“An Investment Primer”cj.sharesinv.com.s3-ap-southeast-1.amazonaws.com/... · Presentation is not an offering document. This presentation is issued to parties solely for the purpose

© All rights reserved. No part of this material may be reproduced or transmitted in any form or on any medium without prior written permission of the authors and Alpha Capital Pte Ltd.

1

浑水摸鱼Beyond the Haze

“An Investment Primer”

by Kevin Gin, CFA

Alpha Capital Pte Ltd

24th October 2015


Disclosures and Disclaimers• Presentation is not an offering document. This presentation is issued to parties solely for the purpose of

general information only. This presentation does not constitute an offering for any equity and or securities and no offer of any equity and or securities is being made in this presentation document. Any offer of any securities will be made pursuant to such offering documents to be issues by the Company in due course as may be required in compliance with all applicable laws and regulations.

• Forward-looking statements. This presentation contains forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of known and unknown risks, uncertainties and assumptions. Representative examples of these include (without limitation) general, industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of availability, changes in operating expenses, and governmental and public policy changes. No undue reliance should be placed on these forward-looking statements.

• Disclaimers. Nothing in this Presentation constitutes, or shall be construed as, accounting, business, financial, legal, or tax advice. If the reader is in any doubt as to the action they should take, they should consult their accounting, financial, legal, tax or other professional adviser immediately.

• Certain Restrictions. The distribution of this Presentation in certain jurisdictions may be restricted by law. The Company require persons into whose possession this Presentation comes to inform themselves about and to observe any such restrictions at their own expense and without liability to the Company. Persons to whom a copy of this Presentation has been issues shall not circulate to any other person, or reproduce or otherwise distribute, this Presentation or any information herein in breach of any applicable laws and regulations nor permit or cause the same to occur.


Setting the boundaries…….

• A perspective of the world

• What is important?

• What influences us?

• What is our interest and motivation?


Speaker Profile• Kevin Gin, CFA specializes in valuation anomalies and believes in detailed

research and analysis. Kevin works with a group of like minded professionals within his investment ecosystem. Kevin volunteers with CFA Singapore on Research, UIRC and FICS and is also an advisor on the CFA China India strategy team. Kevin has also spoken for CFAI across the region (Shanghai, Shenzhen, Guangzhou, Singapore, Manila, Bangkok, HCMC, Hanoi) on a number of occasions and has conducted lectures in Beijing Normal University, Zhongshan University-Lingnan College, National University of Singapore and the Wealth Management Institute. Kevin is also a Board Member of CFA Singapore.

Kevin has more than 25 years of investment banking experience and was the Chief Operating Officer of CITIC Frontier China Research (now part of CITIC Securities), the Head of Greater China Property Research with Yuanta Securities (Hong Kong) with responsibilities ranging from research coverage and analysis, marketing, assisting in primary and secondary equity issues, PE and funds. Prior to Yuanta, Kevin was the SVP with Pacific Star Financial where he was engaged in fund creation, structuring, documentation, marketing and fund raising

Kevin graduated with an MBA from New York Stern School of Business/Australian Graduate School of Management in 1992 and a Bachelor of Engineering (Civil, Hon's) from the University of Melbourne in 1986. Kevin was awarded the Australian Post Graduate Scholarship Award and an AGSM scholarship and was conferred the Chartered Financial Analyst charter in 1992.

4


Numbers and Statistics 101

• Biases

• The definition of averages

• Just because there is a relationship does not mean there is causation


GDP, current prices (US$ bn)


GDP based on PPP valuation


1.Start of the GFCQE1 (US$1300bn 2008 Nov – 2010 Aug)QE2: (US$600bn 2010 Nov. – 2011 Jun)QE3: (US$1800bn 2012 Sep – 2014 Oct)2. FED fund rates drop from 4.75% (2007 Sep) to 0.25% (2008 Dec) 3. Unemployment peaks at 10.2% in 2009 Oct. drop below 6% in 2014 Sep, and continues to trend downwards. 2015 Sep is 5.1%.4. Bernankes target: i of 2%, u of < 6%


