Published Date: August 1, 2024
Author: HANetf
The leading positive contributors to the EMQQ Index’s performance in June were India-based Reliance Industries and China’s Meituan, posting gains of 9.55% and 5.90%, respectively. Reliance rose on news that management is expediting plans to IPO more parts of its burgeoning internet/ tech ecosystem. Meanwhile, Meituan got a boost from improving growth in China’s quick delivery and online travel industries, both key parts of its business.
The two largest detractors for the month were Pinduoduo and Mercadolibre, falling -11.24% and -4.76%, respectively. Regardless of the pullback, both companies are coming off strong first quarters where revenues and earnings surged. In Q1 2024, Mercadolibre saw sales rise 36%, while Pinduoduo clocked an even more impressive 131% jump in revenues, according to Bloomberg.
Source of all performance data: HANetf / Bloomberg. Data as of 30.06.2024. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
Chinese companies are increasingly raising dividends and share buybacks in an attempt to bolster shareholder returns. Alibaba, China’s largest e-commerce firm, recently announced that it repurchased $5.8 billion of shares during the most recent quarter, resulting in a net reduction of 2.3% of the company’s shares outstanding. While this was the largest quarterly share repurchase over the last 3 years, the company still has over $26 billion earmarked for stock buybacks in the future, a number that represents roughly 15% of the company’s current market capitalisation.
India’s economic growth is approaching a sustained 8%, marking a major structural shift in its growth trajectory. The Reserve Bank of India Governor Shaktikanta Das expressed confidence in this growth, highlighting the country’s strong momentum and significant contribution to global growth, which was around 19% last year. The RBI’s projections and now-casting models also indicate continued strong growth momentum. Meanwhile, recently-elected Prime Minister Narendra Modi still has ambitious goals of transforming India into a developed nation by 2047, representing a significant jump from where India is today.
Both Brazil and India are spearheading innovation globally in digital payments. Brazil introduced Pix in 2020 during the COVID-19 pandemic, while India had launched its Unified Payments Interface (UPI) earlier. These systems were part of broader digitalisation efforts in both countries. Today, Brazil and India together account for over 60% of all real-time transactions globally. Brazil’s Pix represents 15% of these instant payments, and India’s UPI makes up 46%. Brazil’s Pix has seen rapid growth, with nearly $400 billion in transactions monthly and over 150 million users. Pix is also set to introduce new features like offline payments, direct debits, and credit options.
Tencent, China’s largest internet company, experienced a significant surge in quarterly profit, exceeding 60%, driven primarily by higher-margin businesses such as advertising and ecommerce. The company’s jump in net profits was the fastest since the March 2021 quarter. Tencent’s success can be attributed to its focus on advertising, mini-game platform fees, and ecommerce monetisation. The company’s online advertising revenue soared by 26%, aided by advancements in advertising infrastructure, particularly in targeting through AI on its messaging platform, WeChat. Additionally, the resumption of gaming license approvals in China has further boosted Tencent’s performance.
India’s consumer market is set to become the world’s third-largest by 2027 as the number of middle to high-income households rises, according to a recent report by BMI. The report forecasts that India’s household spending per capita will grow at 7.8% annually, outpacing other developing Asian economies like Indonesia, the Philippines, and Thailand. By 2027, India’s household spending is estimated to exceed $3 trillion, driven by a 14.6% annual increase in disposable income. About 26% of Indian households are projected to have $10,000 in annual disposable income, with wealthier households mainly in urban economic centers such as New Delhi, Mumbai, and Bengaluru. India’s large youth population, particularly the 33% aged between 20 and 33, will significantly boost consumer spending. Increasing urbanisation will further enhance consumer spending by making it easier for companies to access consumers in large cities.
Nubank, the world’s largest digital banking platform outside of Asia, and Chubb, a global insurance leader, have reached 2 million active insurance policies in Brazil. Their success stems from Nubank Vida, the first co-created product launched in 2020. A fully digital insurance product, Nubank Vida enables users to get quotes, file claims, make premium payments, and manage their accounts directly through the Nu app. The recent success and growth of the insurance unit reflects positively Nubank’s ability to expand its fintech portfolio across Latin America, where penetration across several verticals is still very low.
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/06/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. Please remember that when you invest in ETFs and ETCs your capital is at risk.
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