HONG KONG--(BUSINESS WIRE)--Jul 15, 2024--
CSOP Huatai-PineBridge CSI 300 ETF (3133.HK) will list on the Hong Kong Stock Exchange on July 16, 2024. In seeking to achieve its investment objective, 3133.HK will invest at least 90% of its NAV in the Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund (the “Master ETF”) via the QFI status granted to the Manager and/or the Shanghai-Hong Kong Stock Connect. With listing price of approximately HKD 7.8 per unit, board lot of 100 units, 3133.HK has received an initial investment of RMB 51.1 million.
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At the beginning of 2024, a slew of foreign financial institutions are bullish on Chinese stock market and have upgraded their ratings 1. Meanwhile, the northbound fund flows have been positive for three months in a row since February, hit a new record high in April, indicating strong overseas investment interest in A-share 2. Analysis suggests that China's stock market is benefiting from four major tailwind factors: the "national team" purchasing A-share ETFs to boost funds and confidence; the introduction of the once-in-a-decade new 'Nine Guidelines for Capital Market' policy, and the A-share buybacks and dividends continue to accumulate; quarterly GDP growth in China has beat expectations, with steady earnings recovery; the price-earnings ratio of the CSI 300 index is lower than its 20-year historical average, making A-share highly attractive for investment 3.
Since late 2023, state-owned financial firms led by Central Huijin and China Securities Finance Corp have been investing heavily in A-share ETFs, especially CSI 300 ETFs 3. The policy-driven funds of the "national team" have often intervened to support the capital market, which is seen as a sign to stabilize the stock market. According to UBS estimates, since 2024, policy-driven funds have injected more than RMB 410 billion (around USD 57 billion) into A-share, 75% of which went to CSI 300 ETFs 4. The Master ETF's quarterly report reveals that Central Huijin added 26.356 billion shares in the first quarter of 2024, amounting to approximately RMB 88.8 billion 5.
The CSI 300 Index (the "Index") serves as a benchmark for China's A-share stock market, tracking 300 largest and most liquid companies in China's A-share stock market to comprehensively reflect overall market performance. The median return on equity (ROE) range of the Index has consistently exceeded 10% over an extended period 6. Since 2020, the Index has incorporated new stocks from the SSE's STAR Market and relaxed listing year requirements for SZSE's ChiNext Market stocks. Currently, the Index constituents are well-balanced across cyclical industries, technology, large financials, and consumer sectors. The Master ETF, the world's largest CSI 300 ETF, manages over RMB 190 billion and sees an average daily turnover exceeding RMB 4.6 billion this year 7.
Ms. Ding Chen, CEO of CSOP Asset Management, stated, "As a widely recognized fund management company, we are delighted to offer Hong Kong investors the opportunity to invest in top-quality assets in China. CSOP Huatai-PineBridge CSI 300 ETF, which tracks the world's largest CSI 300 ETF, is the optimal solution for investing in China A-share. CSOP is dedicated to continuous innovation and remains committed to providing our clients with valuable and distinctive ETF products."
About CSOP
CSOP is a leading ETF issuer in Hong Kong SAR, with a wide range of product offerings across equity, fixed income, leveraged and inverse, thematic, money market, and virtual assets. In Q1 2024, 5 out of 10 of the most traded ETFs on the Hong Kong Stock Exchange are CSOP-issued products*. Innovation and leadership are deeply rooted in CSOP’s DNA as we strive to bring first-of-its-kind products to the market, educate investors about ETF trading, and never stop looking for ways to improve trading efficiencies.
CSOP’s commitment to cross-border initiatives and collaborations is unwavering. We are the only product issuer participating in all the ETF connectivity programs between mainland China and Hong Kong SAR, capturing an 69.08% market share of the aggregate southbound AUM**, as well as the first issuer to participate in the China – Singapore Cross-border ETF Link Scheme.
* Source: 2024/01/01-2024/03/28, Bloomberg.
** Source: HKEX, SZSE, SSE, Bloomberg, as of 2024/06/28.
Disclaimer
This document is for general information only and do not constitute investment or any other kind of advice in any way and shall not be considered as an offer or solicitation to deal in any investment products. Investment involves risk. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this document alone to make investment decisions. Investors should consult their own advisors before engaging in any transaction. CSOP which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete and reliable. However, CSOP does not warrant the accuracy or completeness. This document is not legally binding, and CSOP shall not be liable for any loss, damage or expense incurred. This document is not directed to, intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, availability or use would be contrary to local law or regulations, or which would subject CSOP to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. For the Index Provider Disclaimer, please refer to the Product’s offering document. This document is prepared by CSOP and has not been reviewed by the SFC in Hong Kong.
Issuer: CSOP Asset Management Limited
1 Source: Collation of research and media reports.
2 Source: iFinD, as of 2024/4/26.
3 Source: Collation of research and media reports.
4 Source: UBS, Caixin.
5 Source: Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund quarterly report.
6 Source: Wind, as of 2023/11/30.
7 Source: Wind, as of 2023/04/26.
CSOP Huatai-PineBridge CSI 300 ETF (3133.HK) (Graphic: Business Wire)
NEW YORK (AP) — Mauricio Pochettino views the U.S. women's team as the example for his men.
“I think that is going to be our inspiration,” he said. “That is the objective to match.”
Pochettino held a 48-minute introductory news conference Friday, three days after he agreed to coach the Americans through the 2026 World Cup and two days after he landed in the United States. The 52-old Argentine replaced Gregg Berhalter, fired from his second term on July 10 after the Americans were eliminated in the Copa America's first round.
