To The Moon

Wu: Aims for Large State-Owned Insurers to Invest 30% of New Premium Income in A-Shares Starting 2025China's CSRC Chairman Wu Qing: Public Funds to Increase A-Share Holdings by at Least 10% Annually over Next 3 Years

On January 2, 2025, the Hong Kong stock market opened lower. The Hang Seng Index (HSI) fell by 0.63%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.87%, the Hang Seng Tech Index (HSTECH)

The last time emerging markets were doing this badly the term "emerging markets" hadn't been coined yet.Dig into any of those broad categories, though, and there are clear leaders and laggards. A whopping 65% of the MSCI All Country World Index's market value, including nine of its top 10 stocks, were American as of the end of October. The MSCI Emerging Markets Index has been dragged down in large part since 2020 by China, where a housing crisis and a heavy-handed approach to technology firms by leader Xi Jinping have depressed valuations. Alibaba Group and Tencent Holdings were two of the world's most valuable companies four years ago, before the tech crackdown.Emerging markets outperformed developed market stocks in the century's first decade as commodity prices boomed and the tech and housing bubbles dented the U.S. market. Today, though, they are much cheaper as a multiple of earnings, and not solely because of China.

Tencent Holdings Q3 Adj EPS $0.89 Beats $0.88 Estimate, Sales $23.90B Beat $23.38B Estimate

Hong Kong stocks rose for a second day on optimism about corporate earnings thanks to a slew of stimulus measures and a government-backed think tank’s proposal for a 2 trillion yuan (US$280.5 billion)