Today I read an open letter to investors by ZHAO Danyang, founder of hedge fund Pureheart. http://www.pureheartchina.com/english/new10.asp. The letter was published at the beginning of 09. He believes "an important bottom will form in Chinese stock market in 2009". Is China really that immune from the developed world? i don't think the bottom will form in the US this year.
He also asks "Who will become China’s Wal-Mart, Toyota, Microsoft, P&G in the future?” Well, he obviously believes that Wumart (8277.hk) will be china's wal-mart, and probably BYD will be china's Toyota. Wumart and BYD are both interesting companies. I will talk about them more later.
If I have a lot of money (not sure how much but it would be a lot more than what i have now, I will invest some in purheart's fund). His new Natural Selection fund has a minimum investment amount of HK$250K, which is about US$32K. Not a lot really. But i am not sure if i have the extra amount to risk with him. Like hedge funds, he charges huge fees. I have never invested in hedge fund world before but those based in the US seems to require even higher net worth.
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I put it wrong when i say that you would need HK$250K to open an account with pureheart. it is 250K US$. and they require the account holder to personally go to their HK office to open it.
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