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Alternative Market Briefing

Chinese hedge fund managers see opportunities in stocks after Brexit

Monday, July 11, 2016

Komfie Manalo, Opalesque Asia:

The decision of the United Kingdom to leave the European Union in last month’s referendum has created opportunities for Chinese hedge fund managers who turned bullish on stocks. Not surprisingly, the Chinese managers who are looking to gain in stocks include those who made money during last year’s market rout in China, Bloomberg reported.

Jiao Ji, chairman of the Jilin-province based Sunrise Investment in northeastern China, commented, "I believe the market is basically at its bottom and we’ll keep buying. The systemic risks in the market have been released after all." Sunrise Investment manages roughly $45m in assets.

A survey by Shenzhen Rongzhi Investment Consultant Co., which tracks Chinese hedge funds, has found that the number of hedge funds planning to add stock holdings this month jumped to about 76% from 50% in June.

The exodus towards stocks was triggered after self-taught hedge fund manager Huang Weiming predicted in June that the Shanghai Composite Index may increase by 18% above its current level or as high as 3,430 in the third quarter. Huang made a name for himself when his fund made more than 6,200% last year by betting on the boom and bust in the Chinese stock index.

Huang ......................

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