Jun 16, 2015 - Bloomberg LP

Tuesday
June 16, 2015
www.bloombergbriefs.com
Reserve Bank of Australia Minutes; Russian Rate Cut
COMMENTARY IN THIS ISSUE
JUSTIN JIMENEZ AND BEN BARIS, BLOOMBERG BRIEF EDITORS
Has the Hong Kong
Shanghai Stock Connect
led to a "Chinafication" of
Hong Kong's equity
market? Fielding Chen
examines the movement
in the Hang Seng.
WHAT TO WATCH: Minutes from the Reserve Bank of Australia's June policy
meeting will take the spotlight during a light day of economic data in Asia. The central
bank left its cash rate target unchanged at 2 percent during the meeting, though recent
statements from Governor Glenn Stevens indicate a clear easing bias. The minutes,
released at 9:30 a.m., may provide hints on which factors could lead to another cut. (See
chart below.)
ECONOMICS: The Bank of Russia said inflation risks will hinder further monetary
easing after cutting its key interest rate for the fourth time this year to counter a looming
recession. The central bank lowered the key rate by 100 basis points to 11.5 percent.
GOVERNMENT: Former Florida Governor Jeb Bush formally announced that he’ll run
for President of the United States. Asian Development Bank President Takehiko
Nakao kicks off a visit to India. At 5 p.m., he will hold a press conference to discuss
economic issues, the India-ADB partnership and ADB’s India program.
COMPANIES: Citic Securities Co., China’s biggest brokerage by market value, will
raise as much as HK$27.1 billion selling stock to 10 investors, including the Kuwait,
Singapore and Malaysia sovereign wealth funds.
MARKETS: China’s holdings of Treasuries rose for a second month in April to $1.26
trillion, as Japan’s fell to $1.22 trillion, the lowest level in a year, figures showed.
TWEET OF THE DAY
Callum Thomas
@Callum_Thomas
The #China growth formula:
1. Add debt;
2. Profit;
3. Repeat. http://t.co/A1pC3xcRpM
Details
QUOTE OF THE DAY
(All times local for Hong Kong.) RBA Minutes Will Be Watched for Specific Rate-Cut Trigger
"I’m very concerned about
Sydney. Some of what’s
happening is crazy. But we’ve got
a national focus we have to
manage as well, and that just
increases the complexity."
— Reserve Bank of Australia Governor Glenn
Stevens on soaring property prices in Sydney.
Read more about Australia's 'crazy' prices on the
Bloomberg terminal.
NUMBER OF THE DAY
The Reserve Bank of Australia left the cash rate target unchanged on June 2, as expected
by most forecasters. Yet the central bank's statement accompanying the announcement was
not as dovish as some had hoped. Further easing appears to be data dependent. The
statement reiterated that "the economy is likely to be operating with a degree of spare
capacity for some time yet" and continued to signal that a weaker Aussie was preferred. The
RBA's June minutes will be examined to gauge the requisite triggers for another cut.
— Tamara Henderson, Bloomberg Economist
30% — How much further residential
property prices in Singapore need to
drop, according to Suchad Chiaranussatti,
founder of SC Capital Partners.
Chiaranussatti said that he won’t be
re-entering the city-state's residential
market until he sees a further decline in
prices, and that prices need to drop by
about 20 percent to 30 percent to make
residential investments attractive again.
Read the full story on the terminal.
Bloomberg Brief
June 16, 2015
Economics Asia
2
BIG PICTURE FIELDING CHEN, BLOOMBERG ECONOMIST
Will China Investors Reshape Hong Kong's Stock Market?
The opening of the Hong Kong
Shanghai Connect sparked expectations
that fundamentals-driven institutional
investors from Hong Kong would temper
some of the speculative impulses of
mainland China's retail-dominated
markets. Yet performance so far has
triggered concern that the influence is
moving in reverse, toward "Chinafication"
of Hong Kong's stock markets. The Hang Seng Index jumped 12.5
percent in six trading days during early
April as money from the mainland flooded
into Hong Kong through the trading link
between the two markets. Hong Kong
listed Chinese enterprises surged 18.1
percent in the period. H shares,
considered "undervalued" by mainland
investors, have an average 10.1 P/E
compared with the 25.6 price-earnings
ratio of Shanghai's stock market.
