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☆ China's wealthy are increasingly looking overseas for business investment opportunities
▼ + stars: | 2024-09-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Instead of high-net-worth individuals, C-suite executives in China are increasingly using business jets, said Paul Desgrosseilliers, general manager at ExecuJet Haite General Aviation Services. ExecuJet HaiteBEIJING — China's wealthy are increasingly looking for ways to move capital outside the mainland to pursue business opportunities, rather than just chasing investment returns, according to asset managers and consultants. The company's active overseas clients rose by nearly 63% year on year to 3,244. Overseas assets under management rose nearly 15% to $5.4 billion from a year earlier, while mainland China assets under management fell over 6% to $15.8 billion, according to Noah's quarterly earnings report. "What we are hearing from them is that the fastest growth in terms of interest from Chinese clients [occurred] in the post-Covid [period to] early last year."

Persons: Paul Desgrosseilliers, ExecuJet, there's, Ryota Kadogaki, Grant Pan, Noah Holdings, Noah, Kadogaki, Mu Chen, That's, Pan, ExecuJet Haite Organizations: General Aviation Services, Beijing Daxing, Monolith, Investors, Ministry of Commerce, CNBC, Noah Holdings, Beijing Daxing International Locations: China, Beijing, BEIJING, Japan, Mainland China, Singapore, Hong Kong, Southeast Asia, East, Africa, Asia Pacific

☆ Hong Kong’s biggest stock is ready for a turnaround, analysts say
▼ + stars: | 2024-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.

Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China

☆ Here's an unusual income play for U.S. investors out of China, according to UBS
▼ + stars: | 2023-11-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Investors looking for dividend plays may want to check out China-based wealth management firm Noah , according to UBS. Noah announced its first dividend payout plan in 2022, and its payout ratio — or the proportion of the company's net income paid out to shareholders as dividends — was equivalent to 17.5%, she said. However, there are likely more capital market initiatives to increase returns to shareholders, Li pointed out. "We expect the company to announce more initiatives to increase market liquidity and shareholder return. We see upside risk to a potentially increased dividend payout ratio for 2023E," she wrote.

Persons: Noah, Helen Li, —, Li, NOAH YTD, We're, Qing Pan, — CNBC's Michael Bloom Organizations: UBS, The, Zhongzhi Enterprise Group Locations: China, U.S

☆ Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.

Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing

☆ China funds flock to Hong Kong to sate mainland investors
▼ + stars: | 2023-04-20 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, April 20 (Reuters) - Large China-based fund managers are setting up shop in Hong Kong for the first time, seeking to fill Chinese investors' appetite for U.S. dollar-based products and international exposure after the country reopened its borders. As mainland-based funds are yuan denominated, fund managers need to set up in Hong Kong to be able to offer foreign currency products. "We are optimistic about Hong Kong as the global asset management hub. "Foreign managers are getting licenses and issuing funds in China - it's natural for us to go overseas," said Jason Yim, managing director of QX Asset Management in Hong Kong. Wealth management firms such as Noah Holdings (NOAH.N), China's largest independent wealth manager, are also aggressively expanding teams in Hong Kong.

☆ Wealth managers ramp up staff in Hong Kong to chase Chinese demand
▼ + stars: | 2023-03-24 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, March 24 (Reuters) - Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after three years of COVID-19 curbs, industry sources said. Noah Holdings (NOAH.N), the largest independent wealth management firm in China, was among five private banks and wealth management firms Reuters talked to that said they held client events in the city and organised private art tours. Hywin Holdings (HYW.O), another Chinese wealth manager, invited 30 ultra-high-net worth clients to workshops, fund manager visits and even a yacht party in Hong Kong last week. Chinese financial institutions are vying for this growing wealth management business in Hong Kong. Chinese Everbright Bank and Hua Xia Bank set up private banking departments in Hong Kong in the past few months, according to sources familiar with their plans.

☆ Over a dozen Chinese-based firms say they have minimal exposure to SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 13 (Reuters) - Over a dozen Hong Kong-listed companies have stepped forward to say they had little or no exposure to Silicon Valley Bank, the failed U.S. lender which has roiled investors and markets globally. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis. China-based drug developer Beigene Ltd (6160.HK) said it has uninsured cash deposits held at the bank representing 3.9% of its last reported total cash and cash equivalents. Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms also over the weekend disclosed cash deposits at Silicon Valley Bank. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash.

☆ Chinese companies and tycoons rush to calm investors after SVB collapse causes anxiety
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent. “As China’s first technology bank, SPD Silicon Valley Bank is committed to serving Chinese science and technology companies, and has always had sound operations in accordance with Chinese laws and regulations.”It’s unclear what will happen to SVB’s ownership of the joint venture. BeiGene, one of China’s largest cancer-focused drug companies, said Monday it had more than $175 million uninsured cash deposits at SVB, which represents approximately 3.9% of its cash, cash equivalents and short-term investments. Zai Lab, a pharmaceutical firm, announced that its cash deposits at SVB were “immaterial” at about $23 million. “We never opened an account with Silicon Valley Bank, nor placed a deposit,” he said late Sunday on his Weibo account.

☆ Six Hong Kong-listed firms say their deposits at SVB are immaterial
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 12 (Reuters) - Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash. Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash. CANbridge Pharmaceuticals Inc (1228.HK) said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.

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