China investing: Signals and Smokescreens

  • China = a driver of global growth and an expanding opportunity-set for investors.
  • But there are key differences between how companies are run.
  • This educational series uncovers key considerations for investors.
  • Uses detailed data analysis to uncover red and green flags to help assess opportunities

Series modules


Introduction: Signals and Smokescreens

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10 months ago

​This article provides an introduction to the wide-ranging educational series – China investing: Signals and Smokescreens, presenting a snapshot look into China’s growth story, its unique governance structures, and what this could mean for investors. 

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Video: an expert's view on China

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10 months ago
Expert China author and businessman, Tim Clissold, explores the history that has shaped the opportunity-set in China and the current drivers for foreign investment into the region. He also explains why investors should not expect economic evolution in China to follow the path of Western markets and why very different approaches to corporate governance exist.
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Rationale and methodology: risk, with Chinese characteristics

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10 months ago

​The complex and unique structure of Chinese businesses can make understanding the associated risks a difficult task. This article addresses the distinguishing features of Chinese business and explains the rationale and methodology behind Janus Henderson’s latest study on China investing – Signals and Smokescreens.

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China investing: module 1 - financial ratios

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10 months ago

​In the first module of Janus Henderson’s latest study on China investing – Signals and Smokescreens, we look at the importance of  contextualising and cross-checking company financial statements in order to determine their veracity, given the high-growth nature of China’s emerging market. Evidence of any outliers or inconsistencies in financial figures and ratios should act as a strong prompt to look ‘beyond the numbers’ into a given company’s governance and internal controls.

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China investing: module 2 - board oversight

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10 months ago

​How can investors understand the mindset of the individuals who ultimately control a company and assess the alignment of the interests of all shareholders through good governance?  In the second module of the Signals and Smokescreens survey on China investing, we look at consistent key indicators that can help investors assess the real intentions of a company’s controlling shareholders.

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China investing module 3 – material and related-party transactions

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10 months ago

​The third module of Janus Henderson’s study on China investing looks at how corporate actions and local structures can be assessed to determine if they are intended to maximise shareholder value or otherwise.

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China investing module 4: external oversight

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8 months ago

​In the fourth module of Janus Henderson’s study on China investing, we examine the capacity and independence of external auditors that investors should consider when reviewing published financial statements.

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China Investing: module 5 – stakeholder relations

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7 months ago

In the fifth module of Janus Henderson’s study on China investing, we examine the interplay between the innovative and fast-paced private sector and the protected state-owned sector and how divergent restrictions on these sectors may affect investment decisions.

 
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China investing: module 6 - variable interest entities

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6 months ago
In the sixth module of Janus Henderson’s study on China investing, we look at the use of Variable Interest Entity structures in China and how an understanding of the key differences between these structures can help investors accurately assess the associated risks.
 
 
 
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