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Podcasts – China Money Network

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Investing
Tech News
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Daily News on China's Venture Capital, Private Equity and Institutional Investment Industry

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Daily News on China's Venture Capital, Private Equity and Institutional Investment Industry

iTunes Ratings

47 Ratings
Average Ratings
46
1
0
0
0

helpful and timely

By rcastleman - Aug 04 2018
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a helpful and timely podcast for those who want to keep current

Great

By jarvis vsn - May 22 2018
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Do you have Chinese version of the podcast? I like to send info to friends in China but they lack English ability

iTunes Ratings

47 Ratings
Average Ratings
46
1
0
0
0

helpful and timely

By rcastleman - Aug 04 2018
Read more

a helpful and timely podcast for those who want to keep current

Great

By jarvis vsn - May 22 2018
Read more

Do you have Chinese version of the podcast? I like to send info to friends in China but they lack English ability

Top 10 Episode of Podcasts – China Money Network

Rank #1: Keith Robinson: China’s New Regulations Provide Greater Clarity For Hedge Fund Industry

Oct 02 2013
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In this episode of China Money Network, guest Keith Robinson, partner in the financial services group at law firm Dechert, talks with our host Nina Xiang about the new changes in hedge fund regulation in China, why it is important for foreign investors to understand the policies and how the "renting" of QDII and QFII quotas work. Read an excerpt below, but be sure to listen to the full interview in audio and subscribe to the podcast in the iTunes store. Q: Amendments to China's Securities Investment Fund Law took effect in June this year, impacting how private funds legally operate in China. First, can you explain what are private funds? A: A private fund is a non-public fund that invests in public securities in China. So it would be what is commonly referred to as hedge funds, rather than private equity or venture funds. Q: Often, hedge funds are sometimes referred to as "sunshine hedge funds." Why? A: Generally speaking, a "sunshine hedge fund" is typically sponsored by a trust company and invests with a fairly straightforward long-only strategy, as opposed to more esoteric investment strategies. But there are no clear definitions. Q: What kind of legal environment existed for hedge funds in China previously? A: Previously, domestic and foreign hedge funds operated in a legal grey area with no specific guidance from the regulators. There was no explicit recognition of them, nor explicit prohibition against them. Q: These new amendments took effect on June 1 this year. How did it define investors who qualify for making investments into hedge funds? A: There are two tests. First is an investor sophistication test, which is subjective. Basically, investors need to have sufficient knowledge and sophistication. The second test is an income- and asset-based test. An individual investor needs to have total financial assets of at least RMB2 million, and personal average annual income of no less than RMB200,000 for the last three years or household average annual income of no less than RMB300,000 for the last three years. An institutional investor qualifies if it has net assets of at least RMB10 million. Q: What type of limitations are there for how hedge funds can market their funds? A: You have to avoid mass marketing such as newspaper, radio, television, the Internet, or seminars. Generally, private funds will be offered on a private placement basis, or through a network of placement agents to qualified investors. Also, any investment in a private fund must be appropriate for the investor’s risk profile. There are no details of how to go about doing so. What we are recommending right now is a fairly traditional approach, which is an investor questionnaire to document the investor's suitability. Q: Do these limitations apply also to a Chinese private equity or venture capital fund? A: Not necessarily. These restrictions only apply to so-called private funds in the new legal framework. Q: How do you define "the Internet"? Does that mean a private fund cannot have a website? A: The new regulations don't provide any guidance on this. So it is difficult to know for sure. Outside of Mainland China, private fund managers do have websites. There are in fact portals for private fund investors to access information. The general rule of thumb is to take precautions to limit the access to any websites to appropriate potential investors only. Q: What are the requirements for registration for Chinese hedge funds? A: The fund manager, which is the primary entity, has to be registered. It is similar with the current U.S. scheme. A private fund manager must register with the Asset Management Association of China (AMAC),

Rank #2: William Shen: Headland Capital Is Bullish On Chinese 4S Auto Dealerships

