Investing in US-listed Chinese companies is like ‘playing fantasy football’, says Hayman Capital
Investing in a U.S.-listed Chinese company is like playing “fantasy football” as U.S. regulators continue to scrutinize Chinese companies, according to one asset manager.
Kyle Bass, founder and CIO of Hayman Capital Management, recently said: report It has yet to confirm that the U.S. Public Company Accounting Oversight Board has obtained “good access” to the requested information, reiterating the financial risks faced by investors in U.S.-listed Chinese companies.
“They have no voting rights and own shares with claims against a subsidiary in the Cayman Islands that would not have access to the assets in the event of bankruptcy,” he told CNBC. “street sign asiaWhen asked if Chinese stocks in the US are ‘investable’.
Chinese companies listed overseas such as Alibaba and Alibaba JD.comuses a variable interest entity structure with offshore entities set up that circumvents Chinese restrictions on foreign investment and prevents investors in U.S. equities from having majority voting rights.
A US-listed company is typically a holding company incorporated outside both the US and China and may not own shares in a China-based company.
“Chinese companies don’t actually own anything, so investors are really just playing imaginary football with Chinese companies,” he said.
— Lee Ji-hye
Indonesia’s GoTo shares plunge 6% after company reports nine months of losses
The loss from January to September was Rp20.32 trillion ($1.29 billion), almost double the loss of Rp11.58 trillion reported a year earlier.
The company’s shares fell 6% Tuesday morning in Jakarta, down 48% since its listing in April this year.
Company announced last Friday The company said the job cuts are part of a broader cost-cutting plan that is expected to take effect in the second half of 2023.
– Sheila Chen
Malaysian Kingmaker Party GPS supports Pelicatan Nacional, not Pakatan Harapan
Gabungan Parti Sarawak (GPS), one of Malaysia’s electoral champions, is a national political alliance based in Sarawak in eastern Malaysia that supports the Perikatan Nasional coalition to form a government and is the Pakatan of Anwar Ibrahim. He said he would not work with Harapan.
Malaysia’s king has asked the coalition to submit a prime ministerial candidate by 2pm local time after Saturday’s election was inconclusive.
“We’ve been told all along [sic] We won’t be able to work with DAP and Pakatan here,” GPS Executive Director Alexander Nanta Ringhi told CNBC. “Squawk Box Asia”DAP is a progressive constituent party of Pakatan.
“In the last few days of the election they were attacking us so much. So it’s quite difficult to form a government, to be very objective in that sense.”
In return for GPS’s support, Linggi said the government hopes to give party members positions in ministries that are important to them, such as local development and commodities.
— Surin Tan
CNBC Pro: Amazon’s stock fell 40% this year — is it time to buy? Market pros speak out
Is it time for investors to come back? Two market experts commented on his CNBC “road sign asiaOn Thursday, we will argue for or against the purchase of shares.
— Xavier Ong
Baidu, Kuaishou shares fall ahead of earnings announcement
Baidu is expected to see a slight decline in revenue in Q3 2022.
The company is expected to decline 0.05% to 31.94 billion yuan ($4.46 billion) in the July-September quarter after reporting 31.92 billion yuan in the same period last year.
Meanwhile, Tiktok rival Kuaishou is expected to see a 10.2% increase in third-quarter revenue to 22.58 billion yuan, a figure that the company began reporting on, according to another Refinitiv survey. It will be the slowest annual growth rate since then.
–Lee Ji Hye
CNBC Pro: Morgan Stanley’s Wilson says inflation is set to calm down, but warns of ‘new era’ coming
Morgan Stanley’s chief U.S. equity strategist Mike Wilson expects “inflation to come down quite sharply” and predicts when that will happen.
But he said there are two exceptional areas where inflation could be “more sticky.”
— Tan Weizhen
Oil prices level off after hitting lowest level since January
Asian morning oil prices have changed little after reaching their lowest level since January on Monday.
US crude oil It is slightly higher at $80.08 per barrel after reaching $75.08 in Monday’s session.
brent crude oil It rose slightly to $87.52 per barrel. Last session he reached $82.31.
Oil futures plunged temporarily on Monday after the Wall Street Journal reported that OPEC+ was considering increasing production by 500,000 barrels per day. Saudi Arabia later disputed the report.
— Abigail Ng
Singapore Officials Explain Why FTX Wasn’t On Watch List
The troubled crypto exchange FTX has failed to attract investors because the Monetary Authority of Singapore (MAS) has not “actively recruited users in Singapore” in contrast to rival exchange Binance. He said he was not on the watch list.
MAS says there are “distinct differences” between FTX and Binance in terms of targeting local users. statement Released Monday afternoon.
“In fact, Binance offered listings in Singapore dollars and accepted Singapore-specific payment modes such as PayNow and PayLah,” the statement said, adding that between January and August last year, Binance received a number of complaints. rice field.
MAS reiterates the risks investors face when trading digital assets.
“The most important lesson learned from the FTX debacle is that trading any cryptocurrency on any platform is risky,” he said, adding that even Singapore-licensed cryptocurrency exchanges face the risk of money laundering. It added that it was regulated only to address and not to provide protection. to investors.
“As MAS has repeatedly stated, we cannot protect customers who deal with cryptocurrencies. They may lose all their money,” it said.
– Lee Ji-hye
Stocks fall on Monday as short holiday week begins
Stocks fell in a volatile trading session on Monday, kicking off a short holiday week.
The S&P 500 fell 0.39% at 3,949.94 and the Nasdaq Composite closed 1.09% lower at 11,024.51. The Dow Jones Industrial Average fell 45.41 points (0.13%) to 33,700.28, but the decline in the index was mitigated by a sharp rise. disney Stocks soared more than 6%.
Disney skyrocketed after it announced that former CEO Bob Iger would replace Bob Chapek.
— Carmen Reinicke