500

700

900

1100

1300

1500

1700

1900

2100

2300

4000

6000

8000

10000

12000

14000

16000

18000

20000

09/2

000

05/2

001

01/2

002

09/2

002

05/2

003

01/2

004

09/2

004

05/2

005

01/2

006

09/2

006

05/2

007

01/2

008

09/2

008

05/2

009

01/2

010

09/2

010

05/2

011

01/2

012

09/2

012

05/2

013

01/2

014

09/2

014

05/2

015

U.S. Stock indicies

DJI Index S&P 500

-10

-8

-6

-4

-2

0

2

4

6

8

1/9/

2000

1/3/

2001

1/9/

2001

1/3/

2002

1/9/

2002

1/3/

2003

1/9/

2003

1/3/

2004

1/9/

2004

1/3/

2005

1/9/

2005

1/3/

2006

1/9/

2006

1/3/

2007

1/9/

2007

1/3/

2008

1/9/

2008

1/3/

2009

1/9/

2009

1/3/

2010

1/9/

2010

1/3/

2011

1/9/

2011

1/3/

2012

1/9/

2012

1/3/

2013

1/9/

2013

1/3/

2014

1/9/

2014

1/3/

2015

U.S. GDP QoQ chg

0

2

4

6

8

10

12

1/9/

2000

1/3/

2001

1/9/

2001

1/3/

2002

1/9/

2002

1/3/

2003

1/9/

2003

1/3/

2004

1/9/

2004

1/3/

2005

1/9/

2005

1/3/

2006

1/9/

2006

1/3/

2007

1/9/

2007

1/3/

2008

1/9/

2008

1/3/

2009

1/9/

2009

1/3/

2010

1/9/

2010

1/3/

2011

1/9/

2011

1/3/

2012

1/9/

2012

1/3/

2013

1/9/

2013

1/3/

2014

1/9/

2014

1/3/

2015

1/9/

2015

U.S. M2 YoY chg

-2

-1

0

1

2

3

4

5

CPI and PPI vs Time

CPI PPI


Canada19%

Mexico15%

China8%

Japan 4%U.K. 3%Germany 3%

Korea, Republic of

3%

Netherlands 3%

Brazil 3%

Hong Kong, China

2%

Others37%

U.S. Top Export Markets in 2014

Machinery, nuclear reactors,

boilers, etc13%

Electrical, electronic equipment

11%

Commodities not

elsewhere specified

10%Mineral fuels, oils, distillation products, etc

9%Vehicles other than railway,

tramway8%Optical, photo, technical, medical, …

Pearls, precious stones, metals,

coins, etc4%

Plastics and articles thereof

4%

Pharmaceutical products

3%

Organic chemicals

3%

Oil seed, oleagic fruits, grain, seed,

fruit, etc, nes…

Others28%

U.S. Top Ten Export Products in 2014


1.QE program: (¥15tn or 2011 Aug – Oct; 2013 Apr. ¥60-70tn p.a.; 2014 Oct. ¥80tn p.a.)2. Abenomics: the 1st set of three arrows(i) Print ¥60-70tn p.a. to make exports attractive and generate inflation(ii) Government spending programs to stimulate demand (¥3tn p.a(iii) Reforms. 3. Abenomics: the 2nd set of three arrowsPromises of more of the same

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

21/

1/20

07

1/3/

2007

1/5/

2007

1/7/

2007

1/9/

2007

1/11

/200

7

1/1/

2008

1/3/

2008

1/5/

2008

1/7/

2008

1/9/

2008

1/11

/200

8

1/1/

2009

1/3/

2009

1/5/

2009

1/7/

2009

1/9/

2009

1/11

/200

9

1/1/

2010

1/3/

2010

1/5/

2010

1/7/

2010

1/9/

2010

1/11

/201

0

1/1/

2011

1/3/

2011

1/5/

2011

1/7/

2011

1/9/

2011

1/11

/201

1

1/1/

2012

1/3/

2012

1/5/

2012

1/7/

2012

1/9/

2012

1/11

/201

2

1/1/

2013

1/3/

2013

1/5/

2013

1/7/

2013

1/9/

2013

1/11

/201

3

1/1/

2014

1/3/

2014

1/5/

2014

1/7/

2014

1/9/

2014

1/11

/201

4

1/1/

2015

1/3/

2015

1/5/

2015

1/7/

2015

1/9/

2015

Japanese 10 Yr Bond Yield (%)