Sep 18 2013
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In this episode of China Money Network, guest William Shen, senior partner and head of Greater China at Headland Capital Partners, talks with our host Nina Xiang, about why he sees 4S automotive dealerships in China as the next great opportunity, how Chinese consumers are changing, and what the impact of the economic slowdown has on Headland's investments. Listen to the full interview in the audio podcast, watch an abbreviated video version or read an excerpt below. Be sure to subscribe to the podcast in the iTunes store. Q: Can you give us a brief introduction of Headland Capital? A: Headland Capital was established in 1988. For the past 25 years, we have invested an aggregate of $2.7 billion into around 150 companies based in Greater China, South Korea and Southeast Asia. Our main focus is either providing growth capital for high growth companies or helping companies perform buyouts. We were part of the HSBC Group and did a spin out in 2010. Q: Headland has invested heavily in the Chinese consumer sector. How has the economic slowdown impacted the companies you've invested in? A: The Chinese consumers are still consuming. We are still talking about double-digit annual growth in retail sales. But there are far more choices today than five years ago. If someone's total budget for clothing, for example, has increased 40% or 50% than five years ago, the amount of choices may have doubled or tripled during the same time. Therefore, as a brand, maintaining their market share becomes more challenging. For example, in the apparel industry, the old model of operation is to use a good brand sponsor, advertise on TV and sell your products via a wholesale model. You, as the brand owner, do not operate the retail outlets. You rely on a few thousand wholesale distributors across China to sell your products. In the old days, when choices were few, this model worked for well-managed brands. But with the influx of fast fashion and foreign brands, consumers are becoming far more discerning. So without decent control at the retail level, you wouldn't know which design is selling faster or slower, and inevitably there will be inventory buildup. So in order to do well in the apparel industry, you need to operate your own stores or work very closely with selected distributors today. .......

Rank #3: Patrick Chovanec: The Chinese Economy Is Slowly Strangling Itself

Nov 10 2013
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In this episode of China Money Network, guest Patrick Chovanec, chief strategist at New York-based Silvercrest Asset Management, talks with our host Nina Xiang about why he thinks the Chinese economy is slowly strangling itself, how to read beyond China's headline economic data and what he expects from the Chinese Communist Party's third plenum meeting. Read an excerpt below, but be sure to listen to the full interview in audio and subscribe to the podcast in the iTunes store. Q: China's imports and exports in October reached $339.7 billion, up 6.5% year-on-year. Last week, the Oct official PMI number reached 51.4, hitting the highest level for 18 months. Is China's economy really improving, or is this the same old window dressing before an important political meeting? A: People tend to be very schizophrenic about the Chinese economy. They see either the bad news or the good news, and say either everything is going to implode or everything is back on track. Now we seem to be in a cycle where GDP was higher and (economic data appears to be better) as you mentioned. But I don't think things are back on track at all. For example, it's getting harder to interpret Chinese export numbers. There is a disconnect between the reported Chinese export numbers and the freight shipments out from Hong Kong. It's masking capital inflows to China as Chinese companies are borrowing cheap U.S. dollars and bringing them into the country dressed as export. Then they speculate in real estate and in re-lending. Q: What kind of trend do you see in the latest M2 and new loan numbers, two economic indicators playing a critical role to China economic performance at the present? A: What we have seen in the past couple of decades is that the Chinese economy was forging ahead using the export-led growth model. But it's not exports driving growth per se. It's exports that enable a much greater level of investment that would otherwise be possible – that's turbocharging the economy. So when external demand (for Chinese exports) slowed down, China doubled down on investment. That's the worrying thing. Because those investments have created capacity, which needs an end user that today has to be domestic demand. That's why an internal re-balancing is at the core of the coming third plenum meeting. We have seen an explosion of credit lately, which in absolute terms makes 2009 stimulus pale in comparison. So credit has been driving more investment and growth. This is a model that Premier Li Keqiang said himself that it's not sustainable. This dependence on run-away credit growth to both drive investment and also paper over past investments that have gone bad, means that the Chinese economy is slowly strangling itself. It may not be obvious looking at the headline numbers. I'll give you an example. Chinese companies reported increase in earnings during the first half of this year. But well over half of that came from banks. Of the non-financial companies, all of the increase in earnings, plus more, came from non-core activities. That means speculation in properties, re-lending to shadow banking, etc. Actually core earnings were down. That says to me that the Chinese economy is unsustainable and needs to be fixed. The greatest sign is the freeze up in the interbank lending market. A lot of people dismiss that as a blip on the radar screen and is easily fixed by the People's Bank of China. In fact, it showed the dependence on credit expansion. Q: During the past month or so, there have been at least a dozen announced or completed IPOs in Hong Kong and the U.S. Are Chinese IPOs coming back? A: Given my outlook for the Chinese economy, people would say, then your investment advice would be to run away from China as far away as possible? The answer is no.

