Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Mainland China
38 articles
(Page 2)
China Tower (788 HK)
State monopoly at a forward P/E of 11x and rapidly falling depreciation charges
Hidden champions among China's ADRs
An attempt to find the best Chinese businesses listed in the United States. Estimated reading time: 32 minutes
Winners of China's "daigou" crackdown
Hainan duty-free stores and cross-border e-commerce platforms stand to benefit. Estimated reading time: 13 minutes
Chinese ADRs are safe from delisting, for now
On VIE structures, delisting risks and potential workarounds. Estimated reading time: 15 minutes
China's EV subsidies are going to zero
And regulation has been a major driver of growth. Estimated reading time: 13 minutes
China's borders are reopening
Outbound tourism is set to resume on 8 January 2023. Reading time: 11 minutes
Variant view: China's zero-COVID policy is dead
Consumer companies benefit from China living with endemic COVID. Estimated reading time: 16 minutes
Deep-dive 2022-21: Niu Technologies
Fast-growing Chinese EV scooter company expanding in China and overseas