To: Snowshoe who wrote (167377 ) 1/20/2021 9:10:24 PM From: TobagoJack Respond to of 218415 The Coconut's Zoom school (today is Zoom, yesterday and tomorrow physical) is having a cheer, and so we know where the Luthrans stand also watching HK shares and the opening looks good, might be because Jack Ma's Ant IPO was squashed and the Trump upped the China war effortfinance.yahoo.com finance.yahoo.com China's mutual funds, armed with cash from Ant Group's foiled IPO, plough into Tencent, HKEX and other Hong Kong-listed stocks Wed, January 20, 2021, 5:30 PM Five Chinese mutual funds , armed to the teeth after their plans to invest in the world's largest stock sale were foiled, have deployed a new strategy to soothe investors: plough their US$6.2 billion of dry powder capital into Hong Kong's stocks. The strategy to invest in some of Asia's cheapest stocks appeared to have paid off, as Hong Kong's benchmark Hang Seng Index recovered beyond its pre-pandemic level last week to close in on 30,000 points, a level not seen since May 2019. Zhong Ou Innovation Future Fund has returned 23 per cent since October to investors, while the worst performer of the five returned 6.1 per cent, according to data on their websites. The rush of capital into Hong Kong explains why the city's stock market is riding a 20-month high, even as the local economy remains mired in its worst recession on record , with joblessness poised to jump to a multi-year high amid the raging coronavirus pandemic. Southbound capital , or funds that flow into Hong Kong via two cross-border investment channels called the Connect scheme with the Shanghai and Shenzhen bourses, has risen to successive daily records this week. Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. "The rally can be sustained as capital flows from the mainland show no signs of slowing down," said Kenny Tang Sing-hing, co-founder and chief executive of Royston Securities in Hong Kong. "Mainland investors may want to boost the capitalisation of Hong Kong's stock market. Chinese enterprises won't want to list in the US for safety reasons, so the market capitalisation here needs to be sufficiently big and deep enough in order to attract and absorb [the listing of] large Chinese companies." The five funds were established last October for unit holders to invest in Ant Group's US$35 billion dual listing on the Shanghai and Hong Kong exchanges. Each of the five funds raised 12 billion yuan (US$1.9 billion) within days, pledging up to 10 per cent of the capital to bid for Ant Group's shares.