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CHINA MINSHENG

Founded in 1996, China Minsheng Banking Corp. is one of the first privately owned commercial banks in China, with headquarters in Beijing. Its shares listed on the Shanghai Exchange and the Hong Kong Exchange in 2000 and 2009, respectively. CMBC positions itself as a bank for non-state-owned enterprises, micro- and small enterprises, and high-end retail customers. The bank has a diversified shareholding structure, with over 23,000 banking outlets in 125 cities in China.

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Investors Flee China ETFs At Highs

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CMBC

Investors are taking profits on their China A-shares ETF investments. For the week ended March 25, China A-shares ETFs saw an outflow of $2.37 billion, the largest outflow since December 2014. It does not come as a surprise, as the A-shares ETFs have performed quite well over a short period of time and the powerhouse Chinese economy is finally starting to wind down.
<h3>
	Overview</h3>

	The Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF (NYSE: <a class="ticker" href="/stock/ashr#NYSE">ASHR</a>) is up 10 percent year-to-date, while the Market Vectors China ETF (Market Vectors ETF Trust) (NYSE: <a class="ticker" href="/stock/pek#NYSE">PEK</a>) has gained 12 percent and the KraneShares Bosera MSCI China A Share ETF (KraneShares Trust) (NYSE: <a class="ticker" href="/stock/kba#NYSE">KBA</a>) has gained 12 percent in 2015. The A-shares have greatly outperformed their Chinese ETF peers, with the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>) only up 4 percent this year.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/earnings/15/03/5365635/china-eastern-2014-profit-surges">China Eastern 2014 Profit Surges</a></bzrelatedlink>

	Another reason for the outflow could be the high valuations of the A-share listed stocks that have become expensive relative to Hong Kong-listed Chinese stocks. The Shanghai A-shares are trading at 13.3 times forward earnings, while the MSCI China is trading at just 10 times.

	Highlighted below are the three Chinese A-shares ETFs on the market.
<h3>
	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF</h3>

	ASHR is made up of 306 of the largest companies in the China A-shares market, an area historically only available to citizens of Mainland China. The holdings are distributed across nine sectors, with financials at 38 percent and industrials at 16 percent being the most heavily weighted sectors.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group Co (PING AN INS CO ADR) (OTC: <a class="ticker" href="/stock/pngay#OTC">PNGAY</a>) at 4.3 percent</li>
	<li>
		China Minsheng Banking Corp Ltd (OTC: <a class="ticker" href="/stock/cmaky#OTC">CMAKY</a>) making up 2.7 percent</li>
	<li>
		CITIC SECURITIES (OTC: <a class="ticker" href="/stock/ciihf#OTC">CIIHF</a>) coming in at 2.7 percent as well</li>
</ul>

	ASHR is up 86 percent over the last 12 months and 60 percent over the last six months. This niche ETF has an expense ratio of 0.80 percent.
<h3>
	Market Vectors ETF Trust</h3>

	PEK follows 301 A-share stocks that are distributed across 12 sectors. Financials at 40 percent and industrials at 15 percent are the largest sectors.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group at 4.1 percent</li>
	<li>
		China Minsheng Banking, making up 2.8 percent</li>
	<li>
		China Merchants Bank Co Ltd (OTC: <a class="ticker" href="/stock/cihky#OTC">CIHKY</a>), coming in at 2.7 percent</li>
</ul>

	PEK is up 89 percent over the last 12 months and up 60 percent over the last six months. The ETF has an expense ratio of 0.72 percent.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/pressreleases/15/03/n5367634/digital-china-announces-fy2014-annual-results">Digital China Announces FY2014 Annual Results</a></bzrelatedlink>
<h3>
	KraneShares Trust</h3>

	KBA provides exposure to 316 Chinese A-shares companies traded on the Shanghai and Shenzhen stock exchanges. The ETF is distributed across nine sectors, with financials at 38 percent and industrials at 19 percent.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group, with a 2 percent holding</li>
	<li>
		Industrial &amp; Coml Bank of China Ltd(ADR) (OTC: <a class="ticker" href="/stock/idcby#OTC">IDCBY</a>) making up 1.8 percent</li>
	<li>
		CITIC SECURITIES, coming in at 1.7 percent</li>
</ul>

	The A-shares ETF is up 79 percent over the last 12 months and up 55 percent over the last six months.

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