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  • CHINA.

  • ONE BIG WAY TO DO IT, MAYBE THE

  • BIGGEST, IS KRANESHARES.

  • KWEB ETF

  • BRING IN BRENDAN AHERN

  • HE IS CHIEF INVESTMENT OFFICER

  • AT KRANESHARES

  • GOOD TO HAVE YOU ON.

  • YOU PROBABLY HEARD MANY OF OUR

  • CONVERSATIONS.

  • WHAT MAKES YOU CONFIDENT ABOUT

  • INVESTING IN CHINA GIVEN ALL

  • THAT WE HAVE TALKED ABOUT AND

  • ADDRESSED TONIGHT?

  • >> ONE THING, BRIAN, WE ALWAYS

  • WANT TO POINT OUT TO INVESTORS

  • IS THAT IF WE LOOKED AT THE

  • DEFINITION OF CHINA, MSCI CHINA,

  • TEN YEARS AGO MSCI CHINA WAS 50%

  • FINANCIALS AND ENERGY.

  • NOW, I DON'T THINK ANYONE THINKS

  • 50% OF THE CHINESE POPULATION

  • WORKS IN FINANCIALS AND ENERGY

  • BUT THAT'S HOW PEOPLE WERE

  • INVESTED

  • AND I THINK WE THEN WENT ON A

  • GREAT DECADE OF GROWTH INVESTING

  • AND YET MSCI CHINA ONLY HAD 2%

  • IN TECHNOLOGY.

  • THAT 2% OF MSCI CHINA TECHNOLOGY

  • ACTUALLY WENT UP NEARLY 2,000%,

  • ALMOST THREE TIMES BETTER THAN

  • THE S&P 500.

  • SO PART OF WHAT WE'RE TRYING TO

  • DO AT KRANESHARES IS GIVE PEOPLE

  • ACCESS TO THE SEGMENTS OF

  • CHINA'S POPULATION THAT ARE

  • GROWING VERY RAPIDLY SUCH AS WE

  • DO WITH KWEB

  • >> AND CLEARLY YOU TRUST

  • INVESTING IN CHINA BECAUSE I

  • SAID IN THE PREVIOUS SEGMENT

  • PARTS OF THEIR MARKET FELT

  • RIGGED

  • I SAID THAT BECAUSE YOU CANNOT

  • SHORT STOCKS IN THE DOMESTIC

  • MARKET AND I COULD NOT BUY

  • DOMESTIC SHARES ON THE SHANGHAI

  • EXCHANGE AS AN AMERICAN LIVING

  • IN AMERICA

  • SO IT'S KIND OF A CLOSED MARKET

  • OUTSIDE OF THE HANG SENG

  • >> YEAH, DEFINITELY, BRIAN

  • YOU BRING UP A GOOD POINT.

  • YOU'VE GOT TO LOOK AT, SAY, KWEB

  • IS OFFSHORE CHINA.

  • IT'S WHAT FOREIGNERS DEFINE

  • CHINA.

  • HONG KONG AND U.S. CHINA ADRs.

  • SO IT'S MORE REFLECTIVE OF WHAT

  • DO FOREIGN INVESTORS THINK ABOUT

  • CHINA.

  • WE CAN CONTRAST THAT WITH THE

  • SHANGHAI AND THE SHENZHEN, WHICH

  • IS 95% OWNED BY INVESTORS IN

  • CHINA.

  • AND WITHIN KRANESHARES WE GIVE

  • PEOPLE ACTION THROUGH THE ETF

  • KBA.

  • IT'S 50 MEGA CAP CHINESE

  • SHANGHAI SHENZHEN NAMES.

  • BUT WHAT THE CHINESE THINK ABOUT

  • CHINA AND WHAT FOREIGNERS THINK

  • ABOUT CHINA CAN BE DO REALLY

  • DIFFERENT THINGS

  • AND THEY'RE NOT SYNCHRONIZED

  • THEY MOVE VERY DIFFERENTLY

  • SO JUST TO YOUR POINT, BRIAN,

  • IT'S MUCH MORE DIFFICULT TO GET

  • ACCESS TO THESE CHINESE --

  • SOMETHING WE DOAR TO INVESTORS

  • AT KRANESHARES

  • >> WE HAVE TWO MARKETS, NASDAQ

  • AND NYSE

  • I KNOW THERE'S OTHERS BUT THAT'S

  • REALLY OUR THING

  • THEY REALLY HAVE THREE

  • SHANGHAI, SHENZHEN AND THEN

  • THEY'VE GOT HONG KONG.

  • HOW DO YOU DIFFERENTIATE THE

  • THREE?

  • EXPLAIN IT IN LAYMAN'S TERMS

  • QUICKLY FOR OUR AUDIENCE, WHY

  • THEY ARE DIFFERENT

  • AND THEY ARE

  • >> YEAH.

  • SHANGHAI, LARGE CAP, MEGA CAP,

  • VALUE SECTORS.

  • FINANCIALS, ENERGY, MATERIALS,

  • INDUSTRIALS.

  • SHENZHEN, MORE LIKE NASDAQ

  • PRIVATE COMPANIES.

  • MID-CAP, SMALL COMPANY

  • HONG KONG, LARGE CAP NAMES

  • BUT HONG KONG REALLY REFLECTIVE

  • OF WHAT DO FOREIGNERS THINK

  • ABOUT CHINA VS. SHANGHAI

  • SHENZHEN, WHAT DO THE CHINESE

  • THINK ABOU

CHINA.

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A2 初級

Investing in China as the country reopens, with KraneShares' Brendan Ahern

  • 21 0
    WP に公開 2022 年 12 月 30 日
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