0

5000

10000

15000

20000

25000

1/1/

2007

1/5/

2007

1/9/

2007

1/1/

2008

1/5/

2008

1/9/

2008

1/1/

2009

1/5/

2009

1/9/

2009

1/1/

2010

1/5/

2010

1/9/

2010

1/1/

2011

1/5/

2011

1/9/

2011

1/1/

2012

1/5/

2012

1/9/

2012

1/1/

2013

1/5/

2013

1/9/

2013

1/1/

2014

1/5/

2014

1/9/

2014

1/1/

2015

1/5/

2015

1/9/

2015

Nikkei 225

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

1/12

/200

61/

4/20

071/

8/20

071/

12/2

007

1/4/

2008

1/8/

2008

1/12

/200

81/

4/20

091/

8/20

091/

12/2

009

1/4/

2010

1/8/

2010

1/12

/201

01/

4/20

111/

8/20

111/

12/2

011

1/4/

2012

1/8/

2012

1/12

/201

21/

4/20

131/

8/20

131/

12/2

013

1/4/

2014

1/8/

2014

1/12

/201

41/

4/20

151/

8/20

15

M2 YoY chg

-10

-8

-6

-4

-2

0

2

4

6

8

10

1/1/

2007

1/5/

2007

1/9/

2007

1/1/

2008

1/5/

2008

1/9/

2008

1/1/

2009

1/5/

2009

1/9/

2009

1/1/

2010

1/5/

2010

1/9/

2010

1/1/

2011

1/5/

2011

1/9/

2011

1/1/

2012

1/5/

2012

1/9/

2012

1/1/

2013

1/5/

2013

1/9/

2013

1/1/

2014

1/5/

2014

1/9/

2014

1/1/

2015

1/5/

2015

1/9/

2015

CPI and PPI vs Time

PPI CPI

-20

-15

-10

-5

0

5

10

15

12/2

006

3/20

076/

2007

9/20

0712

/200

73/

2008

6/20

089/

2008

12/2

008

3/20

096/

2009

9/20

0912

/200

93/

2010

6/20

109/

2010

12/2

010

3/20

116/

2011

9/20

1112

/201

13/

2012

6/20

129/

2012

12/2

012

3/20

136/

2013

9/20

1312

/201

33/

2014

6/20

149/

2014

12/2

014

3/20

156/

2015

GDP QoQ chg


1. 2008-2009: Chinese economic stimulus Rmb4tn (US$586bn)2. Reserve Requirement Ratio:3. Deposit and lending rates: 4. 一带一路 (One Belt One Road)5. 亚洲基础设施投资银行 (AIIB)6. 新发展银行(NDB)


5

6

7

8

9

10

11

12

13

14

15

1/3/

2007

1/7/

2007

1/11

/200

7

1/3/

2008

1/7/

2008

1/11

/200

8

1/3/

2009

1/7/

2009

1/11

/200

9

1/3/

2010

1/7/

2010

1/11

/201

0

1/3/

2011

1/7/

2011

1/11

/201

1

1/3/

2012

1/7/

2012

1/11

/201

2

1/3/

2013

1/7/

2013

1/11

/201

3

1/3/

2014

1/7/

2014

1/11

/201

4

1/3/

2015

1/7/

2015

China GDP YoY chg

0

5

10

15

20

25

30

35

1/3/

2007

1/7/

2007

1/11

/200

7

1/3/

2008

1/7/

2008

1/11

/200

8

1/3/

2009

1/7/

2009

1/11

/200

9

1/3/

2010

1/7/

2010

1/11

/201

0

1/3/

2011

1/7/

2011

1/11

/201

1

1/3/

2012

1/7/

2012

1/11

/201

2

1/3/

2013

1/7/

2013

1/11

/201

3

1/3/

2014

1/7/

2014

1/11

/201

4

1/3/

2015

1/7/

2015

China M2 YoY chg

-10

-8

-6

-4

-2

0

2

4

6

8

10

1/3/

2007

1/7/

2007

1/11

/200

7

1/3/

2008

1/7/

2008

1/11

/200

8

1/3/

2009

1/7/

2009

1/11

/200

9

1/3/

2010

1/7/

2010

1/11

/201

0

1/3/

2011

1/7/

2011

1/11

/201

1

1/3/

2012

1/7/

2012

1/11

/201

2

1/3/

2013

1/7/

2013

1/11

/201

3

1/3/

2014

1/7/

2014

1/11

/201

4

1/3/

2015

1/7/

2015

China CPI and PPI vs Time

CPI PPI

0

1000

2000

3000

4000

5000

6000

7000

Shanghai and Shenzhen Composite vs Tme

Shanghai Composite Shenzhen Composite


U.S.A.17%

Hong Kong, China16%

Japan6%

Korea, Republic of4%Germany

3%Netherlands

3%Viet Nam

3%United Kingdom

3%

India2%

Russian Federation2%

Others41%

China Top Ten Export Markets in 2014


-2,500

2,500

7,500

12,500

17,500

22,500

1978 1980 1985 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

进出口总额(亿美元)

出口总额进口总额进出口差额


0

50,000

100,000

150,000

200,000

250,000

300,000

1978 1982 1986 1990 1994 1998 2002 2006 2010 2014

国内生产总值(亿元)

第一产业增加值第二产业增加值第三产业增加值


GLOBAL TRENDS The EXTREME FUTURE• Fueling the Future• Feeding the Masses• The Innovation Economy• The Next Workforce• Longevity Medicine• Weird Science• Securing the Future• The Future of Globalization: Cultures in Collision• The Future of Climate Change• The Future of the Individual• The Future of America and China




World Population: Past, Present and Future

Year 1 1000 1500 1650 1750 1804 1850 1900 1927 1950 1960 1974 1980 1987 1999 2011 2020 2024 2030 2038 2050 2056 2100Pop, (billions) 0 0.28 0.45 0.5 0.7 1 1.2 1.6 2 2.55 3 4 4.5 5 6 7 7.7 8 8.4 9 9.5 10 11.2

1804 - 2011 (207 years): from 1 billion to 7 billion1 - 1804 (1803 years): 0.2 to 1 bil.