Hong Kong's share prices have
sustained high levels since the launch of
the stock connect, which has boosted
turnover toward a record. The movement
in the equity market has shocked some of
Hong Kong's local investors, who see a
continuous rise in stock prices
unsubstantiated by fundamental support. Still, the perils of a Hong Kong stock
market "Chinafication" may be overdone.
Since the beginning of China's stock
market rally in the second half of 2014,
the correlation between stock markets in
Hong Kong and Shanghai declined to 0.4
in June from 0.5 a year earlier. The
correlation between H shares and
Shanghai stocks is at about 0.6, matching
the average of the past six years. Hong
Kong's correlation with Asian markets
remains closer than its tie to the
mainland.
That's because Shanghai's quota to
invest in Hong Kong remains limited. The
aggregate quota of the southbound
channel is about 0.8 percent of Hong
Kong's total market cap, which is about
HK$30 trillion ($3.9 trillion) as of June 8.
The daily quota is about 7 percent of daily
Hong Kong Shares Boosted Since Stock Connect Launch
Correlation Between Hong Kong, Shanghai Markets Declining
See this analysis on the Bloomberg terminal with additional charts here.
turnover, about HK$151 billion ($19.5
billion), in the market. Furthermore, the
daily quotas have seldom been used up
in the past. Limited flows have not been
enough to move Hong Kong's markets in
line with Shanghai's.
As China opens the border to outbound
investment flows, the influence of
mainland investors on the Hong Kong
market will grow. For now, though, with
cross-border transactions capped, the
impact remains contained.
Bloomberg Brief
June 16, 2015
Economics Asia
3
TODAY'S DATA
CHINA
OVERNIGHT
Next China Bear Market Seen in $358 Billion of Margin Loans
Americas
U.S. factory production unexpectedly
declined in May as the slump in energy
output deepened. The 0.2 percent
decrease at manufacturers followed a 0.1
percent increase in April, figures from the
Federal Reserve showed. Total industrial
production, which also includes mines
and utilities, also dropped 0.2 percent.
Stock forecasters in search of an early-warning system for the next Chinese bear market are
zeroing in on the country’s record $358 billion pile of margin debt. When that three-year build-up
of leveraged positions starts to unwind, regulators will struggle to limit the selloff, according to
Bocom International. Almost all of 2015’s biggest declines in the Shanghai Composite Index
were sparked by investor concerns over margin-trading restrictions. The securities regulator
announced plans Friday to limit the amount brokerages can lend for stock trading. A pullback by
margin traders would undercut one of the biggest drivers of the rally that’s lifted the value of
shares to more than $10 trillion for the first time. Read the full story here.
Confidence among U.S.
homebuilders rebounded in June to a
nine-month high as warmer weather and
a brighter economic outlook drew
prospective buyers back to the market.
The National Association of Home
Builders/Wells Fargo builder sentiment
gauge rose to 59 this month, the
strongest since September, from 54 in
May, figures from the group showed.
Brazil economists raised their 2015
inflation forecast by more than a
quarter-point and lowered their outlook for
economic activity as the central bank
raises borrowing costs. Analysts boosted
their forecast for inflation to 8.79 percent
from 8.46 percent, according to the June
12 central bank survey of about 100
analysts published Monday.
CALENDAR
Europe
— Zhang Shidong, Kyoungwha Kim & Allen Wan, Bloomberg News
TIME
COUNTRY
EVENT
SURVEY
PRIOR
7:30
Australia
ANZ Consumer Confidence Index
—
112.1
9:30
Australia
RBA June Meeting Minutes
—
—
9:30
Australia
New Motor Vehicle Sales MoM
—
-1.5%
9:30
Australia
New Motor Vehicle Sales YoY
—
2.8%
12:00
Japan
Tokyo Condominium Sales YoY
—
-7.6%
6/16-18
China
Frgn Dir Invest YoY CNY
8.0%
10.5%
6/16-22
Indonesia
Local Auto Sales
—
81600
6/16-22
Indonesia
Motorcycle Sales
—
524775
6/16-22
Sri Lanka
Exports YoY
—
-0.9%
6/16-22
Sri Lanka
Imports YoY
—
-5.5%
17:00
Germany
ZEW Survey Expectations
37.3
41.9
16:30
U.K.
CPI YoY
0.1%
-0.1%
20:30
U.S.
Housing Starts
1090K
1135K
Source: Bloomberg BCAL <GO>
All times local for Hong Kong. Survey figures updated at 5:19 a.m.
