocks-set-to-open-higher-after-mondays-crash-vix-plummets-analyst-says-would-have-worried-if-ma">Despite an overall regional relief rally, </a>China stocks suffered a blow on Tuesday, causing the yuan to ease from Monday&#8217;s seven-month high against the dollar, Reuters reported. This shift challenges the view of Chinese assets as a haven amid global market turmoil.
ETFs such as KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) and iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) saw a decrease of 0.27% and 0.81% respectively in trading. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) also experienced a 1.16% decline.
China&#8217;s long-term yields surged due to concerns of government-led bond selling to cool down a heated rally, rather than a positive economic outlook. The blue-chip CSI 300 Index ended the session flat, hitting its lowest since February. The Shanghai Composite Index closed up 0.2%, while Hong Kong&#8217;s Hang Seng closed down 0.3%.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That&#8217;s Not How Crypto Works&#8217;</a>
Why It Matters: On Monday, U.S. stock markets <a href="https://www.benzinga.com/markets/asia/24/08/40182779/asia-markets-mixed-as-japan-recovers-europe-opens-in-red-crude-and-gold-advance-global-markets-today">closed significantly lower</a>, with the Nasdaq and S&amp;P 500 each falling over 3%. This was a continuation of the previous week&#8217;s sell-off, driven by fears of weak economic data and a soft U.S. payrolls report.
However, the U.S. stocks look to bounce back on Tuesday. In premarket trading on Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.78% to $521.40, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.82% to $438.95, according to <a href="http://pro.benzinga.com">Benzinga Pro </a>data. The Japanese market, which was the epicenter of Monday's sell-off, rebounded strongly, with the Nikkei 225 average climbing over 10%. The Taiwanese and South Korean markets also rose notably.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Pre-Market Outlook

China-Related ETFs Take A Hit In Tuesday's Premarket Despite Global Markets Showing Signs Of Recovery: What's Going On?

Chinese electric vehicle stocks, including NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>), are trading higher Monday.
China, a key AI chip and electric vehicle market, faces several economic challenges, including weak growth <a target="_blank" href="https://www.benzinga.com/news/24/07/39768528/alibaba-chinese-tech-stocks-and-ev-stocks-nio-xpeng-li-auto-tumble-after-disappointing-economic-repo" rel="noreferrer noopener">in the second quarter</a> and looming deflation.
On Monday, the People&#8217;s Bank of China (PBOC) <a target="_blank" href="https://www.benzinga.com/government/24/07/39878618/whats-going-on-with-alibaba-and-other-chinese-stocks-on-monday" rel="noreferrer noopener">announced that it</a> would cut the seven-day reverse repo rate to 1.7% from 1.8% and reduce the one-year loan prime rate (LPR) to 3.35% from 3.45%. Additionally, China lowered the five-year LPR to 3.85% from 3.95%.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39768528/alibaba-chinese-tech-stocks-and-ev-stocks-nio-xpeng-li-auto-tumble-after-disappointing-economic-repo" rel="noreferrer noopener">Alibaba, Chinese Tech Stocks And EV Stocks NIO, XPeng, Li Auto Tumble After Disappointing Economic Report</a>
EV stocks also got a boost from reports of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) developing a new AI chip tailored to comply with US export restrictions for China. EV companies also <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39689355/chinese-ev-innovations-nio-and-xpeng-advance-in-house-smart-driving-chips-tape-out-progress-and-" rel="noreferrer noopener">use AI chips</a>.
<a target="_blank" href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export" rel="noreferrer noopener">Reports indicated Nvidia</a> collaborating with Inspur, a key distribution partner in China, to introduce and distribute the new chip, tentatively named &#8220;B20.&#8221;
Investors can gain exposure to Nio through iShares Core MSCI Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEMG#NYSE">IEMG</a>) and iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>).
<h2 class="wp-block-heading">XPeng Stock Prediction For 2024</h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of XPeng have an average 1-year price target of $10.0, representing an expected upside of 18.34%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on XPeng, while 1 analysts have bullish ratings. The street high price target from B of A Securities is $11.7, while the street low from Citigroup is $8.3.
Price Actions:&nbsp;At the last check on Monday, NIO shares were trading higher by 3.36% to $4.61 premarket. XPEV is up 3.31% to $8.72, and LI is up 2.55% to $20.15.
Also Read: <a href="https://www.benzinga.com/news/24/07/39574028/whats-going-on-with-chinese-ev-stocks-nio-li-auto-xpeng-on-monday" target="_blank" rel="noreferrer noopener">NIO, Li Auto, and XPeng Stocks Rise After Strong June Delivery Numbers</a>
Photos via Shutterstock

NVDA

What's Going On With Chinese EV Stocks Nio, Xpeng, Li Auto Stocks On Monday?