World Population by Region

Top 20 Countries 2013 - 2100



About global food consumption

1. Poor people in developing countries often spend 60-80% of their income on food. Americans spend less than 10%.

2. 75% of the world’s food is generated from only 12 plants and 5 animal species.3. 165 million people suffer from childhood malnutrition.4. Americans waste about 141 trillion calories worth of food every day. That adds

up to about $165 billion per year – 4 times the amount of food Africa imports each year.

5. More than 9 out of 10 farms in the world are family farms. They provide more than 80% of the world’s food supply.

6. Insects are among the most efficient forms of food available. 80% of a cricket can be eaten, while only 55% of a pig and 40% of a cow are edible.

7. Agriculture provides jobs for around 40% of the world’s population. That means agriculture is the single largest employer in the world!

http://www.one.org/



Ageing Population

Average Number of Children per Woman in China, Europe, USA and India: 1950-2100

www.china-profile.com


Age Structure

http://populationpyramid.net/world/2100/




32

INTERNET

HQ in Hangzhou, ZhejiangStrategy: two prong, organic and via M&A.Promoter: Jack Ma

Balance of 35% of Shenzhen OneTouch Business Service Ltd (¥0.79bn, Mar’14)

9.9% of InTime Retail (Group) Coy Ltd , 80% of PRC online to offline business and CB on conversion for 16.1% (HK$5,367mn, Mar’14)

2% of Haier Electronics Group Co Ltd and 9.9% of Haier’s subsidiary in PRC logistic business. CB issued with conversion into parent or subsidiary. (HK$2,821mn, Mar’14)

18% of Weibo Corporation (US$586mn, Apr’13)

28% of AutoNavi Holdings Ltd (US$294mn, May’13)

43% of Zhejiang Cainiao Supply Chiain Mgt Co Ltd (“China Smart Logistics”, registered capital of ¥5bn May’13))

38% of CITIC 21CN Coy Ltd (HK$932mn, Apr’14)

10.35% of SingPost(S$312.5mn, 28/5/2014)

50% of Guangzhou Evergrandefootball club (¥1.2bn, 4/6/2014)

20% of TangoMe Inc (US$217mn, Mar-Apr’14

60% of ChinaVision Media Group Ltd (HK$6,244mn, Mar’14)

16.5% of Youku Tudou Inc. (US$1.09bn, Apr’14)

Balance of 34% in UCWeb Inc. (group val’n >US$3.8bn 9th Jun14)

Add’l 12% of Weibo Corporation (US$449mn, Apr’14)28% of AutoNavi Holdings Ltd

(US$294mn, May’13)

72% of AutoNavi Holdings Ltd (US$1,132mn, Feb’14)

66% of economic interest of UCWeb Inc. (US$506mn May’13, US$180mn Dec’13)

HQ in BeijingStrategy: domestic dominance and emerging marketsPromoter: Robin Li

HQ in Shenzhen, GuangdongStrategy: engagementPromoter: Pony Ma (Ma Huateng)

Uber

Weebly

Kuaisou

Dubike

Activision

Snapchat

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://tickerreport.com/banking-finance/357161/weibo-corp-earns-overweight-rating-from-analysts-at-hsbc-wb/&ei=QeLKVKeHHqPTmgX624CQAw&psig=AFQjCNFJjFz9eFJLl4annyWXPOYCeoXjVw&ust=1422668712942835

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://tickerreport.com/banking-finance/357161/weibo-corp-earns-overweight-rating-from-analysts-at-hsbc-wb/&ei=QeLKVKeHHqPTmgX624CQAw&psig=AFQjCNFJjFz9eFJLl4annyWXPOYCeoXjVw&ust=1422668712942835

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.mailmangroup.com/2014/10/4-things-we-can-learn-from-chinas-facebook/&ei=-uLKVLWDDuP6mQXihIIQ&psig=AFQjCNHjj1VV-3ooX2_PNACyybEkAlekmA&ust=1422668909755613

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.mailmangroup.com/2014/10/4-things-we-can-learn-from-chinas-facebook/&ei=-uLKVLWDDuP6mQXihIIQ&psig=AFQjCNHjj1VV-3ooX2_PNACyybEkAlekmA&ust=1422668909755613

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.everystockphoto.com/photo.php?imageId=9921871&ei=NuPKVMPnG-HAmwWum4GgDg&psig=AFQjCNGeB1fTM8xQowuu33futrhb4vKLfw&ust=1422668974368407

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.everystockphoto.com/photo.php?imageId=9921871&ei=NuPKVMPnG-HAmwWum4GgDg&psig=AFQjCNGeB1fTM8xQowuu33futrhb4vKLfw&ust=1422668974368407



Pollution & Waste Management


Todays weather: fine with isolated showers amidst a blanket of haze. The 48 hour PSI is in the unhealthy range and residents should not panic!