European Central Bank President
Mario Draghi said it’s up to the Greek
government to take the next step to break
the deadlock in talks with creditors and
secure a deal on its bailout. “While all
participants need to go the extra mile, the
ball lies squarely in the camp of the Greek
government,” Draghi said at a hearing of
the European Parliament’s Committee on
Economic and Monetary Affairs. Europe
needs a “strong and comprehensive
agreement, and we need this very soon.”
Russia’s economy shrank in the first
quarter at a faster pace than previously
estimated as a weaker currency and a
surge in inflation eroded consumer buying
power. Gross domestic product fell 2.2
percent from a year earlier, the first drop
since 2009 and down from a previous
estimate for a 1.9 percent decline, the
Federal Statistics Service said. GDP grew
0.4 percent in the fourth quarter.
Bloomberg Brief
June 16, 2015
Economics Asia
4
SPOTLIGHT: AUSTRALIA MICHAEL HEATH, BLOOMBERG NEWS
Fired Miner’s 50 Percent Pay Cut Just Start of Australian Wage Pain
For 20 years Australians doubled down
on debt, confident that rising wages would
inflate away the burden and grow their
wealth. Now their luck seems to be
running out.
Geologist Marzena Grochot has been
forced to go back to her former career as
a dental technician after losing her mining
job that paid twice as much. Her plan to
sell the family’s house in Perth is also
foundering in a weak market as the
impact of collapsing mining investment
spills out across the economy.
“It’s affecting everyone — people stop
going out and spending money,” the
37-year-old said. “Even working in the
dental industry, everything is slowing
down because parents can’t afford any
more braces for their kids and are
postponing treatments.”
Australian wages fell in the first quarter
for the first time on record as the wall of
Chinese money scooping up the nation’s
commodities receded. The implications
are profound: stagnant pay limits
household spending that accounts for
about 55 percent of the economy; it
impedes government efforts to repair the
budget; and will force the central bank to
maintain low interest rates for an
extended period or cut even further.
“This is going to be long, it’s going to be
slow, it’s going to be a grind,” said James
McIntyre, head of economic research in
Sydney at Macquarie Bank Ltd. and a
former Treasury official. “The risk is it’s
going to be painful.”
The three main levers for the economy
to adjust to the end of the commodities
bonanza are a sharp depreciation of the
currency, a surge in productivity or wage
cuts, McIntyre said. The Reserve Bank of
Australia has focused on the local dollar,
yet with a 2 percent cash rate competing
against zero levels in major developed
economies also seeking lower currencies,
its success has been limited.
Higher productivity requires investment
to give workers better tools to boost their
output, or regulatory changes that
improve firms’ operations. But political
reluctance to take on vested interests is
impeding the structural reforms needed to
boost productivity, which dropped in the
first quarter.
That leaves pay cuts as the economy’s
adjustment mechanism.
Private Sector Wages Fell in 1Q for First Time on Record
“This low wage growth is going to go on
for quite a while,” said Bob Gregory, a
professor at Australian National University
in Canberra who has studied the
economy for almost half a century. “So if
you’re counting on meeting debt with your
wage increases, that’s going to be much
harder than ever before.”
Household debt as a proportion of
disposable income rose to a record 153.8
percent in 2014's final quarter, having
more than doubled in two decades.
Australian workers face wage cuts just
as their American counterparts are
enjoying the biggest increase in pay
packets since 2006. The difference is
reflected in the policies of the respective
central banks, with the Fed preparing to
tighten policy as the RBA considers
further loosening its record-low rate.
Governor Glenn Stevens said last week
the economy’s performance has been
“disappointing” and said it “could do with
some more demand growth” over the next
couple of years.
With households having already built up
debt, they “probably have the least scope
to expand their balance sheets to drive
spending,” Stevens said.
While growth in Australia slowed to 2.3
percent in the first quarter, it’s still faster
than every Group of Seven country
outside the U.S. and U.K., which grew at
2.7 percent and 2.4 percent, respectively,
as their recoveries gather pace.
Australia’s government, meanwhile,
needs wage growth to push salaries into
higher tax brackets to narrow a shortfall in
revenue. “This has big implications for
budgets,” said ANU’s Gregory. “If nominal
wage growth remains very depressed,
then the deficit is likely to blow out.”
