Investor Jim Rogers is buying Chinese shares as the market has bottomed, and he’s focusing on agriculture, tourism, airlines and education.
“All my new money goes to commodities and China,” said Rogers, who co-founded the Quantum fund with George Soros in the 1970s.
“All the panic looks like a bottom,” he said on Saturday. “I have bought in the last four to five weeks. I’ve been buying shares in China for the first time in a long time.”
China’s benchmark CSI 300 Index plunged as much as 39 percent this year, becoming at one point the world’s second-worst performer, amid speculation government steps to quell inflation would hurt corporate profits.
To support the market, the Chinese government reduced the tax on stock trading on April 24 and Chinese stocks jumped 9.3 percent that day, the most since Oct. 23, 2001.
Some analysts remain unconvinced the measures will have an effect with Morgan Stanley and Credit Suisse last week saying China’s shares are a “sell.”
“Given earnings deceleration, we do not think such a rally can last,” Morgan Stanley’s Jerry Lou (婁剛) and Allen Gui wrote in a report on Friday. “The government’s cut of the stamp duty seems to suggest that it is running out of silver bullets.”
Chinese companies’ Hong Kong-listed ‘H shares’ are more attractive than yuan-denominated ‘A shares,’ Credit Suisse’s Vincent Chan (陳昌華) wrote in a separate note.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last