Published Date: October 25, 2024
Author: HANetf
The leading positive contributors to the EMQQ Index performance in September were China’s Meituan and Alibaba, posting gains of 46.2% and 35.6%, respectively. Both companies, as well as the broader Chinese internet space, rose after Chinese regulators announced a new stimulus package that exceeded expectations, which we discuss further below.
The two largest detractors for the month were Brazil’s Nubank and Kaspi, the leading fintech super app in Kazakhstan, falling -8.8% and -19.1%, respectively. The former cooled down after a strong start to the year. Kaspi pulled back despite a strong set of quarterly results in which sales surged 39%, while earnings per share improved 24%.
Source of all performance data: HANetf / Bloomberg. Data as of 30.09.2024. 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.
China unleashes more aggressive stimulus
China’s central bank recently launched its most extensive stimulus since 2008, aiming to reignite economic growth and bolster market confidence. Key measures include a reduction in the reserve requirement ratio (RRR) by 0.5%, releasing 1 trillion yuan ($140 billion) into the financial system, with potential for further cuts. Another $140 billion will be devoted to boosting consumption.
The People’s Bank of China also lowered the seven-day reverse repo rate to 1.5%, while reducing mortgage rates for existing loans and cutting the minimum down payment for second homes. This package injects liquidity to support the property market and financial stability, addressing challenges like deflation and bolstering consumer demand. The move helped spark renewed interest and enthusiasm for Chinese equities, including those in the internet sector, whose valuations remain at multi-year lows
During his three-day visit to the U.S., Indian Prime Minister Narendra Modi held a roundtable with top tech leaders, including Google CEO Sundar Picha and NVIDIA’s Jensen Huang, to encourage collaboration and investment in India’s growing technology and internet sectors. Discussions covered AI, quantum computing, biotechnology, life sciences, semiconductors, and IT. Modi emphasized India’s strides in technology and its potential as a global hub for semiconductor manufacturing. CEOs expressed strong interest in investing in Indian startups. Pichai praised Modi’s vision for AI-driven transformation in healthcare, education, and agriculture and noted Google’s Pixel phone manufacturing in India. The enthusiasm is warranted as India’s internet sector is expected to surge six-fold to around $1 trillion by 2030.
JPMorgan Chase CEO Jamie Dimon visited India in September and highlighted that the South Asian nation of 1.4 billion people is well on track to become a $7 trillion economy by 2030, driven by its advancements in digital and physical infrastructure under Prime Minister Narendra Modi’s leadership. Dimon praised the country’s progress since his first visit in 2005, noting key reforms like Aadhaar, banking access, and GST, which are attracting multinational investments. He also highlighted India’s demographic advantage, with a young workforce poised to benefit as Western nations age. These factors, coupled with strong leadership and regulatory improvements, position India for substantial economic growth.
Latin American e-commerce giant MercadoLibre’s fintech arm, Mercado Pago, has submitted its request for a banking license in Mexico, allowing it to expand services beyond digital payments. With the license, the company aims to offer savings and checking accounts, commercial loans, mortgages, and more. Mercado Pago’s current offerings include credit/debit cards, international transfers, and personal loans. Pedro Rivas and Osvaldo Giménez, company executives, aim to position Mercado Pago as the largest digital bank in Mexico. The move solidifies Mercadolibre’s ability to expand its services beyond its e-commerce business to a series of other digital franchises across Latam. These moves have helped the company eclipse Petrobras to become the largest company by market cap in Latin America this year.
Despite a recent surge in Chinese internet equities, valuations remain low. In fact, the market capitalizations of all the Chinese tech firms in the EMQQ Index are still lower than several individual FAANG stocks.
EMQQ (Fund)EMQQIET* (Index)1M-0.88%-0.78%3M5.96%6.38%6M-4.67%-4.17%YTD-14.50%-14.07%12M-17.93%-17.28%3Y14.39%18.64%Since Inception (02/10/2018)14.08%24.94%
INQQ (Fund)INQQETR* (Index)1M5.21%6.54%3M15.61%17.88%6M10.29%12.57%YTD-2.81%-1.97%12M-8.86%-7.82%3Y-27.23%Since Inception (15/11/2023)13.65%24.43%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/09/2024
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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