Renewable Energy Use Statistics Data

Percent of global energy use that is from renewable sources (e.g. sunlight and wind) – 2015 24 %

– 2012 20 %

– 2006 15 %

Global Renewable Energy Production Production in TWh

Hydropower 4,000

Onshore Wind 850

Bioenergy 460

Solar Photovoltaic System 290

Offshore Wind 90

Concentrated Solar Power 85

Ocean 80






BAIXO RELOCATION SERVICES IN JIZHONG ENERGY RESOURCES-A POLY REAL ESTATE GROUP CO -A FANGDA CARBON NEW MATERIAL-A PACIFIC SECURITIES CO/THE-ACHINA VANKE CO LTD -A YUNNAN TIN CO LTD-A CHINA UNITED NETWORK-A KANGMEI PHARMACEUTICAL CO-A BEIJING HAOHUA ENERGY RESO-ACHINA BAOAN GROUP-A JIANGSU ZHONGNAN CONSTRUCT-A MINMETALS DEVELOPMENT CO-A KWEICHOW MOUTAI CO LTD-A CHINA FIRST HEAVY INDUSTR-ACSG HOLDING CO LTD- A HUADONG MEDICINE CO LTD-A HISENSE ELECTRIC CO LTD-A CHINA RAILWAY ERJU CO LTD-A AIR CHINA LTD-ACHINA MERCHANTS PROPERTY -A BEIJING ZHONGKE SANHUAN HI-A CHINA RESOURCES DOUBLE CRA-A TASLY PHARMACEUTICAL GROUP-A CHINA NATIONAL CHEMICAL-ACHINA INTL MARINE CONTAIN-A SHANXI XISHAN COAL & ELEC-A ZHENGZHOU YUTONG BUS CO -A SHANXI COAL INTERNATIONAL -A CHINA HAINAN RUBBER INDUST-AOCEANWIDE HOLDINGS CO LTD -A CHINA RESOURCES SANJIU MED-A CHINA GEZHOUBA GROUP CO LT-A SHANDONG GOLD MINING CO LT-A SHENZHEN GAS CORP LTD-ASHENZHEN ZHONGJIN LINGNAN-A ZHEJIANG NHU CO LTD-A HUMANWELL HEALTHCARE GROUP-A XIAMEN TUNGSTEN CO LTD-A CHONGQING WATER GROUP-ASHENZHEN AGRICULTURAL PROD-A HUALAN BIOLOGICAL ENGINEER-A BEIJING TONGRENTANG CO-A TIAN DI SCIENCE & TECHNOLO-A INDUSTRIAL BANK CO LTD -AZTE CORP-A SUNING COMMERCE GROUP CO -A TBEA CO LTD-A OFFSHORE OIL ENGINEERING-A WESTERN MINING CO -ASHENZHEN OVERSEAS CHINESE-A BEIJING SL PHARMACEUTICAL -A YUNNAN YUNTIANHUA CO-A ANHUI CONCH CEMENT CO LTD-A BANK OF BEIJING CO LTD -ATCL CORP-A CHINA CAMC ENGINEERING CO -A TSINGHUA TONGFANG CO LTD-A YONYOU SOFTWARE CO LTD-A CHINA RAILWAY CONSTRUCTION-AWASU MEDIA HOLDING CO LTD-A DHC SOFTWARE CO LTD -A SAIC MOTOR CORP LTD-A BRIGHT DAIRY & FOOD CO LTD-A UNIVERSAL SCIENTIFIC INDUS-AZOOMLION HEAVY INDUSTRY S-A ZHANGZHIDAO GROUP CO LTD-A GANSU YASHENG INDUSTRIAL-A HEILONGJIANG AGRICULTURE-A GUANGZHOU AUTOMOBILE GROUP-AMIDEA GROUP CO LTD-A SUZHOU GOLD MANTIS CONSTR -A SINOLINK SECURITIES CO LTD-A TSINGTAO BREWERY CO LTD-A PANG DA AUTOMOBILE TRADE -AWEICHAI POWER CO LTD-A SHENZHEN LAIBAO HI-TECH CO-A INNER MONGOLIA BAOTOU STEE-A BESTV NEW MEDIA CO LTD-A AGRICULTURAL BANK OF CHINA-AXJ ELECTRIC CO LTD-A TIANJIN ZHONGHUAN SEMICOND-A CHINA EASTERN AIRLINES CO-A SHENERGY COMPANY LIMITED-A CHINA CNR CORP LTD-ATANGSHAN JIDONG CEMENT INV-A BANK OF NINGBO CO LTD -A CHINA SPACESAT CO LTD -A SHANGHAI WAIGAOQIAO FTZ - A PING AN INSURANCE GROUP CO-AFINANCIAL STREET HOLDINGS-A RISESUN REAL ESTATE DEVEL-A SHANXI LANHUA SCI-TECH-A SHANGHAI CHENGTOU HOLDING-A BANK OF COMMUNICATIONS CO-ASHANDONG DONG-E E-JIAO-A CHENZHOU MINING GROUP CO -A KINGFA SCI.