Otkritie Brokerage House has decided to offer qualified investors a new trust management service, China Shares. The company assured that this product has no analogues in our market: the new strategy provides for the placement of investors' funds in Chinese stocks traded on the Hong Kong Stock Exchange. The portfolio currency is the Hong Kong dollar, pegged to the US currency at a rate of 7,75-7,8. Otkritie does not exclude the creation of a similar mutual fund.
“Already, there are clients who are ready to transfer funds for investment in shares of Chinese companies to the management. This is not surprising given the high macrostability and diversification of the economy, as well as the transparency and accessibility of the financial statements of issuers whose shares are traded in Hong Kong, ”says Evgeny Dankevich, director general of the Otkrytie brokerage house. Now the portfolio is mainly represented by little-known Chinese companies of small and medium capitalization: manufacturers and retailers of clothes, shoes and bedding, in particular, companies Bauhaus, Bosideng, Le Saunda, Taifeng. But there are no well-known brands in Russia, such as shoe manufacturer Abibas.
Managing Director of MC "Brokercreditservice" Vladimir Solodukhin welcomes the appearance of new products, but since the Chinese markets are not transparent for us, both from the point of view of business traditions and information disclosure, it is difficult to assess the risks. He cited a recent example with the fund of the famous Paulson & Co manager John Paulson, who earned $ 15 billion during the crisis from the sale of US mortgage-backed securities. In China, Mr. Paulson's fund suffered significant losses on investments in shares of the forest company Sino-Forest, which is traded on the Canadian stock exchange. According to some reports, this was due to the fact that Sino-Forest allegedly exaggerated the volume of its land holdings, the company's shares fell by 90% in the past few weeks.
Nettrader CEO Denis Matafonov says investing in China can be a good marketing move. “Rationality in such investments is not enough, because you need to understand what the economy is. There is a division into shares available to Chinese and foreigners, and as a rule, shares available to foreigners are several times more expensive, says Mr. Matafonov. “Well, the Chinese economy may already be overheating.” About this writes RBC daily.
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