Outspoken China market analyst Hong Hao joins new hedge fund

BOCOM International Holdings

31/08/2022 06:44

SHANGHAI, Aug 31 (Reuters) - Hong Hao, an outspoken Chinese
market analyst who left his job at a state-owned brokerage
earlier this year after his social media accounts were
suspended, has joined a new hedge fund house to conduct what he
described as independent research.
    Hong, former head of research at Bank of Communications
International Holdings Co (BoCom International), said he has
joined Shanghai-based GROW Investment Group as chief economist
and will open its first offshore office in Hong Kong, where he
will set up a China research team.
    "You need to have independence. You need to stick to your
values, and make objective and scientific judgement on how
things develop. I think that is very important," he told Reuters
on Wednesday.
    Hong declined to comment on why he left BoCom International
several months ago. His departure came days after he was
censored on local social media platforms following a series of
downbeat commentaries about China.  urn:newsml:reuters.com:*:nL3N2WW0LH
    But he said that analysts working at state-owned brokerages
and in mainland China face restrictions. 
    "Even if you don't speak the truth, market prices will tell
the truth," said Hong. 
    GROW Investment, a global asset manager with multiple
strategies, runs funds that invest in convertible bonds,
distressed assets, and private equity. 
    The asset manager has six offices on mainland China, and
will expand offshore, Hong said, with a new office to be opened
soon in Singapore.
    Hong was a prominent voice with an active local social media
presence even as negative comments by market analysts and
commentators in China faced increasing scrutiny and censorship
as the country's economy and financial markets encountered
growing headwinds.
    Hong's WeChat and Weibo social media platforms were
suspended in April.  urn:newsml:reuters.com:*:nL3N2WT04N
    A message on his WeChat account says that it is blocked,
while his Weibo account has vanished. He announced his new role
on Twitter, which is blocked in China. 

 (Reporting by Shanghai newsroom; Editing by Tony Munroe and Kim
Coghill)