Rank #4: Jim Rogers: China Should Open Up Its Financial Markets Now

Nov 19 2013
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In this episode of China Money Network, returning guest and veteran investor Jim Rogers, chairman of Rogers Holdings, talked with our host Nina Xiang on his reading of China's third plenum meeting, why China should open its financial markets completely "this afternoon", and what Chinese stocks he has been buying lately. Read an excerpt below, but be sure to listen to the full interview in audio or watch an abbreviated video version. Don't forget to subscribe to the podcast in the iTunes store. Q: The just completed third plenum meeting provided a road-map for China's future reforms. It created this renewed sense of optimism about China's future. Do you share that feeling? A: I was quite delighted to see what they said. The one overriding point is that the market is going to make the final decision. That is contrary to what is happening in the U.S., and that is why the world is moving to Asia. Q: The policy initiatives may look near perfect on paper, but no doubt the most challenging part will be implementation. What do you see as the biggest risk in implementation? A: In the past few years, the momentum (for reform) in China has slowed because of vested interests and their fear of losing power. The new leadership now says let's move on and just do it. But it won't happen with a snap of the finger. Q: What would you like to see in China's financial reform? A: They should make their currency, the RMB, convertible this afternoon. They started (currency reforms) in 2005 and have taken many small steps. But China is no longer a weak economy. It is the most successful country in the past thirty years. There is nothing to fear. Q: Interest rate liberalization, floating the currency and opening up capital accounts, which one should come first? A: I would think all of the above this afternoon. But they've been very slow and only taken small steps. Deng Xiaoping says you cross a stream by feeling one rock at a time. That's correct. But there comes a time when you get to the other side, and let's move ahead. China is on the other side now. Q: How worried are you about capital outflows if the capital accounts are opened now? A: Of course there will be capital outflows. The RMB may even go down for a while. But just do it and get it over with. There will be a lot of capital inflows as people like me want to put money into China. Have you ever heard of people smuggling money into a country with capital controls? No. People in China are trying to get their money out. But there are also many people who want to rush into China. This is the point of a free and open market. Trust me, it's not the end of the world. The Australians, Germans and Japanese used to worry about (opening up capital accounts). But somehow they all survived. Trillions of dollars flow in and out everyday in the foreign currency market. China will survive too. Q: You have been bullish on the RMB for a long time, but the RMB only appreciated for roughly 12% since 2008. You can't say that it's a great performance as an investment? A: That depends on what you compare with. There are many other currencies that were down. We presume one has earned interest as well even if it's just put into a CD (certificate of deposit). Don't forget that those interests get compounded. But you are right, there are many other investments that could have made a lot more money. But the point is the currency has continued to appreciate and will continue to appreciate. It may be double or triple in the next 10 to 20 years. Q: Are you buying Chinese company shares now? A: Yes. Q: Can you give us a couple of those names? A: I've never bought Chinese domestic A shares in my life because it's always more e...

Rank #5: Capital Account Easing May Lead To Chinese Overseas Buying Spree

Sep 02 2013
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In this episode of China Money Network, host Nina Xiang does a news roundup and answers questions about China's capital control measures, potential capital outflows from China and its impact on Chinese and global financial markets. China Money NetworkPlease listen to the podcast here and be sure to subscribe to us in the iTunes store.

Rank #6: China Money Network News Roundup

Aug 27 2013
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In this episode of China Money Network, host Nina Xiang does a news roundup for the week of August 26 to 30, 2013. She shares the news on the economy, China's business sectors, investment fund news and some expert columns. Please listen to the podcast here and be sure to subscribe to us in the iTunes store.