The Chinese exchange-traded funds (ETFs) market has seen a fivefold increase in investments over the past three years
What Happened: As per Morningstar, the inflow into Chinese ETFs has experienced &#8220;staggering&#8221; growth, consistently reaching new highs over the last five years, CNBC <a href="https://www.cnbc.com/2024/07/10/chinese-etf-inflows-jump-5-fold-in-three-years-says-morningstar.html">reported</a> on Tuesday. Wanda Wang, Morningstar&#8217;s Research Manager, mentioned that the annual inflows to China ETFs surged almost fivefold in the past three years.
Data from the American financial services firm shows that the total yearly inflows to Chinese ETFs swelled from 127.2 billion yuan ($17.49 billion) in 2021 to 387.2 billion yuan ($53.2 billion) in 2022. In 2023, this figure hit 604.3 billion yuan ($83.05 billion).
By the end of 2023, the total assets under management (AUM) of ETFs in China more than doubled that at the end of 2020, reaching 1.82 trillion yuan ($250 billion). 
&#8220;The growth of the Chinese ETF market over the past few years is explosive,&#8221; Wang said.
Despite the volatility, the ETF market in China tends to be concentrated in leading providers like China Asset Management, E Fund Management and Huatai-PineBridge, which are the three largest ETF providers by AUM, Morningstar noted.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39701760/nvidia-alibaba-jumia-technologies-chipotle-tesla-why-these-5-stocks-are-on-investors-radars-toda?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVDA, BABA, JMIA, CMG, TSLA: Top 5 Trending Stocks Today</a>
Why It Matters: This surge in Chinese ETFs comes <a href="https://www.benzinga.com/markets/asia/24/05/38782459/china-focused-etfs-have-become-political-footballs-in-us-as-investor-apprehension-leads-to-large-sca">despite a record number</a> of U.S.-listed China-focused ETFs closing down in 2024 due to growing investor concerns about the world's second-largest economy. According to data from Morningstar Direct, 13 U.S.-listed China ETFs ceased operations in the first quarter of 2024 alone.
Chinese stocks had <a href="https://www.benzinga.com/markets/asia/24/05/38706682/chinese-stocks-surge-as-investors-bet-on-economic-turnaround-7-etfs-to-watch">witnessed a significant rally </a>in the first part of the year, reviving investor bets on a more serious and robust recovery. The SSE Composite Index, which includes all stocks listed on the Shanghai Stock Exchange, reached its highest level since September 2023, showcasing a rally of about 19% from the lows in 2024.
Price Action: On Wednesday&#8217;s pre-market, the KraneShares Trust KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) was trading 0.75% lower at $27.83&nbsp;after it closed at $28.05 on Tuesday. The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) was trading at $42.56 during the same time after it closed at $42.87 on Tuesday. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) closed at $26.25 on Tuesday and was trading 0.79% lower at $26.29. The Franklin FTSE China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLCH#NYSE">FLCH</a>) closed at $16.82 on Tuesday.
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Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

FLCH

Chinese ETF Market Explodes With 5X Increase In Inflows Over 3 Years Despite Some Ceasing Operations In US