For Australian firms, wages are a
chicken-and-egg scenario. They need
them weaker to increase export
competitiveness, but also need the
domestic demand that bigger pay packets
bring. Australia in 2013 had the highest
real minimum wage among developed
nations after the Benelux group,
according to the Organisation for
Economic Cooperation and Development.
The central bank estimates 60,000 jobs
will be lost from mine construction in the
four years through 2018. Given that these
are high-paying positions, ex-miners’ new
jobs are likely to depress median pay
rates and reduce national income.
Electricians who previously worked in
mines now earn 30 percent to 40 percent
less for similar work in the consumer
goods industry, said Ed Hinschen,
operations director at Labour Solutions
Australia, which supplies as many as
3,500 workers.
“The market is not very promising at
all,” Grochot said. “I don’t want to count
because it would be really depressing for
me to know how many jobs I have applied
for.”
Bloomberg Brief
June 16, 2015
Economics Asia
5
FRONTIER MARKETS GAVIN SERKIN
Argentina: 'Little Trees' Spring Up in Land of the Ever-Losing Currency
This is an excerpt from Frontier ~ Exploring the Top Ten Emerging Markets of
Tomorrow by Gavin Serkin (Wiley/ Bloomberg Press, April 2015, £29.99,
Hardback ISBN: 9781118823736). Click here to read the previous installments
on Kenya, Myanmar and Romania.
Analysis: Adelante's Julian Adams
Traveling from Bucharest via Barcelona to Buenos Aires gives
a feeling of faded Latin glory, and nowhere more so than in
Argentina – swinging with the world’s ten wealthiest nations
before its drift into progressively crazier economic policies.
The lunacy hits before you step foot in the country. This is the
only immigration form where I have to state the mobile I possess
and accessories. I faithfully declare my iPhone 5 and charger.
When it comes to buying pesos, I have a choice: swap $100
legally for 550 pesos or get a thousand on the street. It’s hard to
avoid falling into crime.
In Calle Florida, the main shopping street, an official kiosk is
void of customers. Within 5 meters a woman waves a calculator,
calling “cambio.” Locals nickname them arbolitos, “little trees.”
A teenage arbolito spots me. He shows me his calculator and
punches in 950. I shake my head, “mil.” He enters 980 and
beckons me to a dress shop. He’s the broker; the woman with
the dresses is the dealer.
The arbolito tells me how he loves British culture – he’s seeing
the English 80s band Depeche Mode tonight and he’s a big fan of
Monty Python. Around us, the Union Jack is a la mode on
T-shirts and handbags – surprising for a nation whose populist
president has been whipping up the idea of kicking the Brits out
of the Falkland or Malvinas Islands.
It’s Saturday and the shops are packed with people spending
money like it’s going out of style – which in Argentina, of course,
it is.
The peso is crashing. Everyone’s been through this enough
times to recognize the signs. Currencies are created, inflated and
disbanded. A hundred pesos moneda nacional were replaced by
a single peso ley in the 70s, then 10,000 peso leys by one peso
Argentino, 1,000 peso Argentinos by an austral and 10,000
australes by a peso convertible.
By the early 90s, as inflation hit 20,000%, a single peso
convertible – or ARS as the “Argie spot” is suitably known in the
language of currency traders – equated to 10 trillion of the pesos
used two decades earlier to buy a coffee
President Carlos Menem’s economy minister, Domingo
Cavallo, broke the pattern by making the peso convertible to the
dollar. The exchange rate peg survived Mexico's “tequila” crisis,
Argentina has experienced capital flight and disinvestment
for the past decade, so if you have a half sensible
government with orthodox and balanced economic policies
then you should get a big return of capital, creating an
investment-driven recovery.
Quick Facts
Argentina
Population
43,024,374
GDP on PPP basis ($)
771,000,000,000
GDP/Capita on PPP ($)
18,600
Inflation (% pa)
20.8
Unemployment (%)
7.5
Source: CIA World Factbook, December 2014 Optimism is supported by the idea that all the bad things
have taken place. The confrontational style that radicalized
the country into pro-government and enemy camps has
become unacceptable to the public.
The low debt level would make it easy for Argentina to tap
the capital markets and the bonds should trade with a low
and very affordable interest rate.
The government was almost heading in that direction in
mid-2014 but then Fernandez blew it and turned the other
way. Capital flows can come back very quickly.
