HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

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Credit

iShares China CNY Bond UCITS ETF / Credit

iShares China CNY Bond UCITS ETF (CNYB NA)

<p>We believe China's onshore bond market's exposure to the oil sector is very manageable, as the bonds issued by upstream oil companies only account for 0.6% of the total outstanding notional value of the China market. Such issues represent just between 2% and 6.5% of the total outstanding short-term bills, medium-term notes, enterprise bonds and corporate bonds.</p><p>In fact, about 85.6% of the total Rmb646bn of onshore upstream-related bonds are issued by central SOEs like <a href="https://www.smartkarma.com/entities/petrochina-co-ltd" target="_blank" data-smartkarma-citation="entities:24656:1" rel="noopener">Petrochina (601857 CH)</a>, <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-a" target="_blank" data-smartkarma-citation="entities:24650:1" rel="noopener">China Petroleum &amp; Chemical-A (600028 CH)</a> and their parent companies. They are of very high strategic importance to China and we believe the default risk is very low. <a href="https://www.smartkarma.com/entities/petrochina-co-ltd" target="_blank" data-smartkarma-citation="entities:24656:1" rel="noopener"></a></p>

We believe China's onshore bond market's exposure to the oil sector is very manageable, as the bonds issued by upstream oil companies only account for 0.6% of the total outstanding notional value of the China market. Such issues represent just between 2% and 6.5% of the total outstanding short-term bills, medium-term notes, enterprise bonds and corporate bonds.In fact, about 85.6% of the total Rmb646bn of onshore upstream-related bonds are issued by central SOEs like Petrochina (601857 CH), China Petroleum &amp; Chemical-A (600028 CH) and their parent companies. They are of very high strategic importance to China and we believe the default risk is very low. 

China Petroleum & Chemical Cor (600028 CH)

China Onshore Credit: Is the Oil Exposure Heavy in the Bond Market?