<h4>Key Takeaways:</h4>
<ul>
<li>iHuman&rsquo;s revenue and profit both declined in the first quarter as it accelerated a global expansion plan to diversify beyond its softening home market in China</li>
<li>The company&rsquo;s gross margin and total users both improved, but the omission of its latest paid user count suggests that key metric continued to decline</li>
</ul>
By Doug Young
Sometimes what&rsquo;s left unsaid speaks the loudest.
That could partly explain the 4.3% decline for shares of&nbsp;iHuman Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ih#NYSE">IH</a>), a provider of educational products and services for young children, after it published its&nbsp;<a href="https://www.prnewswire.com/news-releases/ihuman-inc-announces-first-quarter-2024-unaudited-financial-results-302185388.html">latest quarterly results</a>&nbsp;last Friday. The report notably didn&rsquo;t include the company&rsquo;s latest number of paying users at the end of March, ending a previous practice of including that key metric.
Anyone reading between the lines would probably guess that omission was due to the fact that the number wasn&rsquo;t too attractive and continued a recent trend of contraction that saw the figure fall by 17% in the fourth quarter to 1.45 million paid users.
The latest report also lacked any quantifiable information on the company&rsquo;s recent drive to develop its business outside China, which it characterized as a strategic priority. Such a strategy looks prudent for Chinese companies from the educational sector due to the high risk from unpredictable regulatory oversight.
A sudden clampdown on China&rsquo;s K-12 after-school tutoring sector two years ago wiped out an entire multibillion-dollar industry in an instant. iHuman wasn&rsquo;t affected due to its focus on younger children and broader learning skills rather than specific courses like math and science. But there&rsquo;s no guarantee that its area won&rsquo;t become the future target of another crackdown aimed at lightening the burden of extra coursework on impressionable young minds.
iHuman made several references to the international expansion in its latest report, showing the importance it places on the initiative to diversify its business beyond China. But its failure to disclose any specifics suggests that part of the business has yet to produce any meaningful revenue, which may have disappointed investors.
While those unspoken elements probably worried investors, an acceleration in the company&rsquo;s revenue declines was probably the biggest culprit behind the selloff of iHuman&rsquo;s stock after the release of its latest report. iHuman said its revenue fell 11% to 235 million yuan ($32 million) in the first quarter from 265 million yuan a year earlier. The company&rsquo;s revenue began to contract in last year&rsquo;s fourth quarter, falling by a milder 4%, ending three years of steady growth since its IPO in 2020.
iHuman attributed the fourth-quarter revenue contraction to the pandemic, explaining that revenue for the fourth quarter of 2022 was exceptionally high and difficult to beat as many families used its services during lengthy periods of home confinement during China&rsquo;s last-ditch effort to control the spread of Covid. It gave a similar explanation for the 11% decline in the first quarter, even though China had lifted its pandemic controls by the end of 2022 and people were no longer confined to their homes during the year-ago period in the first quarter of 2023.
While the pandemic provides a convenient excuse for its revenue contraction, an equally likely culprit is China&rsquo;s slowing economy that is causing consumers to rein in their spending. Sellers of big-ticket items like cars and homes are feeling the effects of that caution most acutely. But providers of more discretionary items like the kinds of educational services sold by iHuman are also undoubtedly feeling the pinch.
<h3>Left behind</h3>
The selloff of iHuman&rsquo;s shares after the report&rsquo;s release wasn&rsquo;t extremely large, and, in fact, the stock bounced back somewhat over the next two trading days. But more telling is a longer-term trend that&rsquo;s seen iHuman&rsquo;s shares get left behind from a broader rally for U.S.-listed Chinese shares earlier this year.
That rally lifted the iShares MSCI China ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mchi#NASDAQ">MCHI</a>) more than 30% at one point from a low in February, and the index remains up by a much smaller 4.6% year-to-date. By comparison, iHuman&rsquo;s shares have trended steadily downward since the start of the year and are now down 38% year-to-date.
The company has been profitable for the last two years and continued that trend in the first quarter. But the latest figure was down by more than half to 22.3 million yuan from 53.6 million yuan a year earlier, undoubtedly adding to investor concerns, as it attributed the decline to heavier spending on product development and its international expansion.
&ldquo;While these increased investments may temporarily impact our short-term profitability, we believe they are crucial for reinforcing our industry leadership, sustaining our long-term growth, and creating long-term value for our shareholders,&rdquo; CFO Viven Wang said in the earnings announcement.
Its odd mix of relatively solid profits and a sinking share price have left iHuman with a depressed price-to-earnings (P/E) ratio of just 4, and a similarly depressed price-to-sales (P/S) ratio of 0.72. The latter is actually ahead of the 0.33 P/S ratio for&nbsp;Mynd.ai&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mynd#NYSE">MYND</a>), though it trails well behind the 2.9 for&nbsp;Fenbi&nbsp;(2469.HK), both providers of educational products and services for young children. No matter how you slice it, investors are still relatively cautious on Chinese education stocks in general after many got burned from the earlier crackdown.
iHuman&rsquo;s report wasn&rsquo;t all downbeat and did include a few more positive metrics. While its paying users most likely fell during the quarter, the company&rsquo;s monthly average users (MAUs) rose by a strong 25% to 26.4 million year-on-year. That marked an acceleration from the 14% gain for the metric in last year&rsquo;s fourth quarter, and probably shows that parents still want this kind of service for their young children, even if they are less willing to pay for it.
The company&rsquo;s gross margin also improved to 71.5% from 70.0% a year earlier and 71.2% in the previous quarter. Such margins are all quite high, and the improving trend shows iHuman is becoming more efficient in its core business of providing educational products and services for children. The main factor undermining its profit was a 17% increase in its operating expenses, led by a 36% rise in its sales and marketing activities as it rolled out more promotions and tried to build up its international business.
At the end of the day, iHuman is doing its best to navigate a tricky China market where the threat of crackdowns is always a possibility and consumers are increasingly cautious as the economy slows. There&rsquo;s not much it can do about the regulatory risk. But it will need to show some more concrete progress in the international expansion, and also return to revenue and paid user growth before investors might consider returning to its stock.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

