Ray Liu

With some of my personal thoughts: Market analysts are guessing that the BoJ may have already conducted a large-scale yen-buying intervention during Monday's yen swing. Their suspicion stems from a 5.5 trillion yen discrepancy between the BoJ's forecast for commercial bank deposits and last week's estimate by money market brokers. If that's the case, the BoJ is likely buying time until the Fed pivots to rate cuts, narrowing the interest rate differential. However, the central bank might need several more interventions to prevent the currency from plumbing new three-decade lows. The fact is, such a massive intervention can only move the rate around 500 pips, and the USDJPY uptrend shows little resistance. It's an extremely costly endeavor. Coupled with the market's waning fear of intervention and the potential resurgence of carry trades after the previous profit-taking, defending the yen could be an uphill battle for the BoJ.

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BEHIND THE NUMBERS: UNVEILING THE REAL INSIGHT! (Hong Kong - 3rd QTR 2024) . Each quarter MPF Ratings releases its MPF Fund Flows Summary, data that (owing to its independence) is Hong Kong MPF's Industry’s Trusted Source.  . MPF (Mandatory Provident Fund) data is a valuable indicator of Hong Kong's employment trends and economic health, providing insights for fund managers, trustees, and journalists. As Carly Fiorina noted, the goal is to turn data into actionable insights. . In Q3, the MPF system recorded net inflows of $11.51bn, an impressive figure but 11% below the five-year quarterly average. Factors such as COVID-19 disruptions, early retirements, permanent departures, and declining employment participation contributed to the slowdown. . Manulife led the market with a dominant 44.8% share of total net inflows ($5.16bn), equivalent to $45 of every $100 entering the MPF system. Other players, including HSBC, Sun Life, AIA, and BOCI-Prudential, achieved net inflow shares exceeding their market share, signaling growth in their MPF businesses. . While the data underscores industry performance, it prompts the question: have journalists overlooked the most critical insight from Q3’s fund flow trends? . . MPF Ratings was launched in 2010 and has become the market leader in the voice supporting the maximisation of Hong Kong’s retirement savings! What sets MPF Ratings apart is its independence and willingness to publicly take a position or view on the quality of market participants and their performance along with an outspoken view on industry initiatives and regulation. mpfratings.com.hk . . . #MPF #MrMPF #MPFratings #esg #francischung #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #investment #empf . . https://lnkd.in/ePis7k6s

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💼Company: Sunrise Capital 💰Funding: $500 Million ⚡Round: New The pan-Asia investment firm CLSA Capital Partners’ specific private equity strategy for Japan, Sunrise Capital KK, has raised $500 million for its most recent #fund, Sunrise Capital V. Within five months, the fund was closed due to oversubscription. According to a company announcement, it obtained backing from current #investors, who made up 81% of the total number of commitments. Read more - https://lnkd.in/e8ntJ6zS To share your startup story write us on - [email protected] #FundingNews #Investment #SunriseCapital #Investors

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Astounding news in e-commerce: last month’s inaugural Hong Kong Shopping Festival has just made waves by amassing over 90 million views across various mainland Chinese e-commerce platforms! The festival featured over 30 livestreaming events across platforms like 小紅書(Little Red Book), 抖音(Douyin), and 淘寶(Taobao) with renowned hosts, generating impressive sales for participating brands. It was a fantastic opportunity for brand visibility and business performance: for instance, a vendor reported a 135-fold increase in orders during the festival! Events like Hong Kong Shopping Festival 2024 are great ways for local businesses to gain exposure to the mainland market and foster innovation in the wider GBA e-commerce landscape. The HKSAR Government also has ongoing support for SMEs through initiatives like the SME Export Marketing Fund. It’s clear that there’s now significant opportunities for businesses to expand into the mainland e-commerce market! #HongKong #Ecommerce #SMEs #BusinessGrowth #Innovation https://lnkd.in/giqazMgr

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NSSK (日本産業推進機構), advised by BDA Partners, has agreed to sell its stake in #JapanEnergyComponents to Obara Group Incorporated, a Japan-based machine industry company. #power #energy #welding #bdapartners #theglobalinvestmentbankingadvisorforasia