Asia’s economic flu and the Russian debt default of the 90s.
But the currency’s straitjacket could only buy so much time
without accompanying cuts in government spending. By the end
of the decade, farmers were struggling to compete against
Brazilian exporters benefiting from a plunge in the real. When
President Fernando de la Rua came to power in 1999, Argentina
was in recession and running out of funds to support the peg.
Having shoveled billions in support, the IMF threw in the towel
at the end of 2001, causing Argentina to renege on $95 billion of
debt.
While Néstor Kirchner – becoming Argentina’s fourth president
in two years in 2003 – managed to keep a lid on the peso, rising
spending during his wife Cristina Fernandez de Kirchner’s
presidency eroded the reserve of dollars. As the currency
weakened further in 2011, Fernandez restricted dollars to those
traveling abroad or importing.
To the wealthy, it was an invitation to scam. Argentines flew to
New York or took the hour-long boat trip to Uruguay to draw cash
on credit cards. The most popular purchases were goods hardest
to find back home because of import restrictions – like iPhones,
fetching triple the cost in New York.
One economist in our run of meetings bought a car with
borrowed pesos. The 20% interest rate was below 30% inflation
and 50% devaluation. A commodities trader was finding inner
peace at a Buddhist retreat when “the ARS fell out of bed” in
2014. He’d bought soybeans on loan. They were gaining on
Chinese demand as the peso tumbled.
By the time the government got around to closing the loopholes
by slapping taxes on credit cards and purchases abroad, backed
by controls like my immigration card, the roads were chock a block with German cars.
There have been many lunatic policies, reflects Lucha, a drama
student who part-times as a city tour guide. By way of illustration,
she leads a route past mothers begging on the steps of the
Catedral Metropolitana to the beautiful mosaic-floored interior.
A couple of years earlier, all of these hundreds of thousands of
tiny tiles were individually broken off and cleaned, she says,
shaking her head. “They had nothing better to do.”
Next Stop: Vietnam. Published next Tuesday, June 23.
June 16, 2015
Bloomberg Brief
Economics Asia
6
ECONOCHAT
MARKET CALLS BLOOMBERG NEWS
COMMENTARY ON THE WEB
India's industrial-production data is now headed in the right direction, though we will
have to wait for more signs before concluding that the slow pace of recovery is behind
us, according to ANZ. The lack of a downward surprise for inflation, on the other hand,
confirms that the Reserve Bank of India is likely to stay on hold.
Should the U.S. maintain its reluctance
in joining the Asian Infrastructure
Investment Bank, that would be a
mistake, argues Paolo Mauro of the
Peterson Institute for International
Economics. "By participating in the AIIB,
advanced economies will be able to
influence its operations, ensure that its
processes are transparent, and put in
place incentives for projects that preserve
the world's natural resources and control
climate change," he writes. "The United
States is well placed to play a
constructive role in that endeavor."
Goldman Sachs sees evidence that exchange rates have led to a significant
difference in South Korea's recent export performance. The bank expects BOK to hold
until late next year, although it doesn’t rule out a further rate cut later this year in event of
a delay in the Fed's lift-off from September or a further worsening of the MERS situation.
Westpac lowered its forecast for the New Zealand dollar to 65 U.S. cents by the end of
the year, compared with a previously expected 68 cents. The bank sees the NZ dollar
buying 90 Australian cents by end of year, from 94 cents previously. Westpac says if the
kiwi stabilizes at current levels, the case for a RBNZ rate cut in July would be bolstered.
Bank Indonesia is likely to keep its reference rate unchanged at 7.5 percent on June
18, according to Standard Chartered. The bank no longer expects a cut this year
because it would increase pressure on the rupiah and import inflation, outweighing the
benefits of a cut for real GDP growth. Standard Chartered sees Bank Indonesia boosting
its key rate by 25 basis points to 7.75 percent in September to defend the currency from
the risk of capital outflows due to a potential U.S. Fed rate increase.
Saudi Arabia “will not be a bargain, but it can be a nice diversification from emerging
Asia that has become increasingly large within emerging markets. The biggest losers will
be markets associated with oil and energy: Brazil, Mexico, Russia, Indonesia, Malaysia,”
according to Martial Godet, head of emerging-market equities and derivatives strategy
at BNP Paribas.
