Asian Century Stocks

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Monday morning links

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Monday morning links

Michael Fritzell
Aug 2, 2021
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Monday morning links

www.asiancenturystocks.com
  • Chinese tutoring stocks slumped after the state signalled they might turn into non-profit entities. China’s government ministry MIIT launched a six-month "special campaign" to regulate its internet sector.

  • The Delta variant has spread to 26 cities in China. Beijing has stopped entry into the city to stop new COVID cases.

  • China has stopped issuing passports and travel documents unless for “essential or emergent reasons”.

  • Evergrande suffered a credit rating downgrade and a pulled dividend pay-out, renewing fears of a bankruptcy of the world’s most indebted company.

  • Singapore intends to relax the pandemic restrictions once the vaccination rate reaches 80% (1st dose currently: 75%), including quarantine-free travel.

  • BIS and the Monetary Authority of Singapore are planning to launch an instant cross-border payments scheme.

  • The Monetary Authority of Singapore lifted bank dividend restrictions imposed during the COVID-19 pandemic last year.

  • IPO activity: India’s Zomato started trading on 23 July, Korea’s Krafton confirmed its pricing range, Kakao Bank priced at the top of its indicated range, China Telecom received approval for an A-share listing, and Ant Group is now restarting its IPO process as well.


Company-specific reports

  • The ValueTeddy Substack makes the case that Chinese tech company Sohu is worth buying in anticipation of the privatisation of its key holding Sogou (NASDAQ: SOHU — US$781 million)

  • Wolfpack Research issued a short idea report for the Chinese online advertising company Moxian (NASDAQ: MOXC — US$345 million)


Long-form writing

  • I wrote a summary of Claire Barnes’s book Asia’s investment prophets (estimated reading time 43 mins)

  • I interviewed Asia bank analyst Daniel Tabbush (7 mins)

  • Wickhams Hill’s “Under-the-Radar” report dated 31 July 2021 (31 mins)

  • Andrew Batson: China in the 2020s is not France in the 1960s (4 mins)

  • Harvard’s Tony Saich: Rethinking the CCP’s history (13 mins)

  • Anne Stevenson-Yang on the future of the VIE structure (5 mins)

  • Investor Amnesia had an interesting post on the interplay between pandemics and the resulting monetary policy response in history (12 mins)

  • Our friends at The Bear Cave published a list of the top 100 Finance Twitter accounts to follow (5 mins)

  • Jason Goepfert with a word of warning about emerging market stocks (1 min)


Podcasts and videos

  • Carson Block provides his view on China’s crackdown on tech (25 mins)

  • Leland Miller of China Beige Book on the regulatory crackdown (9 mins)

  • Kendra Schaefer on Didi and China’s regulatory ambitions (1:06 hours)

  • Another interview with Russell Napier on the Asian Financial Crisis (34 mins)

  • Vivek Viswanathan on investing in Chinese A-shares (48 mins)

  • Andy Ho of VinaCapital’s “Vietnam Opportunity Fund” on Vietnam (40 mins)


Chart of the week – Internet stocks as % of MSCI China down to 41% from 49% in October 2020

Source: Jefferies, Factset, MSCI

Picture of the week - Orchard road in Singapore’s shopping district last Saturday night


Thanks for reading, and I wish you a great week ahead!


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Monday morning links

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