& TECH CO LTD-A SHANGHAI YUYUAN TOURIST-A GUANGSHEN RAILWAY CO LTD-AXCMG CONSTRUCTION MACHIN-A XINJIANG GOLDWIND SCI&TECH-A CHINA CSSC HOLDINGS LTD-A FUYAO GROUP GLASS INDUSTR-A NEW CHINA LIFE INSURANCE C-AGUANGXI LIUGONG MACHINERY-A IFLYTEK CO LTD - A XIAMEN C & D INC-A SHANGHAI LUJIAZUI FIN&TRAD-A XI'AN SHAANGU POWER CO LTD-ACPT TECHNOLOGY GROUP CO -A ZHEJIANG DAHUA TECHNOLOGY-A WINTIME ENERGY CO LTD-A HARBIN PHARMACEUTICAL GRP-A INDUSTRIAL SECURITIES CO-AYUNNAN BAIYAO GROUP CO LTD-A GOERTEK INC -A ZHEJIANG JUHUA CO-A SICHUAN CHUANTOU ENERGY CO-A CHINA RAILWAY GROUP LTD-AHONG YUAN SECURITIES CO LT-A SHANGHAI METERSBONWE FASH-A BEIQI FOTON MOTOR CO LTD-A SINOPEC SHANGHAI PETROCHE-A IND & COMM BK OF CHINA-ALUZHOU LAOJIAO CO LTD-A SHENZHEN SALUBRIS PHARM-A SHANGHAI CONSTRUCTION GROU-A QINGDAO HAIER CO LTD-A SOOCHOW SECURITIES CO LTD-AWEIFU HIGH-TECHNOLOGY GRP-A FUJIAN SUNNER DEVELOPMENT-A YOUNGOR GROUP CO-A DASHANG GROUP CO LTD -A ALUMINUM CORP OF CHINA LTD-AANHUI GUJING DISTILLERY CO-A JIANGSU YANGHE BREWERY -A YANZHOU COAL MINING CO-A SANAN OPTOELECTRONICS CO L-A CHINA PACIFIC INSURANCE GR-ACHENGDU XINGRONG INVESTMEN-A BEIJING ORIENT LANDSCAPE-A SHANGHAI FOSUN PHARMACEUTI-A AVIC CAPITAL CO LTD -A SHANGHAI PHARMACEUTICALS-AJILIN AODONG MEDICINE INDU-A HAINING CHINA LEATHER MAR-A XINHU ZHONGBAO CO LTD-A NEUSOFT CORP-A METALLURGICAL CORP OF CHIN-ACHONGQING CHANGAN AUTOMOB-A YANTAI JEREH OILFIELD-A ZHEJIANG MEDICINE CO LTD-A LIAONING CHENG DA CO LTD-A CHINA LIFE INSURANCE CO-APANGANG GROUP VANADIUM TIT-A ZHEJIANG YASHA DECORATION-A SHANDONG NANSHAN ALUMINUM-A HUAYU AUTOMOTIVE SYSTEMS -A GREAT WALL MOTOR CO LTD-ATONGLING NONFERROUS METALS-A BEIJING DABEINONG TECHNOLO-A HAINAN AIRLINES CO-A LUXIN VENTURE CAPITAL GRP-A PINGDINGSHAN TIANAN COAL -AGREE ELECTRIC APPLIANCES I-A SHENZHEN HEPALINK PHARMACE-A GUANGXI WUZHOU ZHONGHENG G-A GD POWER DEVELOPMENT CO -A CHINA STATE CONSTRUCTION -AJINKE PROPERTIES GROUP CO -A HANGZHOU HIKVISION DIGITAL-A GUANGHUI ENERGY CO LTD-A DR PENG TELCOM & MEDIA GR-A POWER CONSTRUCTION CORP OF-ANORTHEAST SECURITIES CO LT-A SICHUAN KELUN PHARMACEUTIC-A RISING NONFERROUS METAL SH-A SHANXI XINGHUACUN FEN WINE-A HUATAI SECURITIES CO LTD-AHENGYI PETROCHEMICAL CO -A PALM LANDSCAPE ARCHITECTUR-A BEIJING URBAN CONSTRUCTION-A ORIENT GROUP INC.