MYND

iHuman Misses China Stock Rally As Investors Fret Over Stumbling Growth

Chinese stocks <a href="https://www.benzinga.com/markets/asia/24/07/39570865/tiktok-and-social-media-influencers-drive-gen-zs-shopping-habits-in-asia-pacific-report">improved on Monday </a>after data on June manufacturing came in better than forecast and reached its highest point in three years.
The CSI 300 Index, which follows China&#8217;s largest companies listed in Shanghai and Shenzhen, rise 0.5% on Monday to come out of a four-month low and build on Friday&#8217;s 2% gain, the South China Morning Post <a href="https://www.scmp.com/business/markets/article/3268734/chinas-stock-index-jumps-3-year-high-after-junes-factory-data-surpassed-expectations">reported</a>. Hong Kong's financial markets were closed for a holiday.
Japan's Nikkei 225 edged up 0.1%, while South Korea's Kospi gained 0.2% yet Australia's S&amp;P/ASX 200 declined 0.2%.
The Caixin/S&amp;P Global manufacturing purchasing managers' index (PMI) improved from 51.7 in May to to 51.8 in June to set the fastest pace since May 2021 and beat analysts' forecasts of 51.2, according to the Morning Post.
The upbeat private data quelled concerns following&nbsp;official PMI data, which came in at 49.5 in June and was unchanged from May, according to National Bureau of Statistics data released on Sunday. A reading above 50 indicates expansion of activity, while a reading below suggests contraction.
Also Read:<a href="https://www.benzinga.com/markets/asia/24/07/39567244/chinas-central-bank-could-embrace-federal-reserve-model-in-a-major-reform-under-governor-pan-gongshe"> China&#8217;s Central Bank Could Embrace Federal Reserve Model In A Major Reform Under Governor Pan Gongsheng</a>
Property developer stocks went up in mainland China on hopes that a positive economic climate would entice buyers back to the real estate market. 
Poly Developments and Holdings Group Co., Ltd. jumped 6.2% to 9.31 yuan and China Vanke Co. Ltd. rallied 5.2% to 7.29 yuan. Chip designer Cambricon Technologies rose 3.1% to 204.84 yuan and electronics product maker Foxconn Industrial Internet (601138.SS) ticked up 2.2% to 28 yuan.
Renewed market intervention efforts from "the national team" as indicated by a surge in net assets of the nation's biggest exchange-traded funds has also buoyed sentiment.
A total of 51.1 billion yuan (US$7 billion) came into the market through CSI 300 ETF in the week ended June 28 after the Shanghai Composite Index slipped below the 3,000 psychological level, Morning Post reported , as cited in state-run Securities Times on Monday, Morning Post reported.
Price Action: Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) rose 0.24% to $72.17, Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) gained 0.47% to $81.89 and NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) improved 4.84 % to $4.36.
KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) gained 0.43% as iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) rose 0.62% and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) went up 0.54%.
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</ul>