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MPF Ratings released Q1 2024 MPF Asset Class Fund Flow Summary by highlighting that US equities received over $9bn of MPF’s net inflows in Q1 2024, by far the largest quarterly MPF net inflows into US equities ever recorded, and a concerning trend which Mr Chung attributes to a confluence of new fund launches, disappointing local equity results and MPF members trying to capitalize on the strong momentum of the US market. Find out more here: https://lnkd.in/eRJmq4ne #mpfratings #MPFRIntelligence #MPFRConsistentPerformers #MPFFastMover #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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*Morning Market Update*: Gift Nifty 22826(-111)-0.49%(PE 21.74) Dow Jones 38853(-217)-0.55% Nikkei 38820(-36)-0.09% Hang Seng 18579(-242)-1.29% Shanghai 3110(+10)+0.31% Brent Crude $84.46 Gold $2358 $/Rs 83.18 FII+66cr DII+3232cr 10 Yr GSec 6.54-2034 YTM 7.0 *News & Views*: * US mkts closed mixed; Nasdaq crossed 17k led by Nvidia * Asian mkts trading mixed lacking conviction * Nifty: Support 22800 Resistance 23050 * LG Electronics India eyes IPO after Hyundai's move; no final decision yet * India & France to begin negotiations for Rafale Marine jet deal tmrw rafale #lgelectronics #Hyundai #technicalanalysis #Nasdaq #Nvidia #stockmarkets #Nifty #sensex

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Thailand’s M&A activity hit record highs in Q3 2024.    Deal value surged from USD 1.7 billion to USD 8.4 billion, driven by a USD 6.7 billion domestic megadeal involving Gulf Energy Development, Intouch Holdings, and Singtel Strategic Investments. Telecom, media, and technology dominated the sector, contributing over 83% of total deal value.    Resilient exports and multinational investments signal continued M&A momentum in Q4 2024.

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CSI Guoxin HK Connect Central SOE Dividend ETF Listed in Shanghai and Hong Kong! 🌟 On July 12, the CSI Guoxin HK Connect Central SOE Dividend ETF was listed on both the Shanghai and Hong Kong Stock Exchanges. The launch event in Shanghai featured ETF managers, central SOE representatives, and over 30 institutions. China Reform Holdings highlighted the ETF's role in connecting central SOEs with international capital, supporting high-quality development. A Hong Kong official noted the region's significance as an international financial center, aiding mainland enterprises. ETFs are key tools for wealth management. This listing enhances investor satisfaction and strengthens financial ties between mainland China and Hong Kong.🌐📈 👉 Read more: https://lnkd.in/gzMPDcqq #Finance #ETFs #CapitalMarkets #Investment #SOEs #Shanghai #HongKong #FinancialServices #GlobalMarkets #WealthManagement #EconomicGrowth #SSE #ShanghaiStockExchange #CSIIndex #ETF #2024 #mainland #China #HongKong #investors #Stock #MarketShare #ChinaSecurities #BondMarket #MaketEconomy #Listedcompany #Trading #InvestChina #CSRC #SecuritiesLending #MarketStability #Regulation #InvestorProtection #Finance #ChinaFinance #MarketRegulation

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🔹 We're thrilled to announce that following our recent launch of virtual asset trading services for professional investors, Tiger Brokers Hong Kong has received the green light from the Securities and Futures Commission of Hong Kong (SFC) to extend these services to retail investors in Hong Kong! 📈 Retail investors can now dive into the world of Bitcoin (BTC) and Ethereum (ETH) trading through Tiger Trade, our flagship investing platform, boasting competitive rates. But wait, there's more! Our platform is not just about virtual assets; it supports seamless trading and management of various global assets, from stocks and options to US Treasury bonds and funds. 🌐 Our mission is clear: to streamline the investment process for our users. No more juggling multiple accounts on different platforms. With Tiger Trade, you can access both traditional financial securities and virtual assets in one app, enhancing capital efficiency and seizing opportunities swiftly. 📱Read more: https://tigr.link/8vZw8f #老虎證券 #TigerTrade #TigerBrokers #VirtualAssets #Fintech #Cryptocurrency #AssetManagement #Security #SFCRegulated #InnovationInTrading #24_7Trading #bitcoin #investment #brokers #onlinebrokers #1stoptrading #finance *Investment involves risks. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security. The information has not reviewed by the Securities and Futures Commission. Virtual assets can be highly volatile. Investors should read the relevant offering documents and consult with their own advisors before making investment decisions.

