Global Source Partners Andrew Collier | Sep 14, 2020 Summary Ant Group’s proposed IPO, expected soon, raises the profile of China’s largest private online financial company. However, there are macroeconomic and political considerations that will affect the growth trajectory of both Ant and other private online financial firms. There are also competitive threats to Ant […]
Andrew Collier | Aug 14, 2020 China’s Inefficient Stimulus Prior to 2020, the largest contribution to growth of economic value add (with some fluctuation) has been the state sector. SOE value add bottomed out at -2.5% YoY in March 2020 but has since topped private value add at 4.9%. The rapid improvement in the state […]
Global Source Partners China: Notes from Washington/Trade War Andrew Collier | Oct 17, 2019 Executive Summary I just returned from a three-day trip to Washington DC meeting local corporates, the Mansfield Foundation, CSIS, the State Department, and officials at the White House. Overall, the tone in Washington is decidedly negative. There is a growing consensus […]
Hong Kong’s not so special status as China’s financial centre Over time, Beijing will be perfectly happy to see it replaced by Shenzhen and Shanghai Financial Times . September 27, 2019 Andrew Collier Does China need Hong Kong as a financial centre? The People’s Daily certainly thinks so. In an editorial on September 16, the […]
Microsoft Word – Ant’s Aggressive Strategy.docx “Ant Financial has got just enough bullets to cause a small–scale financial crisis.” Economist with a State Owned Bank. l Growing Market Share. Ant Financial has quickly taken market share from traditional banks, trust companies and other financial firms. Eventually, the regulators may reduce Ant’s consumer lending business to […]
February 19, 2019 Executive Summary There is a widespread expectation among western investors that China will enact quantitative easing to counter the effects of the trade war and the slowing economy. This is highly unlikely. Although there is substantial data indicating signiDcant pain in the economy, including defaulting SMEs, unemployment, and general declining economic activity, […]
In August, the U.S. approved China National Chemical Corp.’s proposed $43 billion takeover of Swiss seed company Syngenta AG, overcoming domestic opposition on security grounds. Given the history of Chinese foreign acquisitions, one of the concerns remains the ability of ChemChina to raise the funds for the proposed purchase. In this note, we analyze several sources of capital and the political implications of the financing behind the deal.