“We are here because we want to win. We are winners,” Pochettino said. “We are going to compete, and compete is completely different than to play."
His first games will be friendlies against Panama on Oct. 12 at Austin, Texas, and at Mexico three days later. While the U.S. men haven’t reached the World Cup semifinals since the initial tournament in 1930 and haven't gotten to the quarterfinals since 2002, the American women have won four World Cups and five Olympic gold medals.
Wearing a dark suit, white dress shirt with no tie and a pocket square, Pochettino was flanked by U.S. Soccer Federation President Cindy Parlow Cone — a world champion and two-time gold medalist — CEO JT Batson and sporting director Matt Crocker.
"One of the most important things that we need to be inspired by is the women’s team,” Pochettino said.
He coached Spain's Espanyol (2009-12), England's Southampton (2013-14), Tottenham (2014-19) and Chelsea (2023-24) and France's Paris Saint-Germain (2021-22), winning a French league title. Crocker knew Pochettino from their time together at Southampton, where Crocker was academy director.
“He would pretty much physically hug everybody in the club,” Crocker recalled.
At Stamford Bridge, Pochettino worked alongside Emma Hayes, who won seven league crowns while managing Chelsea from 2012 until becoming the U.S. women's coach last spring. She helped recruit her former colleague.
“I didn’t need to ask. She explained everything,” Pochettino said.
Hayes ran her first U.S. practice on May 28 and led the Americans to an Olympic gold medal 74 days later.
“I was teasing Poch that it only took Emma two months to win an Olympic gold medal, so I’m curious what he’s going to do in two months,” Cone said. “We want to set ourselves up for being able to win any game that we are in.”
Pochettino is heading a national team for the first time, becoming the 10th U.S. coach in 14 years and its first foreign-born leader since Jurgen Klinsmann from 2011-16.
“We need to believe that we can win, that we can win not only a game, we can win the World Cup, because if not it’s going to be so difficult the journey,” Pochettino said. “We want players that arrive on the day one in the training camp thinking big.”
Pochettino isn't going to judge players by poor performances in a pair of September friendlies and he said the 637 days before their 2026 World Cup opener was sufficient time to prepare.
He is likely to have his full player pool available for just eight one-week training periods before the team gathers ahead of the World Cup.
“Everyone thinks that there is no time to prepare,” he said. “I am in the opposite side. I believe that there is time enough. ... I don’t want to create an excuse for the players to say, oh, yeah, but now we don’t have time to buy the new ideas, the new philosophy.”
Talks began in Barcelona in July.
“We spent a lot of time with him,” Cone said, “just being as open and honest and transparent about the good, the bad, the ugly of U.S. soccer and what he was stepping into because we wanted, if he chose to come here, we wanted him to know exactly what he was getting into, what he was up against, where the opportunities were, and Emma played a huge part in that.”
Negotiations were complicated by the need to settle his previous contract with Chelsea and club officials concentrating on the Aug. 30 transfer deadline and then going on vacation. USSF officials could afford Pochettino’s salary only with the help of gifts from hedge fund and asset management firm heads.
“Unless he was willing to work for much less,” Cone said.
While some have proclaimed the current men's group the most talented the U.S. has produced, Pochettino was more restrained and said “it's a very good generation of players.”
“We have very talented players. I think, of course, the confidence was a little bit low after the Copa America,” he opined. “We need to show that we play as a collective on the pitch.”
Pochettino dined at Fasano Fifth Avenue on Thursday night with American soccer stakeholders that included Major League Soccer Commissioner Don Garber, Los Angeles FC co-managing owner Larry Berg, Philadelphia Union chairman Jay Sugarman and vice chairman Richard Leibovitch. He plans to travel with USSF officials to Atlanta next week to search for housing near the office and training complex under construction in Fayetteville, Georgia.
His news conference — on Friday the 13th, for those who are superstitious — was in a Warner Bros. Discovery screening room at 30 Hudson Yards on the far west side of Manhattan, just eight blocks from Berhalter's introduction at Glasshouse Chelsea on Dec. 4, 2018.
Pochettino is bringing along his longtime staff, assistant coaches Jesús Pérez and Miguel d’Agostino, and goalkeeper coach Toni Jiménez, and will hire at least one addition.
While Pochettino spoke in accented English, he conversed mostly in Spanish when he arrived at Southampton and Pérez was among his interpreters. Pochettino was perturbed when he heard the translation at a news conference after saying he felt “contento.”
“I am not `over the moon.' Why do you say `over the moon?'” he remembered.
Now Pochettino says his family is indeed “over the moon” about the move to America.
“If I am happy, I am motivated," he said. “My family has seen me in the last few weeks, few months I think with fire in my eyes," he said, pointing to his face. "That is the most important thing."
AP soccer: https://apnews.com/hub/soccer
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, speaks at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, left, the newly appointed head coach of the United States men's national soccer team, and U.S. Soccer Federation President Cindy Parlow Cone laugh during a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, speaks at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, smiles after a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, right, the newly appointed head coach of the United States men's national soccer team, shakes hands with U.S. soccer sporting director Matt Crocker at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, speaks at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, speaks at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, left, the newly appointed head coach of the United States men's national soccer team, shakes hands with U.S. Soccer Federation President Cindy Parlow Cone at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
Mauricio Pochettino, the newly appointed head coach of the United States men's national soccer team, speaks at a press conference Friday, Sept. 13, 2024, in New York. (AP Photo/Adam Hunger)
