中國將成亞太最大共同基金市場

A record number of China-focused mutual funds were launched in 2015 despite huge turmoil in the country’s stock markets, leaving asset managers accused of piling into a market where many will struggle to perform strongly.

儘管2015年中國股市出現巨幅震盪，但專注中國的共同基金的發行數量達到了創紀錄水平，使得許多資產管理公司被指涌入一個將來難有強勁表現的市場。

More than 830 funds focused on China were launched in 2015, up from 406 in 2014, according to Thomson Reuters Lipper, the data provider.

據數據提供商湯森路透理柏(Thomson Reuters Lipper)統計，2015年，專注中國的基金的發行數量超過830支，遠高於2014年的406支。

Although China’s stock markets have grown over recent years, they experienced huge volatility in 2015. Billions of dollars were wiped off the value of listed businesses in just a few weeks last summer.

雖然中國股市近年有所成長，但2015年經歷了巨大波動。去年夏天，上市公司的市值幾周內就蒸發數百億美元。

International funds that invest in Chinese stocks lost up to 22 per cent in just one week in August, according to data from Lipper, although most provided positive returns over the year.

理柏的數據顯示，投資中國股市的國際基金僅在去年8月的一個周的損失就高達22%——儘管大多數基金在全年基礎上實現了正回報。

The market turmoil has continued in 2016. Trading on China’s two main stock exchanges, in Shenzhen and Shanghai, was suspended twice last week after a “circuit breaker” mechanism kicked in amid sharp drops in share prices. The mechanism was suspended on Friday.

2016年，中國股市仍繼續動盪。上週，在觸發“熔斷”機制後，滬深兩大主要證券交易所在股價暴跌後兩次提前收市。上週五，該機制被叫停。

Jake Moeller, head of UK and Ireland research at Lipper, said: “The China story has peaked. The funds were in the process of being launched just at the peak [of the Chinese market].”

理柏的英國與愛爾蘭研究主管傑克莫勒(Jake Moeller)表示：“中國故事已經見頂。這些基金的發行正值（中國市場）頂峯時期。”

International asset managers said they still see good growth opportunities in the country. Neither slowing economic growth nor the turbulent trading environment is deterring them from investing.

多家國際資產管理公司表示仍看好中國的增長機遇。經濟增速放緩與動盪的交易環境都沒有阻止他們進行投資。

Hugh Young, managing director of Aberdeen Asset Management in Asia, which launched a fund focused on the onshore Chinese equity market last year, said: “Recent events have not altered our long-term view on China. The economy is slowing as the administration seeks to transition it from being export led to one driven by domestic demand.

安本資產管理(Aberdeen Asset Management)亞洲董事總經理休氠(Hugh Young)稱：“最近的事態並未改變我們對中國的長遠看法。隨着政府設法推動經濟從出口導向轉向由內需驅動，中國經濟增速正在放緩。”

“But we have no doubt China will remain a key driver of the global economy throughout the next decades.”

“但我們毫不懷疑未來幾十年中國仍將是全球經濟的關鍵動力。”該機構去年發行了一支專注中國內地股市的基金。

David Stevenson, head of business development at Baring Asset Management, the 33.9bn fund house that has several China-focused funds, added: “The Chinese economy now is just simply too big to ignore. As an asset manager you simply have to have [a China fund].”

霸菱資產管理公司(Baring Asset Management)的業務發展主管戴維史蒂文森(David Stevenson)補充說：“如今，中國經濟已大到不容忽視。作爲資產管理公司，你就是不得不擁有一支（中國基金）。”這家339億英鎊的基金公司管理着多支專注中國的基金。

Mr Stevenson said that as the Chinese market gradually opens up to international investors, it has become easier for global asset managers to launch China-focused international products.

史蒂文森表示，隨着中國市場逐漸向國際投資者開放，全球資產管理公司發行專注中國的國際產品已經變得更加容易。

However, according to Lipper’s data, the majority of the China-focused funds launched last year were domiciled in China and aimed at the country’s expanding retail investment market.

然而，理柏的數據顯示，去年發行的專注中國的基金大多落戶中國，將目標對準中國日益擴大的零售投資市場。

“In 2015 there was extraordinary growth in the local, onshore fund industry,” said Daniel Celeghin, head of Asia-Pacific at Casey Quirk, a consultancy.

諮詢公司Casey Quirk的亞太區主管Daniel Celeghin說：“2015年，本地在岸基金業實現了驚人增長。”

China’s mutual fund industry grew 25 per cent last quarter and the country is set to overtake Australia and Japan as the largest mutual fund market in the Asia-Pacific region, according to Z-Ben Advisors, the consultancy.

哲奔投資管理諮詢(Z-Ben Advisors)的數據顯示，中國共同基金業上季度增長了25%，中國將超越澳大利亞和日本，成爲亞太地區最大的共同基金市場。