Chinese Markets Pick Up Following Positive Data On Manufacturing

A JPMorgan Chase &amp; Co analyst, who was previously bearish on China&#8217;s tech sector, is now predicting a significant increase in stock prices.
What Happened: Alex Yao, the co-head of Asia TMT research at JPMorgan, has made a remarkable shift in his stance on China&#8217;s tech sector. Yao, who was once skeptical about the sector&#8217;s potential, is now forecasting a 20-25% increase in stock prices, <a href="https://www.bloomberg.com/news/articles/2024-06-19/jpmorgan-analyst-known-for-bearish-call-touts-china-tech-stocks">reported</a> Bloomberg on Wednesday.
Yao attributes this potential growth to an improved cost structure and less aggressive competition. He also emphasizes the significance of macroeconomic developments in stabilizing the sector&#8217;s share price trend.
This change in tone from a notable skeptic like Yao is indicative of a broader shift in sentiment toward China&#8217;s tech market, which has been underperforming for several years. Major players like Tencent Holdings Ltd have led this resurgence, coinciding with Beijing&#8217;s shift from stringent regulatory measures to policies aimed at boosting the economy.
Despite uneven growth in China, signs of economic recovery such as improving consumption and robust exports are providing some reassurance to investors. However, concerns remain about the potential impact of geopolitical risks and a growing price war in China&#8217;s emerging artificial intelligence market.
&#8220;The top-down view is that if macro recovers, then the e-commerce names will benefit from the cyclical recovery of consumption," Yao said. "This time the theme is China macro stabilization."
Yao&#8217;s previous bearish call in 2022, which included downgrading 28 firms like Tencent and Alibaba Group Holding Ltd., had a significant impact on investor sentiment. 
See Also: <a href="https://www.benzinga.com/news/24/06/39351335/us-ally-slams-chinas-claims-of-vessel-collision-as-deceptive-and-misleading-amid-rising-south-china?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Ally Slams China&#8217;s Claims Of Vessel Collision As &#8216;Deceptive And Misleading&#8217; Amid Rising South China Sea Tensions</a>
Despite lifting some ratings shortly after, the term &#8220;uninvestable&#8221; became closely linked with his analysis. Now, with a more optimistic outlook, Yao believes that sustained earnings growth could reward investors in the long run.
"If the sector is able to grow their earnings at, let's say, teens or even twenties, over the long run, I think people should reward those corporates for the earnings sustainability," Yao said.
Investors can benefit from China&#8217;s growth by diversifying their portfolios with ETFs that offer exposure to the country&#8217;s development. ETFs such as KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) provide diversified access to China&#8217;s expanding internet sector and large-cap companies, presenting attractive investment opportunities.
Why It Matters: The shift in Yao&#8217;s outlook comes at a time when Nasdaq is <a href="https://www.benzinga.com/markets/equities/24/06/39404653/nasdaq-intensifies-scrutiny-on-small-chinese-and-hong-kong-ipos-following-2022s-extreme-volatili">intensifying scrutiny on small Chinese and Hong Kong IPOs</a> to prevent the volatility experienced in 2022. This increased oversight aims to ensure the stability of these listings, which could impact investor confidence in the broader Chinese tech sector.
Additionally, JPMorgan Asia Pacific CEO Sjoerd Leenart <a href="https://www.benzinga.com/markets/asia/24/05/38980045/you-cant-ignore-says-jpmorgan-apac-ceo-highlighting-beijings-significance-in-global-economy-you-have">recently underscored China&#8217;s critical role</a> in the global economy, highlighting that the country accounts for 19% of global GDP and 48% of Asia&#8217;s GDP. This reinforces the importance of China&#8217;s economic performance on a global scale.
Moreover, the <a href="https://www.benzinga.com/markets/asia/24/06/39399137/china-to-reform-shanghais-nasdaq-style-star-market-to-align-more-with-xi-jinpings-new-productive-for">China Securities Regulatory Commission</a> has introduced reforms to Shanghai&#8217;s Nasdaq-style Star Market to align with President Xi Jinping&#8216;s &#8220;new productive force&#8221; initiative. These measures aim to enhance the quality of listed companies and promote technological innovation, which could further bolster the tech sector.
A report from the Centre for Economics and Business Research projects that China could become <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36930207/china-could-leapfrog-us-as-top-economy-by-2037-but-another-asian-powerhouse-could-r">the world&#8217;s top economy</a> by gross domestic product, or GDP, by 2037. This potential growth underscores the long-term significance of China&#8217;s tech sector in the global market.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/06/39362931/why-alibaba-stock-could-rally-golden-cross-in-sight?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Alibaba Stock Could Rally: Golden Cross In Sight</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

JPMorgan Analyst Turns Bullish On Chinese Tech Stocks Amid Improving Economic Signs, Sees Up To 25% Surge: 'China Macro Stabilization' The Key

