China A-Shares: Undervaluing Biopharma Innovation Dec1

Posted by & filed under Healthcare, White Papers/ Thought Pieces.

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MSCI announced in June that it will add a small (0.7%) weighting in China’s A-shares to the MSCI Emerging Markets Index and the MSCI ACWI Index in two installments in May and August 2018. The decision is an important positive for China’s capital markets (particularly given MSCI’s prior rejections), but we greeted the news with a yawn. We have had access to A-shares through the Shanghai Connect and Shenzhen Connect, but haven’t invested through them. Like other investors, we’re wary of the government’s heavy-handedness and issuers’ ability to halt trading in their securities for extended periods of time

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