國際投資者繼續從中國股票基金撤資

Chinese equity funds have suffered nearly $2bn of outflows from international investors in the first three months of the year, putting the asset class on track to record its fifth straight year of net withdrawals.

中國股票基金在今年頭三個月遭遇國際投資者近20億美元的資金流出，使這一資產類別可能出現連續第五年淨撤資。

The outflows, which have stemmed predominantly from cross-border funds domiciled in Europe but sold internationally, demonstrate a stark divide in sentiment towards the Chinese stock market.

資金流出主要發生在歐洲註冊、但在國際上銷售的跨境基金。這一現象展示了境內外對中國股市的情緒截然不同。

China’s mainland A-share market has surged 125 per cent in the past year, largely on the back of domestic retail demand for Chinese equities.

中國內地A股市場在過去一年裏飆漲125%，主要得益於國內散戶投資者的追捧。

International investors have proved more circumspect, pulling $4.4bn from greater China equity funds in 2014 and another $1.8bn in the first quarter of this year, according to figures from Morningstar, the data provider.

國際投資者已被證明更爲猶豫。根據數據提供商晨星(Morningstar)的數據，他們在2014年從大中華區股票基金撤走了44億美元，今年第一季度進一步撤走了18億美元。

Although many global fund managers believe the Chinese stock market can continue to climb, some are unconvinced.

雖然很多全球基金經理相信中國股市有望繼續攀升，但也有一些人不相信。

Maarten-Jan Bakkum, senior emerging market strategist at NN Investment Partners, the Dutch fund house, argued Chinese investors had not paid enough attention to vulnerabilities in the country’s financial system.

荷蘭基金管理公司NN Investment Partners新興市場高級策略師馬爾滕-揚•巴庫姆(Maarten-Jan Bakkum)提出，中國投資者對國內金融體系的脆弱性重視不夠。

He said: “The sharp increase in Chinese stock markets in recent months demonstrates that citizen confidence in the Chinese government is not at issue. Prices soar with every indication that there are more stimulus measures to come.

他說：“近幾個月來中國股市大幅上漲表明，中國公民對政府的信心不成問題。每次有跡象表明更多刺激措施即將出爐，股價都會大漲。

“While foreign investors exit the market, Chinese investors seem to ignore the risks that are bigger by the day. A government that loses control over the economy and makes major policy mistakes is simply not part of the Chinese collective memory.”

“儘管境外投資者在退出這個市場，但中國投資者似乎忽略了一天比一天大的風險。中國人的集體記憶中，根本不存在政府失去對經濟的控制、並犯下重大政策錯誤的事情。”

However, Anne Richards, chief investment officer of Aberdeen Asset Management, Europe’s largest listed fund house, believes pockets of value remain in some companies.

不過，歐洲最大上市基金公司——安本資產管理(Aberdeen Asset Management)的首席投資官安妮•理查茲(Anne Richards)相信，少數公司仍有投資價值。

She said: “It is true that mainland Chinese stocks have had an exceptional run and can no longer be considered cheap. While a slowing China is a worry for everyone, policy makers there at least have the financial resources to cushion the economy from a so-called ‘hard landing’, as well as safely deflate any asset bubbles.

她說：“沒錯，中國內地股市近來急劇上漲，不再可被視爲便宜。儘管中國的不斷放緩讓所有人都擔心，但那裏的政策制定者至少有財力提供緩衝，使經濟不致遭受‘硬着陸’，同時安全戳破任何資產泡沫。

“If the authorities are successful, better quality companies with attractive corporate earnings, and hence portfolio investment opportunities, will result.”

“如果當局取得成功，較高質素的公司，即那些擁有有吸引力的企業盈利、因而成爲投資組合投資機遇的公司，將會涌現。”