-A SHANXI LU'AN ENVIRONMENTAL-AHEBEI IRON & STEEL CO LTD-A JIANGSU KANGDE XIN COMPOSI-A ZHEJIANG HISUN PHARMACEUTI-A SHANGHAI BAILIAN GROUP CO-A ZHENGZHOU COAL MINING MACH-ASUNING UNIVERSAL CO LTD-A SHENZHEN O-FILM TECH CO-A AISINO CO LTD-A SHANGHAI ORIENTAL PEARL-A CSR CORP LTD -ABOE TECHNOLOGY GROUP CO LT-A SHANXI SECURITIES CO LTD-A JIANGSU HENGRUI MEDICINE C-A HAITONG SECURITIES CO LTD-A CHINA COMMUNICATIONS CONST-AGUOYUAN SECURITIES CO LTD-A BEINGMATE BABY & CHILD FO-A WANHUA CHEMICAL GROUP CO -A SICHUAN CHANGHONG ELECTRIC-A CHINA OILFIELD SERVICES-ABEIJING YANJING BREWERY CO-A BYD CO LTD -A SHANGHAI JAHWA UNITED CO -A BEIJING WANGFUJING DEPT ST-A CHINA EVERBRIGHT BANK CO-ASEALAND SECURITIES CO LTD -A SHIJIAZHUANG YILING PHARMA-A JIANGXI HONGDU AVIATION-A INNER MONGOLIA MENGDIAN HU-A PETROCHINA CO LTD-ACHINA NONFERROUS METAL IND-A XIZANG HAISCO PHARMACEUTIC-A GUANGZHOU BAIYUNSHAN PHAR-A MEIHUA HOLDINGS GROUP CO -A CHINA SHIPPING CONTAINER-AAVIC AIRCRAFT CO LTD-A WESTERN SECURITIES CO LTD-A CHINA FORTUNE LAND DEVELOP-A DONGFANG ELECTRIC CORP LTD-A CHINA INTERNATIONAL TRAVEL-AGF SECURITIES CO LTD-A SHANGHAI PUDONG DEVEL BANK-A YANGQUAN COAL INDUSTRY GRP-A SDIC POWER HOLDINGS CO LTD-A CHINA COAL ENERGY CO-AXINXING DUCTILE IRON PIPES-A BEIJING CAPITAL CO LTD-A ZHEJIANG LONGSHENG GROUP C-A INNER MONGOLIA YILI INDUS-A ZIJIN MINING GROUP CO LTD-ACHANGJIANG SECURITIES CO L-A SHANGHAI INTERNATIONAL AIR-A JIANGXI COPPER CO LTD-A XI'AN AERO-ENGINE PLC -A FOUNDER SECURITIES CO LTD-AQINGHAI SALT LAKE INDUSTRY-A INNER MONGOLIAN BAOTOU STE-A SOUTHWEST SECURITIES CO LT-A SHANGHAI ZHANGJIANG HIGH-A SDIC XINJI ENERGY CO -AHUAWEN MEDIA INVESTMENT -A HUANENG POWER INTL INC-A CHINA AVIC ELECTRONICS CO-A CHINA YANGTZE POWER CO LTD-A JIANGSU PHOENIX PUBLISH-AFAW CAR COMPANY LIMITED-A HUAXIA BANK CO LTD-A BEIJING CAPITAL DEVELOPMEN-A SINOMA INTERNATIONAL ENGIN-A YONGHUI SUPERSTORES CO LTD-ASOUND ENVIRONMENTAL RESOUR-A CHINA MINSHENG BANKING-A GEMDALE CORP-A ANHUI HENGYUAN COAL INDUST-A CHINA CONSTRUCTION BANK-ACHINA MINMETALS RARE EARTH-A SHANGHAI INTERNATIONAL POR-A GUIZHOU PANJIANG REFINED-A KAILUAN ENERGY CHEMICAL CO-A JINDUICHENG MOLYBDENUM CO -ACITIC GUOAN INFORMATION-A BAOSHAN IRON & STEEL CO-A HENAN DAYOU ENERGY CO LTD-A CHINA MERCHANTS SECURITIES-A BANK OF CHINA LTD-AWULIANGYE YIBIN CO LTD-A HUADIAN POWER INTL CORP-A NARI TECHNOLOGY DEVELOPMEN-A DATONG COAL INDUSTRY CO -A CHINA SHIPBUILDING INDUSTR-AYANTAI CHANGYU PIONEER-A CHINA PETROLEUM & CHEMICAL-A ZHEJIANG CHINA COMMODITIES-A DAQIN RAILWAY CO LTD -A DATANG INTL POWER GEN CO-ANEW HOPE LIUHE CO LTD-A CHINA SOUTHERN AIRLINES CO-A ZHANGZHOU PIENTZEHUANG PHA-A BANK OF NANJING CO LTD -A BBMG CORPORATION-AYUNNAN COPPER INDUSTRY CO-A CITIC SECURITIES CO-A ZHONGJIN GOLD CORP-A NINGBO PORT CO LTD-A CHINA CITIC BANK CORP LTD-AHENAN SHUANGHUI INVESTMENT-A SANY HEAVY INDUSTRY CO LTD-A YUNNAN CHIHONG ZINC & GERM-A CHINA SHENHUA ENERGY CO-A PEOPLE.CN CO LTD-AHENAN SHENHUO COAL & POWER-A CHINA MERCHANTS BANK-A FIBERHOME TELECOM TECH CO-A CHINA SOUTH PUBLISHING -A CHINA MOLYBDENUM CO LTD-A

