GS 高盛：在海外对冲中国的投资组合

Pan-Asia-Alpha_-Hedging-China-(Offshore) （20页）02.05 英文

Despite a 10% pullback 2007 year-to-date, the China H-share market is up 38% in the last 4 months, expanding valuations.As we approach the traditionally volatile 2Q, we examine ways to hedge China positions, enabling investors to weather short-term storms in what remains a strong longterm story

Table of contents
Chinese equities: Short-term risks 3
Ways to hedge Chinese equities 4
Appendix 1: Splitting the HSI into its country components 12
Appendix 2: The pro forma HSI (expected March 2007) 14
ETFs risk disclosures 15
Options risk disclosures 16
Options pricing 16
Third parties’ disclaimers 16
Disclosures 17
Priced as of January 31, 2007 unless otherwise stated.