Pan Gongsheng, governor of the Chinese central bank, People&#8217;s Bank of China, dismissed the idea that its bond trading is a form of massive monetary easing.
What Happened: Gongsheng clarified that the bond trading would be a liquidity management tool involving both buying and selling, the Wall Street Journal <a href="https://www.wsj.com/economy/central-banking/bond-trading-by-chinas-pboc-wouldnt-be-quantitative-easing-gov-says-01bee8f1?mod=latest_headlines">reported</a> on Wednesday. The PBOC and the finance ministry are exploring ways to incorporate treasury bond trading into their policy toolkit.
He emphasized that this practice would not be equivalent to quantitative easing, a strategy where monetary authorities acquire assets like government bonds to reduce yields after exhausting traditional policy tools.
The PBOC&#8217;s bond trading will be a gradual process, and the issuance pace, maturity structure, and custody mechanism for China&#8217;s treasury bonds will also need to be optimized, Gongsheng added.
Speculation about the PBOC&#8217;s bond trading activities has been fueled by a speech from President Xi Jinping in October. The PBOC has generally avoided direct trading of government bonds in secondary markets, opting instead for liquidity injections through various lending facilities.
Economists note that while there is still room to reduce reserve requirements, the scope has narrowed, making bond trading a more frequent necessity for the PBOC.
ETFs offer investors a convenient and diversified way to tap into China's growth potential, providing exposure to key sectors and market segments.
Some notable China ETFs to watch include KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), KraneShares Bosera MSCI China A 50 Connect Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBA#NYSE">KBA</a>), iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/39113219/nio-power-secures-207m-investment-bolstering-chinas-charging-infrastructure-expansion?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nio Power Secures $207M Investment, Bolstering China&#8217;s Charging Infrastructure Expansion</a>
Why It Matters: The PBOC&#8217;s bond trading strategy comes at a time of significant economic uncertainty in China. On Monday, the PBOC decided to keep its <a href="https://www.benzinga.com/markets/asia/24/06/39349591/china-keeps-interest-rates-unchanged-amid-economic-uncertainty-to-stabilize-the-yuan-and-manage-liqu">key interest rate</a> unchanged for the tenth consecutive month to stabilize the yuan and manage liquidity. This decision aligns with the forecast in a Bloomberg survey and reflects the central bank&#8217;s cautious approach amid economic challenges.
Additionally, <a href="https://www.benzinga.com/markets/asia/24/06/39360535/chinas-housing-funk-deepens-as-manufacturing-falls-short">China&#8217;s housing market</a> has been struggling, with manufacturing also falling short of expectations, deepening economic concerns.
Earlier in the month, Chinese property stocks tumbled into a bear market <a href="https://www.benzinga.com/news/global/24/06/39217213/china-property-stocks-tumble-into-bear-market-despite-government-efforts-to-stabilize-sector">despite government efforts</a> to stabilize the sector. This highlights the ongoing challenges faced by the Chinese economy.
In February, China experienced a <a href="https://www.benzinga.com/startups/24/02/37200380/chinese-president-xi-jinping-grappling-with-7-trillion-downturn-as-countrys-debt-levels-soar-real-es">stock market downturn of $7 trillion.</a> This occurred amid soaring debt levels and significant market pullbacks from their 2021 peaks.
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Bonds

Chinese Central Bank Governor Dismisses Bond Trading As Monetary Easing Tool, Economists Note It Is A More Frequent Necessity

China&#8217;s housing market continued to decline in May as manufacturing <a href="https://www.benzinga.com/markets/asia/24/01/36450606/china-housing-shock-property-shares-under-renewed-pressure-after-weak-data">disappointed expectations.</a>
The real estate sector saw declines in investment and home prices, while industrial output gained 5.6% in May, according to the National Bureau of Statistics, the latter slowing from April and missing Bloomberg projections.
Retail sales did better than expected, but China&#8217;s consumers are still reluctant to return to pre-pandemic spending habits, Bloomberg reported.
This lackluster scenario may prompt Beijing to spur consumer demand in an effort to meet 5% growth targets, possibly through increased government spending and central-bank efforts to put a floor under housing markets and boost lending.
The People's Bank of China on Monday maintained a key interest rate at the same level for the 10th straight month as it tries to support the yuan, which is getting squeezed by the Federal Reserve&#8217;s intent to keep rates elevated for some time, <a href="https://www.bloomberg.com/news/articles/2024-06-17/china-industrial-output-cools-retail-spending-exceeds-forecasts?srnd=homepage-americas&amp;sref=TBDibEcD">according</a> to Bloomberg.
Also read: <a href="https://www.benzinga.com/news/global/24/06/39217213/china-property-stocks-tumble-into-bear-market-despite-government-efforts-to-stabilize-sector">China Property Stocks Tumble Into Bear Market Despite Government Efforts To Stabilize Sector</a>
China&#8217;s retail sales picked up at 3.7% in May to accelerate for the first time since November, but that is far below the typical monthly forward pace of 8% before the pandemic.
In late May, China relaxed mortgage rules and urged local governments to purchase unsold homes as declining housing demand and a weakening foreign trade environment hurt business confidence, prompting companies to consider moving production overseas.
U.S.-traded China exchange-traded funds remained relatively flat at the time of publication Monday.
Krane Shares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) slipped 0.03%, while iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) edged up 0.35% and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) gained 0.63%.
Read now: <a href="https://www.benzinga.com/markets/asia/24/02/37219435/chinese-stocks-decline-despite-aggressive-banking-move-to-revitalize-troubled-property-sector">Chinese Stocks Decline Despite Aggressive Banking Move To Revitalize Troubled Property Sector</a>
Photo: Shutterstock

