Core Viewpoint - KKR has successfully launched its first onshore RMB fund in Shanghai, marking a significant milestone in its commitment to the Chinese market and reflecting the growing interest of foreign capital in Chinese assets [3][4][7]. Fund Details - The fund, named Kaide Shipu (Shanghai) Private Investment Fund Partnership (Limited Partnership), was established in June 2025 and registered in Shanghai's Pudong district, focusing on equity investments in RMB [5][6]. - The fund management is handled by Kaide Private Fund Management (Shanghai) Co., Ltd., backed by KKR, with notable limited partners including Ping An Capital and the TPC family office from Singapore [6][7]. Market Context - The A-share market has recently surpassed a total market capitalization of 100 trillion yuan for the first time, indicating a robust market environment that is attracting foreign investment [3][14]. - There is a notable influx of foreign private equity firms establishing operations in China, with several new fund management companies registered in 2023, highlighting the increasing appeal of the Chinese market [13]. KKR's Investment Strategy - KKR's investment strategy focuses on mature industries with stable competitive landscapes, aiming for companies with strong pricing power and potential for operational efficiency improvements [10]. - Despite a decrease in the number of investments in recent years due to pricing discrepancies between buyers and sellers, KKR believes that there are more acquisition opportunities now than in the past [10]. Recent Acquisitions - KKR is actively pursuing acquisitions in China, including the recent approval for the acquisition of shares in Yuanjing International, associated with the popular Da Yao soda brand [10][11]. - The firm is also competing in the bidding for Starbucks' business in China, indicating its aggressive stance in the market [10]. Foreign Investment Sentiment - There is a growing recognition among global investors that the best assets are in China, with a significant increase in interest in Chinese technology companies and innovative pharmaceuticals [14][15]. - The sentiment reflects a broader trend of foreign capital seeking to capitalize on China's vast consumer market and supply chain capabilities [15].

Core Insights - The overall foreign investment in RMB assets has remained stable since 2025, with foreign holdings of domestic RMB bonds exceeding $600 billion, marking a historically high level [1] - In the first half of the year, foreign net purchases of domestic stocks and funds amounted to $10.1 billion, reversing a two-year trend of net selling, with a significant increase in May and June to $18.8 billion [1] - The future outlook for foreign investment in RMB assets is positive, supported by a stable macroeconomic environment and favorable financial market developments [2] Group 1 - Foreign investment in RMB bonds has increased, with current holdings at over $600 billion, indicating strong interest from international investors [1] - The net increase in foreign investment in domestic stocks and funds in the first half of 2025 signifies a shift in investor sentiment towards the Chinese market [1] - The proportion of foreign holdings in domestic bonds and stocks is approximately 3%-4%, suggesting room for growth in foreign allocation to RMB assets [1] Group 2 - The robust economic fundamentals in China are creating a stable macro environment for foreign investments, with recent policies aimed at expanding domestic demand showing positive effects [2] - The high-quality development of financial markets in China, including improved connectivity and a comprehensive financial market system, enhances the attractiveness for foreign investors [2] - The global demand for diversified asset allocation is driving foreign interest in RMB assets, with 30% of surveyed central banks indicating plans to increase their RMB asset holdings [2]

Core Viewpoint - The article highlights the strong performance of Chinese assets, with foreign capital actively reallocating investments towards Chinese stocks and bonds, driven by favorable economic conditions and market developments [6][8][10]. Group 1: Stock Market Performance - The U.S. stock market showed mixed results, with the S&P 500 index reaching a record high [1] - Retail investor enthusiasm continues in the U.S., exemplified by Kohl's stock surging over 37% [2] - Popular Chinese stocks saw significant gains, with the Nasdaq Golden Dragon China Index rising by 1.7%, and companies like NIO and Baidu increasing by over 10% and 4% respectively [4][5] Group 2: Foreign Investment in Chinese Assets - A report indicates that global sovereign wealth funds are increasing their allocation to Chinese assets, with about 60% of Middle Eastern sovereign wealth funds planning to boost investments in the next five years [6] - Foreign investment in Chinese bonds has risen, with foreign holdings exceeding $600 billion, marking a historical high [8] - In the first half of the year, foreign net purchases of Chinese stocks and funds reached $10.1 billion, reversing a two-year trend of net selling [8] Group 3: Economic and Market Conditions - The stable economic fundamentals in China are creating a favorable macro environment for foreign investments, with many international banks upgrading their ratings on Chinese assets [9] - China's financial market development is enhancing the investment environment, with improved connectivity and a comprehensive financial market system [9] - The demand for diversified global asset allocation is providing opportunities for foreign investments in China, as the stability of the RMB makes it an attractive asset for risk diversification [10]

Core Insights - Foreign investment in RMB-denominated assets has shown stability and growth, with foreign holdings of domestic RMB bonds exceeding $600 billion and net inflows into domestic stocks and funds reaching $10.1 billion in the first half of the year, particularly increasing to $18.8 billion in May and June [1][3] - The overall foreign investment in RMB assets is expected to continue its stable and sustainable growth, supported by a robust macroeconomic environment and improved financial market conditions in China [3][5] Group 1 - The GDP of China grew by 5.3% year-on-year in the first half of the year, with domestic demand contributing 77% to economic growth in the second quarter, an increase of 17 percentage points [4] - The implementation of policies to expand domestic demand is expected to further consolidate the positive economic trend, with several international investment banks upgrading their ratings on Chinese assets from neutral to overweight [5] - China's financial market has developed a comprehensive and deep system, with both bond and stock markets ranking second globally, providing diverse options for foreign investors [5] Group 2 - The demand for diversified global asset allocation has created favorable opportunities for foreign investment in China, as RMB assets are seen as important for risk diversification and yield enhancement [5] - In the first five months of the year, net inflows of equity investment into China reached $31.1 billion, a 16% year-on-year increase, while outbound direct investment remained stable at $51.9 billion [6] - As of March 2025, China's external liabilities are projected to be $7.1 trillion, with external assets at $10.7 trillion, reflecting the effectiveness of attracting foreign investment and holding RMB assets [6]

