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2021-08-11
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The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":892659114,"tweetId":"892659114","gmtCreate":1628657422438,"gmtModify":1633745312006,"author":{"id":3580280937765956,"idStr":"3580280937765956","authorId":3580280937765956,"authorIdStr":"3580280937765956","name":"ShuJie","avatar":"https://static.tigerbbs.com/fab78f17f563d835249358a8d127785c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":20,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Ok!</p></body></html>","htmlText":"<html><head></head><body><p>Ok!</p></body></html>","text":"Ok!","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/892659114","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.laohu8.com/m/news/1163924715?lang=zh_CN&edition=full","pubTime":"2021-08-11 12:05","market":"sh","language":"en","title":"The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</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>美股盘前下跌，美国10年期国债收益率在亚洲时段再度走低，拖累大宗商品价格，原油跌幅最高达5%，中概股盘前小幅上涨。</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，其中一家公司已经清算或正在逐步清算其持有的股份。根据方舟基金的日常操作，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管前述股票近期出现了一定反弹。最近出现的一个更令人高兴的信号是，方舟基金已经停止减仓中国股票。</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，方舟基金共覆盖了10只在美上市的中概股，其中包括8只在美国场外交易（OTC）交易的中概股和2只港股，以当日收盘价计算，这10只股票合计吸金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活跃的基金，18亿美元的持仓规模很难说小。投资新兴市场的最大共同基金是景顺发展中市场基金，该基金在中国的投资额为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本，但似乎该基金并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金目前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Cathie Wood曾在电视上称赞百度的无人驾驶技术，而他们在百度股票中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不是中国电动汽车三巨头，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>在纽约卖得很好，而另外三家制造商尚未扩展到美国。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减仓情况</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10只股票分析其份额变化。7月1日持仓最多的5只股票（京东、TCEHY、BEKE、PDD、百度）如图1所示，合计15亿美元，占比约80%，另外5只股票分别是阿里巴巴、牛、虎牙、比亚迪、BZ，合计3亿美元，占比约20%（图2）。关键日期标记如下。</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>方舟基金在7月13日和14日清仓了虎牙的所有头寸（如上图所示）。虎牙与斗鱼合并失败的消息于7月12日公布，但方舟基金当天并未大幅减仓，延续了前几日的节奏。</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，很少有人意识到发生了连锁反应，在香港上市的中资股将在接下来的一周暴跌。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Ark减持，贝壳控股站在缺口处。这反映了Cathie Wood对中国高增长公司的怀疑。</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。在此轮动荡中，方舟基金仅减仓了BOSS直聘的股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值比较小的公司。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>过去一周，中概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，持仓为4.5亿美元，与7月1日相比减少了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>方舟基金减仓中概股的动作</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>方舟基金减仓中概股的动作</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>美股盘前下跌，美国10年期国债收益率在亚洲时段再度走低，拖累大宗商品价格，原油跌幅最高达5%，中概股盘前小幅上涨。</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，其中一家公司已经清算或正在逐步清算其持有的股份。根据方舟基金的日常操作，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管前述股票近期出现了一定反弹。最近出现的一个更令人高兴的信号是，方舟基金已经停止减仓中国股票。</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，方舟基金共覆盖了10只在美上市的中概股，其中包括8只在美国场外交易（OTC）交易的中概股和2只港股，以当日收盘价计算，这10只股票合计吸金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活跃的基金，18亿美元的持仓规模很难说小。投资新兴市场的最大共同基金是景顺发展中市场基金，该基金在中国的投资额为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本，但似乎该基金并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金目前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Cathie Wood曾在电视上称赞百度的无人驾驶技术，而他们在百度股票中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不是中国电动汽车三巨头，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>在纽约卖得很好，而另外三家制造商尚未扩展到美国。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减仓情况</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10只股票分析其份额变化。7月1日持仓最多的5只股票（京东、TCEHY、BEKE、PDD、百度）如图1所示，合计15亿美元，占比约80%，另外5只股票分别是阿里巴巴、牛、虎牙、比亚迪、BZ，合计3亿美元，占比约20%（图2）。关键日期标记如下。</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>方舟基金在7月13日和14日清仓了虎牙的所有头寸（如上图所示）。虎牙与斗鱼合并失败的消息于7月12日公布，但方舟基金当天并未大幅减仓，延续了前几日的节奏。</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，很少有人意识到发生了连锁反应，在香港上市的中资股将在接下来的一周暴跌。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Ark减持，贝壳控股站在缺口处。这反映了Cathie Wood对中国高增长公司的怀疑。</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。在此轮动荡中，方舟基金仅减仓了BOSS直聘的股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值比较小的公司。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>过去一周，中概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，持仓为4.5亿美元，与7月1日相比减少了75%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","LI":"理想汽车","NIU":"小牛电动","BZ":"BOSS直聘","NIO":"蔚来"},"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":{"XPEV":0.9,"BZ":0.9,"NIO":0.9,"NIU":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2890,"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":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/892659114"}
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