China's Housing Funk Deepens As Manufacturing Falls Short

In a bid to stabilize the yuan and manage liquidity, the People&#8217;s Bank of China has decided to keep its key interest rate unchanged for the tenth consecutive month.
What Happened: The PBOC has maintained the one-year policy loan rate, also known as the medium-term lending facility rate, at 2.5% for the tenth month in a row on Monday, <a href="https://www.bloomberg.com/news/articles/2024-06-17/china-leaves-key-rate-unchanged-on-currency-pressure-liquidity">reported</a> Bloomberg. 
This decision aligns with the forecast in a Bloomberg survey. The bank also withdrew a net 55 billion yuan ($7.6 billion) from the banking system to prevent excessive liquidity.
Despite a fragile recovery in the world&#8217;s second-largest economy, the PBOC has chosen to prioritize currency stability over reducing borrowing costs. This cautious approach may dampen market expectations for monetary easing, which have kept local bond yields near a two-decade low.
Despite growing calls for a rate cut, the PBOC has refrained from implementing one, aiming to maintain the yuan as a strong currency. The recent weakening of the onshore yuan, attributed to a significant U.S.-China rate gap, has not prompted the PBOC to alter its stance, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/06/39326723/chinas-top-memory-chip-maker-ymtc-defies-us-trade-restrictions-sees-soaring-demand-on-the-back-of-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s Top Memory Chip Maker YMTC Defies US Trade Restrictions, Sees Soaring Demand On The Back Of Government Projects: Report</a>
Why It Matters: Market liquidity, coupled with cheaper borrowing costs for popular debt instruments, has also influenced the PBOC&#8217;s decision. The rate on one-year AAA-rated negotiable certificates of deposits has dropped to approximately 2%, compared to the MLF&#8217;s 2.5%. 
This has led to an influx of cash into the financial system from savings to wealth management products and other higher-yielding assets.
China&#8217;s economy has experienced a mixed recovery, with higher-than-anticipated exports in May and lower-than-expected inflation. However, official surveys indicate a surprising contraction in factory activity last month, and the long-standing <a href="https://www.benzinga.com/news/global/24/06/39217213/china-property-stocks-tumble-into-bear-market-despite-government-efforts-to-stabilize-sector">property slump continues</a> despite increased government bond sales to boost infrastructure spending.
The decision by the PBOC to maintain its key rate comes at a time when China is under increasing international scrutiny. The country&#8217;s industrial capacity and its support for Russia&#8217;s war efforts were key topics at the recent <a href="https://www.benzinga.com/news/24/06/39329281/g7-summit-wraps-up-china-takes-center-stage-pope-francis-makes-historic-visit">G7 summit in Italy</a>, with Western governments expressing concerns about China&#8217;s policies. 
ETFs provide investors with a convenient and diversified approach to capitalize on China&#8217;s growth potential, offering exposure to key sectors and market segments. Notable China ETFs to watch include KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), KraneShares Bosera MSCI China A 50 Connect Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBA#NYSE">KBA</a>), iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>).
Read Next: <a href="https://www.benzinga.com/government/24/06/39319275/no-income-tax-yes-to-high-import-tariffs-trump-floats-idea-to-ceos-gop-lawmakers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No Income Tax, Yes To High Import Tariffs? Trump Floats Idea To CEOs, GOP Lawmakers</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