Rank #7: Podcast: Listen To China’s Top Healthcare Investors Discuss Their Best Investment Ideas

Apr 21 2016
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In this episode of China Money Podcast, listen to four top Chinese healthcare investors, including Qiming Venture Partners's Nisa Leung, Ally Bridge Group's Frank Yu, Bain Capital's Li Min and BioVeda China Fund's Dr. Zhi Yang answer the same following five questions:

Rank #8: Hank Greenberg: U.S. And China Must Jointly Manage Asia Pacific

May 15 2013
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In this special edition of China Money Network, listen to former chairman and CEO of AIG, Hank Greenberg, discuss how the U.S. and China should jointly manage the Asia Pacific region, the transition of China's economic model, and China Development Bank's failed investment in San Fransisco. Hank Greenberg answered questions from former Morgan Stanley chief economist Stephen Roach at a luncheon event organized by the China Institute. Listen to the audio podcast, or read an excerpt below. Q: Is China's new leadership up to the job managing China's reforms and economic model transitioning? A: I think they are. The process they go through in China to decide who becomes the next new leaders is generally very balanced. The U.S.-China relationship is the most important in the world, but it's also the most troubled in the world. Until the two countries learn to trust each other, we have a problem. The U.S. is a Pacific power and an Asian power. So is China. Both countries have to learn to live in that part of the world together, and not say, I dominate or you dominate it. We have to learn to manage that area jointly. I'm sorry that Xi Jinping made his first foreign visit to Moscow, but not to the U.S. (or to meet U.S. leaders somewhere midway). Q: It seems to me that Washington continues to look at the old China as a threat, instead of looking at the new China as an opportunity. Is that the heart of the trust issue that you alluded to? A: It is part of it, but the problem goes beyond that. The excursion of China to the South China Sea has heightened that tension a bit. Every nation has a right to build a military force for self-defense. Put yourself in China's position – it's surrounded not by the friendliest countries. Vietnam is not China's friend. Japan is not. China has border problems with India. South Korea is now an issue because of North Korea. I think the issue of the South China Sea is not who owns the reefs, but who owns the oil and gas beneath the reefs. There must be a better way to give that up than muscling your way into it. It doesn't create the right atmosphere for building relationships. Q: How does China transition to a consumer-driven economy? A: China has to build a consumer market. But change in China won't happen abruptly. It's a 5,000-year-old society. But China will become a consumer economy. They will take people off the farms and build many new cities. The question is how do you finance building these cities? How do you create jobs? It seems to me not that complicated. We issue 30-year bonds here in the U.S. I think one day, China will issue 30-year bonds (or 20-year, 50-year, doesn't matter). Those bonds will be attractive worldwide, not just in China. Once you build these cities and move people in, declare a tax holiday for 5 to 10 years to attract businesses and industries to these cities. These cities will then have competitive advantage not only for exports, but also domestically as they enjoy the tax benefits. Q: China Development is trying to make a sizable real estate investment in San Francisco, but it seems to be falling apart? A: I think it was politics on both sides. There were all sorts of issues, some are technical and some related to safety. But China Development Bank is loaning a lot of money in Africa, a continent where the U.S. is not doing much. But that continent is going through dramatic changes now (and the U.S. shouldn't be absent).

Rank #9: Roger Wu: Many Chinese O2O Start-Ups Will Fade Away

Jun 23 2016
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In this episode of China Money Podcast, guest Roger Wu, a partner at consumer-oriented private equity firm Maison Capital, spoke to our host Nina Xiang on China's O2O (online-to-offline) bubble and the firm's investment in a Chinese healthcare device maker. Don't forget to subscribe to China Money Podcast for free in the iTunes store, or subscribe to China Money Network weekly newsletters. You can also subscribe to China Money Podcast’s Youtube channel or Youku channel.

Rank #10: Kathy Walsh: RMB Likely To Create Dual-Currency World Alongside US Dollar

Nov 11 2015
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In this episode of China Money Network, guest Kathy Walsh, associate professor of finance at the Australian National University, spoke to our host Nina Xiang. She explained why the Chinese currency has a greater chance than the Euro to form a dual-currency system alongside the U.S. dollar, and how the global network of offshore RMB centers will evolve. Read an excerpt of the interview, but be sure to listen to the full interview in the audio podcast.