US Hedge Funds Sell $700m of China ADRs in July, Says Morgan Stanley (Hedge Week)
US-based hedge funds sold around $700m in New York-listed shares of Chinese companies during July amid a rally in the country’s stocks, according to a report by Bloomberg citing data from Morgan Stanley’s prime brokerage division. PDD Holdings, Yum China Holdings, and Vipshop Holdings were among the companies most sold down by long-only managers over the month, as the The Nasdaq Golden Dragon index of Chinese company American depositary receipts (ADRs) surged 11% during July on the back of potential further government support for the China’s struggling economy.
How Hedge Fund Managers Are Using ChatGPT (Bloomberg)
Hedge funds and other money managers are increasingly leaning on ChatGPT for marketing, and to summarize vast reports, according to a new survey. Forty-four percent of money managers use the artificial intelligence tool in a professional capacity, according to the report from BNP Paribas SA. Most utilize ChatGPT to generate marketing text, or to recap large documents such as regulatory filings or broker research reports.
Citadel Securities Hires Former BlackRock China Head, Ex-CSRC Regulator to Lead Expansion in US$10 Trillion Market (SCMP.com)
Citadel Securities, Ken Griffin’s market-making business, hired BlackRock Inc’s former China head to spearhead its business just as the US$10.3 trillion Chinese stock market is regaining its composure and favour among foreign investors after years of market crackdown. Tang Xiaodong will join the company in September, and lead its China team to work closely with local clients, business partners and regulators, the company said. He quit BlackRock, the world’s biggest money manager, in early June, accrding to local media reports citing personal reasons.
Insiders Buying Allegion, Asana And This Financial Services Stock (Benzinga)
Asana: The Trade: Asana Inc. (ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 160,000 shares at an average price of $22.48. To acquire these shares, it cost around $3.6 million. Allegion: The Trade: Allegion plc (ALLE) President and CEO John Stone acquired a total of 17,500 shares an average price of 116.62. To acquire these shares, it cost around $2.04 million.
Central Banks Issues Insider Trading Warning (The Times)
Irish trading venues for securities – including the Irish Stock Exchange – are failing to properly police insider dealing and market manipulation, a Central Bank of Ireland review has found. The inspection by regulators, done last year to examine how effective trading venue operators were at market surveillance, uncovered widespread failures to monitor and detect abusive behaviours.
