Asia ETF Roundup (Market) – July 2021

China cut required reserve ratio by 50bps 

Jackie Choy, CFA 05 August, 2021 | 12:09
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For the latest ETF industry news, please refer to our “Asia ETF Roundup (Industry) – July 2021”.


Major Markets Performance

In July, Chinese regulators announced a number of regulations and orders in relation to companies in the education and technology sector. This included ordering apps of Didi Global (DIDI, U.S. listed), which launched its initial public offering in the U.S. on 30 Jun, to be removed from Chinese app stores in response to the operator’s data breaches. It was also announced to ban for-profit school tutoring and tutoring companies to raise capital from overseas investors or through public listings. Education stocks were impacted. TAL Education (TAL, U.S. listed) fell 75.9%. And some heavy-weight technology names also saw big losses. Meituan (03690) and Tencent fell 32.9% and 18.0%, respectively. Concluding the month of July, the Chinese equity markets were some of the worst performing markets globally. The Morningstar China Index fell 13.7% in USD terms. Other emerging equity markets generally experienced weakness. Stock markets in the Philippines, Thailand and Brazil suffered 6%-10% losses (proxied by their respective Morningstar indexes in U.S.-dollar terms).

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About Author

Jackie Choy, CFA  is the Director of ETF Research for Morningstar Investment Management Asia

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