A Beijing-based value investor specializing in China's State-Owned Enterprises (SOEs). Translating SASAC reforms and dividend mandates into actionable, defensive equity strategies.
Market Brief
On July 16-17, 2026, 18 top firms filed for China's first Active ETFs with the CSRC. This regulatory milestone transforms the 6T-RMB A-share ETF market, providing daily transparency and real-time liquidity for global allocators.
Valuation
On July 6, 2026, China rolled out sweeping trading upgrades. By expanding after-hours fixed-price trading to all A-shares, aligning fund closing, and doubling ST limits to ±10%, Beijing is lowering execution friction for global allocators.
Valuation
SASAC designated 28 SOEs as demonstration units for its world-class enterprise initiative. Their ~60 listed subsidiaries form a regulator-defined cohort—the cleanest starting universe to which the reform framework most directly applies. This installment maps and analyzes the list.
Valuation
Chinese SOEs trade at 10x earnings against 40x for the S&P 500 — yet pay higher dividends and post higher ROE than private peers. Sovereign wealth funds are quietly buying. A data-driven look at whether "uninvestable" is the consensus mistake of the decade.
Valuation
Of SASAC's six "One Profit, Five Ratios" metrics, only two cleanly predict stock returns: operating cash ratio and ROE above 10%. We walk through what the backtest data shows—and build a Buffett-style screening discipline North American investors can apply today.
Valuation
Four Chinese SOE industries trade at PB discounts above 20% versus private peers: petrochemicals, steel, construction, and transportation — also the highest-yielding sectors. This installment maps where the discount concentrates and what the geography reveals about policy-mandate pricing.
Valuation
China's central SOEs generate higher ROE than private peers, yet the PB-ROE valuation framework completely fails on them. This installment examines why traditional fundamentals-based pricing breaks down on state firms — and what the 2023 reform does and does not change about governance risk pricing.
Valuation
Conventional wisdom holds that Chinese state-owned enterprises are unreliable dividend payers. The data shows the opposite: central SOEs delivered a 55.17% three-year cumulative payout ratio against 49.59% for private firms — alongside higher ROE and stronger profit resilience.
Valuation
In 2023, SASAC introduced a new SOE performance framework linking management evaluation to ROE and cash flow quality. This is what changed — and what it signals for valuation.
Valuation
China’s state-owned enterprises trade near 10x earnings, versus about 40x for the S&P 500. A data-driven analysis of the structural valuation gap.