China's relationship with the EU is
moving away from a focus on economic
partnership "towards unprecedented
levels of political cooperation," writes
Silvia Menegazzi of LUISS Guido Carli
University, Rome. Menegazzi expects
international security, terrorism and
maritime affairs will be among the
challenges to be faced by the two parties.
June 16, 2015
Bloomberg Brief
Economics Asia
MARKET INDICATORS
Source: Bloomberg. Updated at 5:22 a.m. Hong Kong time.
7
Bloomberg Brief
June 16, 2015
Economics Asia
8
THE BOTTOM LINE BLOOMBERG NEWS
The Bottom Line collects a week's worth of
economy-related corporate anecdotes from
Bloomberg News stories.
Chaebol
Hedge fund manager Paul Elliott
Singer, said he would oppose a proposed
Samsung Group merger, and all hell has
broken loose. The local press has
attacked Singer as a meddling pariah.
Hundreds of minority investors are
banding together to back Singer and the
government has stayed neutral. The
billionaire has set off a debate about the
privileges the industrial titans known as
chaebol have held. “Samsung and South
Korea are at a crossroad,” said Kim Sang
Jo, executive director at Solidarity for
Economic Reform. “If Samsung sticks to
its old ways or if South Korea stirs up a
nationalistic movement against Elliott,
foreign investors’ interest in South Korea
will sour.” (June 12)
— Rose Kim, Kyunghee Park and Jiyeun Lee
Energy
India is set to add more solar capacity
than wind power for the first time as
Prime Minister Narendra Modi looks to
curb energy shortages. The solar pivot
may take Modi closer to the goal of
scaling up clean energy in India fivefold
by 2022, part of his push for energy
security and greater control over pollution.
Suzlon Energy, the fifth-largest wind
turbine maker, plans to install 500
megawatts of solar capacity over the next
five years. ReNew Power Ventures is
building about 250 megawatts of solar
projects. (June 11)
hedges for the dollar in the past, said
Takuo Soga, a company spokesman.
(June 12)
— Anindya Upadhyay
— Chikako Mogi and Hiroko Komiya
Food Retail
Logistics
Restaurants, food producers and
retailers are among a small but growing
number of companies doing what few
managed for long during Japan’s lost
decades: raising prices. From beef bowl
chain Matsuya Foods to supermarket
and convenience store operator Seven &
I Holdings, businesses are betting that
consumers will pay more for premium
products, shifting from discount-driven
strategies that Fast Retailing used to build
its brand into a force during Japan’s
deflationary years. The shift is getting the
most traction in food-related companies,
where the yen’s decline over the past two
years has pushed up the cost of imported
corn, soybeans and wheat. (June 12)
GoGoVan is in talks to raise about $50
million at a company valuation of at least
$300 million, according to people with
knowledge of the matter. The van rental
startup handles 15,000 deliveries a day
and has signed up 78,000 drivers across
Asia. GoGoVan is among a crop of
startups operating in the region’s logistics
arena. It competes with EasyVan as well
as Uber’s own logistics service in Hong
Kong, called UberCargo. (June 12)
— Keiko Ujikane and Monami Yui
Japan Inc.
The yen’s plunge below 125 against the
dollar this month wiped out many existing
hedges and also made replacing those
contracts prohibitively expensive for
Japanese companies buying the U.S.
currency to pay for their imported goods,
according to FPG Securities. Kao’s Chief
Executive Officer Michitaka Sawada said
the toiletry maker views rapid moves in
the yen exchange rate as “problematic.”
Asahi Group Holdings has managed to
limit the impact on its earnings from
recent moves in the yen by increasing
— Shai Oster
Technology
Beijing Baofeng Technology was
destined for big returns, said Hugo
Shong, a pre-IPO investor in Baofeng at
IDG Capital Partners. He just didn’t
realize how quickly they’d come. In the 55
trading days since Shong took Baofeng
public on the Shenzhen stock exchange,
the developer of online video players has
jumped 4,208 percent. The surge has a
lot to do with China’s growing mania for
equity investment; it’s also emblematic of
a shifting attitude among the nation’s tech
companies toward local capital markets.
The industry is dismantling overseas
ownership structures to take advantage of
soaring valuations on domestic stock
exchanges and government incentives to
list at home. (June 12)
— Lulu Yilun Chen and Jonathan Browning
Bloomberg Brief: Economics Asia
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Asia Economist
Fielding Chen
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Tamara Henderson
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