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China, today

Five questions on investing in China’s SOEs

25 Oktober 2019
Autor: Nidhi MahurkarInvestment Director

As China’s reform agenda has progressed and the economy has become more diversified, the dominance of SOEs in the overall economy and their share of China’s listed capital markets has declined in tandem.

However, SOEs still make up a significant proportion of Chinese indices. The SOE weighting in the MSCI China Index at 37% is significantly higher than the MSCI Emerging Market Index at 22%. The MSCI All China Index, which includes a higher proportion of onshore China A-shares, has an even greater SOE weighting at 49%.

It is crucial, therefore, for any investor in China’s equity markets to understand these companies’ unique characteristics.

In this paper, we consider five questions key to investors in China’s SOEs.

  1. How big is the state-owned enterprise sector in China?
  2. What do China’s SOE ownership structures look like?
  3. How are China’s SOEs evolving?
  4. Where are the investment opportunities?
  5. Do private companies have better governance and lower regulatory risks than SOEs?

Read the full PDF

Nidhi Mahurkar
Nidhi Mahurkar Investment Director

Important information

This content is for informational purposes only and should not be construed as an offer, or solicitation of an offer, to buy or sell securities. All of the views expressed about the markets, securities or companies reflect the personal views of the individual fund manager (or team) named. While opinions stated are honestly held, they are not guarantees and should not be relied on. Investec Asset Management in the normal course of its activities as an international investment manager may already hold or intend to purchase or sell the stocks mentioned on behalf of its clients. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This content may contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Actual outcomes may differ materially from those stated herein.
All rights reserved. Issued by Investec Asset Management, October, 2019.

Indices
Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.
MSCI data is sourced from MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

The content of this page is intended for investment professionals only and should not be relied upon by anyone else

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