Samtheham
2021-08-11
Nice
The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":892213676,"tweetId":"892213676","gmtCreate":1628663492595,"gmtModify":1633745272858,"author":{"id":3575207072676018,"idStr":"3575207072676018","authorId":3575207072676018,"authorIdStr":"3575207072676018","name":"Samtheham","avatar":"https://static.tigerbbs.com/4a570d9a9eb0f4a7dc30cc16349d9fd3","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Nice</p></body></html>","htmlText":"<html><head></head><body><p>Nice</p></body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/892213676","repostId":1163924715,"repostType":4,"repost":{"id":"1163924715","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628654753,"share":"https://www.laohunote.com/m/news/1163924715?lang=zh_CN&edition=full","pubTime":"2021-08-11 12:05","market":"hk","language":"en","title":"The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163924715","media":"Tiger Newspress","summary":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond","content":"<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and <a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. </p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-11 12:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and <a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. </p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团","NIU":"小牛电动","NIO":"蔚来","LI":"理想汽车","BZ":"BOSS直聘"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163924715","content_text":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.\nIn the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.\nOn July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.\n\nAbout Its Positions\nAs a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.\nThe Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including Li Auto, NIO Inc. and XPeng Inc., but NIU Technologies. The electric vehicles produced by Niu Technologies are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".\nLet’s look into the lightening of the Ark Funds\n10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.\nFigure 1\nFigure 2\nThe Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. \nAnother marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.\nThe third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (Kanzhun Limited), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.\nIn the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.","news_type":1,"symbols_score_info":{"NIU":0.9,"LI":0.9,"NIO":0.9,"BZ":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1986,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/892213676"}
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