Core Viewpoint - Despite a complex international environment, China's foreign trade demonstrates strong resilience, with a notable increase in both exports and imports in the first half of 2025, reflecting a year-on-year growth of 2.9% in total trade volume [1][3]. Trade Performance - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, with exports growing by 7.2% and imports by 2.3% [1]. - The trade volume has remained above 10 trillion yuan for nine consecutive quarters, with an increase of over 600 billion yuan compared to the same period last year [3]. - In June 2025, the total trade volume was 3.85 trillion yuan, marking a 5.2% increase year-on-year, with exports at 2.34 trillion yuan and imports at 1.51 trillion yuan [3]. Market Diversification - China has expanded its trade relationships, achieving growth in exports and imports with over 190 countries and regions, including a significant increase in trade with emerging markets such as Africa and Central Asia [3][4]. - Trade with Africa reached 1.18 trillion yuan, growing by 14.4%, while trade with Central Asia increased by 13.8% to 357.2 billion yuan [3]. U.S.-China Trade Dynamics - U.S.-China trade saw a decline in the second quarter of 2025, with a year-on-year drop of 20.8%, but there are signs of recovery following recent trade talks [4][5]. - In the first half of 2025, trade with the U.S. decreased by 9.3%, with exports down by 9.9% and imports down by 7.7% [5]. High-Tech and E-commerce Growth - High-tech product exports grew by 9.2%, with significant increases in sectors such as industrial robots and renewable energy equipment [7]. - Cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, reflecting a year-on-year growth of 5.7% [9]. Business Confidence and Foreign Investment - Confidence among export and import enterprises has been rising, with the number of exporting companies increasing steadily over the years [11]. - In the first half of 2025, foreign-invested enterprises' trade volume reached 6.32 trillion yuan, marking a 2.4% increase [12]. - The number of foreign-invested enterprises with trade performance reached 75,000, the highest since 2021, indicating a strong interest in the Chinese market [13].

Group 1 - A series of international exhibitions held in China have enhanced global industrial cooperation and exchange, reflecting China's commitment to expanding openness and promoting international collaboration [1] - The seventh China Western International Investment and Trade Fair in Chongqing attracted over 1,300 enterprises from 39 countries and regions, with project investments exceeding 200 billion yuan on the opening day [4] - The fourth China-Central and Eastern European Countries Expo in Ningbo saw participation from 17,000 professional buyers, resulting in import purchase orders exceeding 10 billion yuan during the exhibition [7] Group 2 - Foreign enterprises are increasingly committed to deepening their presence in the Chinese market through international exhibitions [8] - Many company representatives expressed their determination to continue investing in the Chinese market and share in its development dividends [10] - Bulgaria's representative highlighted the expo as a bridge for Bulgarian products to enter Chinese households, showcasing the vitality of the Chinese market [12] Group 3 - The China-Italy Chamber of Commerce noted significant investments in the automotive parts sector since 2018, with a shift towards lifestyle and education sectors in Chongqing, indicating important investment opportunities [14] - A total of 1.24 million foreign-funded enterprises have been established in China, covering 20 industry categories and 115 industry subcategories, with a cumulative investment of nearly 3 trillion USD [15][17] - In the first four months of 2025, the number of newly established foreign-invested enterprises increased by 12.1% year-on-year, with actual foreign investment amounting to 320.78 billion yuan [20] Group 4 - China's government is creating favorable conditions for multinational companies to invest and develop in the country, encouraging foreign investors to expand their investments [23] - The "2025 Action Plan for Stabilizing Foreign Investment" proposes 20 policy measures to further attract foreign investment, signaling a clear commitment to expanding openness [26] - Industry experts assert that a series of robust measures will continue to create favorable conditions for multinational companies, reinforcing China's position as an ideal and secure investment destination for foreign businesses [26]

星标 ★ IPO日报 精彩文章第一时间推送 最近，笔者注意到IPO日报的一篇文章颇有意思。 标题是《一个员工创造2513万元收入！46人干出个"全球第二"！就靠"东方力量"！》， 大意是，美国总统特朗普对世界各国挥舞关税大棒，阻碍 着世界贸易的正常进行，许多国家为此忧心忡忡， 与此同时，一家在中国市场仅仅打拼了数年的椰子水外资品牌IF的母公司IFBH Limitet（下称 IFBH），在只有46个员工的情况下，2024年创造出11.56亿元的营收，凭借着"全球第二"的市场份额，向香港证券交易所提交了上市申请。 制图：佘诗婕 笔者以为，IFBH的成功大概归功于以下几个因素： 1、轻资产运营模式与高效资源配置， IFBH采用轻资产模式，将生产、物流、销售全链条外 包，仅保留品牌管理、产品创新和营销推广等核心环节。 2、精准的市场定位与健康消费趋势把握， IF主打"100%天然椰子水"概念，强调零添 加、低糖低卡，与中国国内传统椰汁品牌（如椰树）形成差异化竞争，迎合了消费者对健康饮品的需求升级。 3、本土化营销与流量运营， 签约肖 战、赵露思等顶流明星，结合抖音、小红书等社交平台的KOL种草，快速提升品牌曝光度。 ...