Sales
Stella International: Sold all my position at $15.20 after Trump's tariffs. Cost price is $17.40
It is stupid of me to bought just before announcement of Trump's tariffs.
Dream International: Sold all my position at $5.80-$5.95.
Sold due to Trump's tariffs, as its factories are in Vietnam.
Marco Polo Marine: Sold all at $0.044. Cost price is $0.053.
Sold due to desire to hold more cash and dispose of positions with less conviction in these uncertain times.
Oiltek: Sold all my remaining stake at $1.10.
Sold due to desire to hold more cash in these uncertain times. It may be a mistake to sell it, as it is trading at $1.40. Nonetheless, I probably lack conviction and understanding in the stock.
CNOOC: Sold all my remaining stake at $16.32
Sold, as oil prices could be weak this year. OPEC may increase supply of crude oil and the possible US recession reduce demand for oil
Glorious Sun: Sold a minor portion at $1.16
Sold due to reducing the position size, as I want to have less exposure to China banks. Glorious Sun has stakes in ICBC. CCB and BOC.
Atour: Sold all at $23.75. Cost price is $25.
Took a minor loss. Sold due to delisting risk from US, as Atour is a China company and it is not dual-listed in HK.
Meituan: Sold majority of my stake at $129. Cost price is around $150.
Sold due to JD entering Meituan's market which may lead to increased competition and lowered profits for all players.
Ping An: Sold half of my position at $45.
Sold due to (1) poor 1Q 2025 results, (2) desire to reduce my position sizing in Ping An, (3) disappointment in Ping An's inability to turnaround its business. It's business had worsen since 2020-21 and (4) desire to hold more cash
Purchases
Sketcher: Bought a minor stake at $49.50. Also, earlier sold put options was exercised; purchase price is $58 after netting off option sale price.
I believe in Sketcher's positioning in shoes market. While it may take a hit in its US sales and profit in these 1-2 years, it should be able to recover.
Nameson: Increase stake slightly at $0.81
Bought too early. Should wait a few days before buying at lower price.
Intermestic: Bought a tiny stake at 1,380 yen.
Should have bought more when share price dropped to 1,380 yen.
Best Mart: Increase stake slightly at $1.67
Its dividend yield is >10%. Its business are sheltered from Trump's tariffs, as it caters to HK and Macau markets only.
LTAM ETF (GBP): Bought a small stake at $10.65-$11.45
This is an ETF on Latin America. Latin America could be a beneficiary in this tariff war, as China increases purchases of agricultural goods from Brazil and production of shoes / textiles for US could shift to South America. In addition, Latin America equities are inexpensive.
ISLN ETF (USD): Bought a small stake at $30.70
This is an ETF on physical silver. I decide to slowly increase exposure to metals such as silver and gold. The exposure will not be large. Such exposure will serve as hedge / insurance during uncertain times, as metals may have low correlation with equities and bonds. So this purchase is a start.
Current View
Currently, S&P 500 rose back to its pre-Liberation Day value. I cannot understand the rising S&P 500, when the odds of US recession is high. The market seems certain that US will reach a deal with China soon to avert a recession in US.
My read is that US-China deal will not happen anytime soon. China can bear the pain from tariffs war better than US. When US finds the pain from tariffs unbearable,
- US can reduce its tariffs on China unilaterally, and China will follow suit and reduce its tariffs on US.
- Or US will try to reach a deal with China. Then the longer the deal takes, the more pain US will feel from the tariffs and the stronger the China position will be in the negotiation.
Anyway, I can't predict what will happen. My equties allocation is around 50%. So if market worsen or improves, I will lose some or gain some.