$BTC

China Keeps Interest Rates Unchanged Amid Economic Uncertainty To Stabilize The Yuan And Manage Liquidity

Alibaba Group Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) is prioritizing long-term growth over near-term profits. However, analysts are warning that the e-commerce giant&#8217;s efforts might be hampered by fierce competition.
What Happened: Alibaba&#8217;s market dominance has been significantly eroded due to increasing competition and a lack of focus on technological and pricing strategies, <a href="https://www.wsj.com/tech/alibabas-new-e-commerce-strategy-faces-tough-competition-243356a6?mod=latest_headlines">reported</a> The Wall Street Journal on Tuesday.
Despite early signs of success, analysts are concerned that the competition could prevent Alibaba from regaining its former market dominance, according to the report. The company&#8217;s market share has fallen from an impressive 83% when it went public in 2014 to 39.5% currently, as per data from market researcher Insider Intelligence.
Alibaba&#8217;s Chairman, Joe Tsai, admitted that the company&#8217;s tepid approach to enhancing technology and pricing strategies had contributed to its loss of market share. The company is now focused on competitive pricing and technology upgrades to improve user interface. 
&#8220;To some extent, we shot ourselves in the foot by not truly focusing on creating value for users,"&nbsp;Tsai said in an interview with&nbsp;Nicolai Tangen, chief executive of Norges Bank Investment Management.
See Also: <a href="https://www.benzinga.com/news/24/06/39237023/gamestop-stock-falls-39-after-roaring-kitty-livestream-disappoints-he-had-3yrs-to-prepare-hard-to-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">GameStop Stock Falls 39% After Roaring Kitty Livestream Disappoints: &#8216;He Had 3 Years To Prepare,&#8217; &#8216;Hard T</a>
However, analysts at Nomura, Jialong Shi and Rachel Guo, have revised some of their earnings estimates for the company, warning that the new strategy may put profitability under pressure.
"Investors may remain doubtful about its (Alibaba's) ability to deliver a turnaround of its China e-commerce business after having lost significant market share in the past few years," analysts Shi and Guo said.
Despite the challenges, some of Alibaba&#8217;s growth initiatives are showing early signs of progress. In the fourth quarter, revenue from Alibaba&#8217;s China e-commerce unit, Taobao &amp; Tmall Group, increased by 4%, compared to 2% growth in the previous quarter.
"Basically, we are back in growth. That's a very important message,"&nbsp;said Toby Xu, Alibaba's CFO, after the company released earnings in May.
Investors can capitalize on China's developments by diversifying their portfolios with ETFs that provide exposure to the country's growth trajectory. ETFs like&nbsp;KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), iShares MSCI China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), and&nbsp;iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) offer diversified exposure to China&#8217;s booming internet sector and large-cap companies, presenting compelling investment opportunities.
Why It Matters: Alibaba&#8217;s new e-commerce strategy comes at a time when the company is making significant strides in other areas. For instance, the company recently <a href="https://www.benzinga.com/markets/asia/24/06/39233412/alibabas-new-ai-model-receives-positive-market-outlook-retail-investors-in-china-take-note">launched a new AI model</a>, Qwen 2, which received a positive market outlook. This development could potentially help Alibaba in its efforts to enhance user experience and stay competitive in the e-commerce market.
Moreover, Alibaba&#8217;s new e-commerce strategy aligns with its projected $60 billion GMV for 2024. This projection, announced in early June, is part of the company&#8217;s plan to achieve <a href="https://www.benzinga.com/news/24/06/39228656/alibaba-projects-60b-gmv-for-2024-plans-new-business-model-breakthroughs">new business model breakthroughs</a> and revitalize its B2B platform Alibaba.com.
Meanwhile, Alibaba&#8217;s competitors, such as Pinduoduo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) and JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), are also making significant strides in the e-commerce market. Pinduoduo&#8217;s first-quarter revenue more than doubled to 86.8 billion yuan ($11.98 billion), accounting for around 40% of Alibaba&#8217;s group revenue, according to the report.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39241180/trump-could-face-life-incarceration-if-defeated-in-2024-election-former-federal-prosecutor-warns?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Could Face Life Incarceration If Defeated In 2024 Election, Former Federal Prosecutor Warns: &#8216;He Has An Appreciable Chance Of Dying In Prison&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Chinese equities, as proxied by the MSCI China ETF MCHI, are now up close to 26% since September 13th.

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