Conference / Seminar, Financial Reporting and Analysis, Virtual Events & Programming

Chinese Wealth Management Products, Safe as Cash

September 15, 2021 | 6:00 PM - 7:30 PM

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Overview

Do the benefits of investing in Wealth Management Products (WMPs) outweigh the benefits of simply holding cash? Hear from an expert panel in the CFA community to discuss the current disclosure of WMPs within China and learn more about the complex risks in the seemingly simple area of cash and cash equivalents on the books of Chinese corporates.

While WMPs may be able to offer yields far above the rates offered by banks, the range of potential returns varies widely. Some products may even be presented as guaranteed returns. The dispersion of rates on offer should challenge investors to weigh how riskless these purportedly safe assets are.

Recent troubles at the large financial institution Huarong Asset Management should give investors pause, as the perennial safety of its bonds quickly shattered in April; its once-riskless paper has reached distressed levels of 55 cents on the yuan. Companies with WMPS that own similarly “safe” bonds must now reexamine the risk profile of their normally innocuous cash hoard. Register now to join CFA Society New York’s Financial Reporting and Analysis interest group for this can’t-miss discussion.

Agenda

6:00 PM | OPENING REMARKS

Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner

6:05 PM | PANEL DISCUSSION

Moderator

Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner

Panelists

Lee Gao, Analyst, China, Harding Loevner

John Garnaut, Founder, Garnaut Global

Leland Miller, Chief Executive Officer, China Beige Book International

7:10 PM |  Q&A

7:25 PM | CLOSING REMARKS

Timothy Kubarych, CFA, Deputy Director of Research, Partner, Harding Loevner

Additional Details

Learning Outcomes

  • Decipher tiers of asset disclosures to better understand risk
  • Apply risk assessment to determine management quality and capital allocation decision making
  • Examine the ramifications of WMP exposure on optically simple financial metrics

Sponsorship Overview

For over 80 years, CFA Society New York—formerly known as New York Society of Security Analysts (NYSSA)—has been a leading forum for the exchange of information among investment professionals. Our mission is to raise standards of practice in the industry for the ultimate benefit of society. Towards that goal, CFA Society New York content is curated by volunteer practitioner interest groups that strive to shape the future of the industry. A bold line exists between the financial support by organizations to maintain the quality of our programming and the selection of speakers who contribute to dialogue in our community. To that end, a ceaseless commitment to transparency is something we consider foundational to our cause.

Please be advised of the following information related to Society sponsorship and support:

Through financial support and other means of in-kind support, each event sponsor, event partner, event co-host and organizational partner of CFA Society New York plays a valuable role in the furtherance of the range of forward-thinking initiatives that underpin the Society’s values, and toward our mission to deliver Society content and programming of the highest quality and standard.

CFA Society New York thanks all of its sponsors, event-related affiliates and organizational partners for helping us continue to shape the conversation of the investment community.

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Inclement weather

CFANY reserves the right to cancel or reschedule all in-person events within 48 hours when inclement weather has been forecasted and travel is restricted by city officials.  The program may also be produced solely via livestream in such circumstances.  Please note the cancellation policy regarding refunds and substitutions.

Refunds, Cancellations, and Substitutions

  • 72 HOURS ADVANCED NOTICE OR MORE:
    • Full refund issued
  • WITHIN 48 HOURS OR AFTER EVENT HAS STARTED:
    • No refund

All requests for cancellation or refunds must be sent to seminars@cfany.org.

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CFA Society New York, Inc. (“CFA NY”) is not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker, or Financial Planner. While CFA NY seeks to present accurate and reliable information, CFA Society New York does not endorse, approve, or certify such information, nor does it warrant or guarantee the accuracy, completeness, efficacy, timeliness, or fitness of such information for any particular purpose. Information presented may or may not be current as of the date of the presentation, and CFA Society New York has no duty to update and maintain the information, reports, or statements made during events.

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