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It was my pleasure to speak with Hong Kong Economic Journal in a recent interview about my views on the current restructuring trends for mainland China’s property sector and the importance of working side-by-side with companies during these challenging times.   As a company financial advisor or a board advisor for companies that are facing challenging times,  its important to build a level of trust and transparency. There also needs to be an acknowledgement from all parties that compromise and concessions will occur, but it allows all parties to survive.   Fortune Ark Restructuring Limited, understands the importance of building trust and being transparent to all parties involved in a restructuring. Through effective advisors, a company can navigate towards a positive trajectory, and FAR are here to help the company achieve this goal.   To read the interview follow the links below: 沈仁諾轉做重組達人 為企業續命 清盤專家疫下感悟 願與落難公司並肩 (Rod Sutton becomes restructuring expert to save companies from going under, liquidation expert changed his outlook during the pandemic, now stands side by side with companies in trouble) https://lnkd.in/ghMdubEY   斡旋先建互信 妥協始能存活 (Mediation builds mutual trust; survival only happens through compromise) https://lnkd.in/g9US_qsj   讚港充滿活力 治安佳利營商 (Hong Kong is a city full of vitality, secure and business-friendly) https://lnkd.in/gqa2vDnD   #HongKongEconomicJournal #boardadvisory #financialadvisor #restructuring #debtadvisory #debtfinancing #capitaladvisory #captialraising #corporatefinance

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Last week, I had the honor to attend the CICC #Investment Forum 2024. This year’s theme was “New Macro, New Regime”. Together with Shanquan Li of Invesco Ltd., John Rogers of Fudan University, Kai Shao of Zhong Ou Asset Management, Wenlang Zhang of CICC and Zhao Li, we had a panel discussion on investment trends of major #asset classes. I had the pleasure to share the long term investment values of Chinese #equities in a well-diversified global #assetallocation model. My key points are as follows: ✔️ Attractive #Valuation: The valuation of Chinese equities remains attractive from both absolute and relative perspective. As of May, the MSCI #China Index has risen by 31% since its low in late January, outperforming most developed and emerging markets. During this period, the index's PE ratio increased from 7.9 times to 10.5 times, reflecting some valuation recovery. In comparison, the valuation of the American and Indian stock markets, for example, are currently over 20 times. ✔️ Sign of #Recovery: Beyond valuation recovery, certain sectors are showing positive trends in earnings. Benefiting from the increased in investment in manufacturing and infrastructure, China’s economic data for March led the first-quarter GDP growth to exceed expectations, boosting market confidence in China's economic recovery. Additionally, many companies continue to increase buybacks and dividends, with the earnings of the MSCI China Index showing year-on-year growth for the first time since early 2021. ✔️ Value-Up Reforms: The shift from a financing market toward an investment market is the key. China’s "New Nine Guidelines" emphasize improving the quality of listed companies, increasing delisting rigor, encouraging dividends, and encouraging companies to issue regular dividend. Currently, the dividend payout ratio of Chinese listcos is only about 30%, much lower than the 50% and 60% levels as seen in the US and European markets, suggesting huge room for improvement. ✔️ Unique Sectors: China is home to many globally competitive companies in sectors like new #energy (solar and wind), electric vehicles and battery, and the internet. Moreover, China's vast population base, and the depth and breadth of Chinese #consumption, provide irreplaceable opportunities for consumer companies. ✔️ #Diversification: The bull and bear cycles of China’s stock markets do not align with those of other major economies, providing unique investment opportunities at different stages of the economic cycle. This can diversify and balance risks in an investment portfolio. In summary, we believe the China’s equity markets (both A-shares and H-shares), with attractive valuations, economic recovery, increased investor returns, unique opportunities, and diversification benefits, present a rewarding opportunity for global investors seeking long-term investment return.

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We’re proud to reach a significant milestone in MORAI’s growth as we move toward our planned 2025 IPO, with Samsung Securities appointed as our lead underwriter. Through this collaboration, Samsung Securities will not only guide us through the IPO process but also leverage their expertise and vast network to support MORAI’s continued advancement in the global market. Together, we aim to strengthen our position as a leader in autonomous driving and simulation technologies within the rapidly evolving mobility industry. MORAI’s simulation platform plays an essential role in verifying the safety and reliability of autonomous systems, from automotive and urban air mobility (UAM) to unmanned vehicles and beyond. As we approach this significant milestone, our focus remains on driving innovation and contributing to the success of our customers worldwide. We look forward to sharing more updates as we move forward with this exciting chapter in MORAI’s journey. #MORAI #AutonomousDriving #IPO #SimulationTechnology #MobilityInnovation #GlobalExpansion