SHSZ300 INDEXSector

# members Index Wgt (%)Industry

# members Index Wgt (%)

Financials

5337.17

Banks

1618.74

Industrials

5415.19

Capital Goods

4312.27

Consumer Discretionary

4111.65

Diversified Financials

188.22

Materials

408.05

Materials

408.05

Health Care

306.88

Pharmaceuticals, Biotechnology & Life Sciences27

6.11

Consumer Staples

216.48

Insurance

45.45

Information Technology

225.24

Food Beverage & Tobacco

165.39

Energy

204.45

Real Esate

154.76

Utilities

174.05

Energy

204.45

Telecommunication Services2

0.85

Utilities

174.05

Consumer Durables & Apparel

113.91

Automobiles & Components

103.37

Technology Hardware & Equipment

133.17

Transportation

102.79

Media

111.98

Software & Services

71.58

Retailing

51.40

Consumer Services

40.98

Telecommunication Services

20.85

Food & Staples Retailing

40.79

Health Care Equipment & Services

30.76

Semiconductors & Semiconductor equipment

20.49

Household & Personal Products

10.30

Commercial & Professional Services

10.12

SSE

SZSE

BAIXO RELOCATION SERVICES INCHINA VANKE CO LTD -AMIDEA GROUP CO LTD-AYUNNAN BAIYAO GROUP CO LTD-AGREE ELECTRIC APPLIANCES I-AGF SECURITIES CO LTD-AWULIANGYE YIBIN CO LTD-AHENAN SHUANGHUI INVESTMENT-ASUNING COMMERCE GROUP CO -AHANGZHOU HIKVISION DIGITAL-ABYD CO LTD -ASHANGHAI PUDONG DEVEL BANK-AHUANENG POWER INTL INC-AHUAXIA BANK CO LTD-ACHINA MINSHENG BANKING-ASHANGHAI INTERNATIONAL POR-ABAOSHAN IRON & STEEL CO-ACHINA PETROLEUM & CHEMICAL-ACITIC SECURITIES CO-ACHINA MERCHANTS BANK-ACHINA UNITED NETWORK-ASAIC MOTOR CORP LTD-AKWEICHOW MOUTAI CO LTD-AANHUI CONCH CEMENT CO LTD-AHAITONG SECURITIES CO LTD-AINNER MONGOLIA YILI INDUS-ACHINA YANGTZE POWER CO LTD-ADAQIN RAILWAY CO LTD -ACHINA SHENHUA ENERGY CO-AINDUSTRIAL BANK CO LTD -ABANK OF BEIJING CO LTD -ACHINA RAILWAY CONSTRUCTION-AAGRICULTURAL BANK OF CHINA-APING AN INSURANCE GROUP CO-ABANK OF COMMUNICATIONS CO-ANEW CHINA LIFE INSURANCE C-AIND & COMM BK OF CHINA-ACHINA PACIFIC INSURANCE GR-ACHINA LIFE INSURANCE CO-AGREAT WALL MOTOR CO LTD-ACHINA STATE CONSTRUCTION -ACSR CORP LTD -ACHINA COMMUNICATIONS CONST-ACHINA OILFIELD SERVICES-ACHINA EVERBRIGHT BANK CO-APETROCHINA CO LTD-ACHINA CONSTRUCTION BANK-ABANK OF CHINA LTD-ACHINA SHIPBUILDING INDUSTR-ACHINA CITIC BANK CORP LTD-A

XINA50NC

Sector

# members Index Wgt (%)Industry

# members Index Wgt (%)

Financials

22

63.33

Banks

14

40.00

Consumer Staples

4

8.07

Insurance

4

11.62

Industrials

7

8.00

Diversified Financials

3

8.17

Consumer Discretionary

5

7.30

Food Beverage & Tobacco

4

8.07

Energy

4

4.80

Capital Goods

5

5.34

Mterials

2

2.13

Energy

4

4.80

Utilities

2

1.89

Consumer Durables & Apparel

2

4.30

Information Technology

2

1.79

Real Esate

1

3.55


1

1.37

Automobiles & Components

3

3.00

Health Care

1

1.32

Transportation

2

2.67

Materials

2

2.13

Utilities

2

1.89

Technology Hardware & Equipment

2

1.79


1

1.37

Pharmaceuticals, Biotechnology & Life Sciences

1

1.32

ETF ProxiesFUNDS


International 135,245 stocks

CONCLUSIONSectors 10

Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Health Care, Financials, IT, Telecommunication Services, Utilities.

Industry groups 24 Consumer durables & ApparelConsumer Services etc.

Industries 67 Textiles, Apparel & Luxury Goods etc.

Sub-Industries 156 Apparel, Accessories & Luxury Goodsfootwear, Textiles etc.

Total 206,441 stocksU.S. 71,196 stocks


Distilling Facts from Noise

© All rights reserved. No part of this material may be reproduced or transmitted in any form or on any medium without prior written permission of the authors and Alpha Capital Pte Ltd.同一个世界，同一个梦想

许锟鸿

Documents

“An Investment Primer”cj.sharesinv.com.s3-ap-southeast-1.amazonaws.com/... · Presentation is not an offering document. This presentation is issued to parties solely for the purpose