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The recent annualized dividend yield of Value Partners Japan REIT Fund is 9%* (For Class A USD Hedged MDis. Dividend is not guaranteed and may be paid out of the capital. Please refer to Important Information V. ) Ex-dividend date in May: 31 May 2024 Next ex-dividend Date: 28 June 2024 The Value Partners Japan REIT Fund is the first Securities and Futures Commission (SFC)-authorized Japan REIT strategy in Hong Kong#. It empowers investors to capture high-quality income and growth opportunities arising from Japan’s economic recovery. Learn more about the Value Partners Japan REIT Fund: https://bit.ly/3Xxgfca *Source: Value Partners, as at 31 May 2024. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the manager. The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Positive distribution yield does not imply positive return. The annualized yield is calculated as follows: (dividend amount/NAV as of ex-dividend date) x 12, Please refer to the explanatory memorandum for further details including the distribution policy. # SFC authorization does not constitute a recommendation or endorsement, nor is it a guarantee of commercial merits or performance. It does not mean the scheme is suitable for all investors. ^Source: Bloomberg, as at 31 Mar 2024. +The number of stocks and market capitalization of the Tokyo Stock Exchange REIT Index. Source: The Association for Real Estate Securitization; compiled by Daiwa Asset Management, as of March 31, 2024. Investment involves risk and past performance is not indicative of future results. Please read the explanatory memorandum for further details including risk factors. The advertisement has not been reviewed by the Securities and Futures Commission. Issuer: Value Partners Hong Kong Limited

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Haize Capital Insights of the Day https://lnkd.in/gU47psd2 #OTA #Japan #TCOM #Ctrip #TongCheng #0780 #DAU #MAU #Investment Internationalization: The Only Opportunity for Tongcheng to Surpass an $8 Billion Market Cap Q3 2024 has been a prosperous quarter for the global travel industry, with Tongcheng Travel (HK: 0780) achieving record highs in both revenue and net profit. Revenue grew by 51.3% year-over-year to RMB 4.99 billion, while operating profit increased by 63.1% year-over-year to RMB 980 million. At first glance, the financial metrics appear flawless. However, from the perspective of operational indicators or in comparison to its competitor Trip.com (NASDAQ: TCOM), shortcomings become evident. Even though Tongcheng’s outbound travel segment lags far behind Trip.com, internationalization remains the only opportunity for Tongcheng to break past its peak value and achieve a 30% increase in market cap—a journey filled with challenges and potential. Growth Bottleneck Starts with User Engagement Analyzing Tongcheng’s operational indicators, its growth bottleneck is increasingly apparent. First, user engagement growth is modest. In Q3, the average monthly paying users (MPUs) increased by only 5% year-over-year, while Q2 even saw a quarter-on-quarter decline. Although its massive base of 46.4 million MPUs makes single-digit growth reasonable, considering that Tongcheng integrated its "Vacation" business into its financials at the start of 2024, dramatic improvements in user engagement, transaction volume, purchase frequency, cross-selling rates, and average revenue per user (ARPU) were theoretically expected. Understanding the following data from the perspective of "Vacation" consolidation explains why Haize Capital views these growth rates as a bottleneck: Transaction volume grew by 2.4% year-over-year. User purchase frequency increased from 5.5 times annually in 2019 to 8 times in 2024. Cross-selling rates rose from 10% in Q3 2023 to 12% in Q3 2024. ARPU grew by 54% compared to the end of September 2023. It appears that profit growth has relied more on cost reduction and efficiency improvements. Internationalization: The Driving Force Behind Trip.com’s Success In comparison to Trip.com, Tongcheng’s weaknesses are even more evident. In Q3, Trip.com reported revenue of RMB 15.9 billion and an operating profit of RMB 5.01 billion, while Tongcheng’s revenue of RMB 4.99 billion is roughly one-third of Trip.com’s, yet its operating profit of RMB 980 million is only one-tenth. Breaking it down by segments: Tongcheng’s accommodation services revenue was RMB 1.38 billion, 20% of Trip.com’s. Transportation ticketing revenue reached RMB 2.03 billion, 36% of Trip.com’s. Vacation revenue was RMB 980 million, even 63% of Trip.com’s corresponding segment. (The full article is available on our official website.)

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MPF Ratings today released its Q3 2024 MPF Asset Class Fund Flow Summary by expressing disappointment that MPF members appear to have not learned from past mistakes resulting in some members making a “double loss”. Rather than capitalizing on discounted markets and focusing on long term diversification, MPF Ratings’ Q3 MPF fund flow data suggests that as the US Nasdaq fell into correction territory and the Nikkei 225 Index recorded its largest points drop ever back in early August, members switched into Money Market Funds, and by doing so simultaneously realized significant losses while missing the subsequent market rebound. Find out more here: https://lnkd.in/gUyW4drA #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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