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Translation - English The huge impact of protests on Hong Kong is undisputable, especially on the retail and real estate sectors highly exposed to the local economy. The recovery of market confidence remains hinged on when the protests would “effectively decrease”. Looking beyond the impact of social unrest in Hong Kong to trade frictions and global monetary easing, we recommend investors to set their sights on technologies with growth potential (especially those poised to see an increase in demand brought about by “domestic substitution”) and the return of overseas-listed Chinese companies amid escalating trade frictions. Meanwhile, we see long-term allocation value (measured by dividend payout ratio) in traditional economic sectors that have been oversold and suggest keeping a close eye on investment opportunities arising from consumer downgrading amid the economic slowdown.
▍ The protests have continued to exact a toll on the Hong Kong market. The violence fueled by the extradition bill has undoubtedly had a huge impact on Hong Kong-based companies, especially those in the retail and real estate sectors that are closely associated with the local economy. A review of social incidents that had roiled the local economy over the past 2 decades points to the SARS epidemic in 2003 and the Occupy Central movement in 2014. While the two market shockers affected the local economy to varying degrees (e.g., the Hong Kong economy slipped into a recession in the quarter when the SARS epidemic ravaged in 2003), the Hong Kong stock market staged a relatively fast recovery afterwards in both instances, benefiting from an upcycle of the global economy and accommodative central bank policy measures (and supportive policies such as Individual Visit Scheme and CEPA as well) at the time.
▍ Presently, the recovery of market confidence remains hinged on when the protests would “effectively decrease”, though current market valuation has already shown a sufficient margin of safety, especially in the traditional economic sectors. While major economies around the world are also embracing monetary easing, the protests have had more complicated underlying factors and proven to be more prolonged (similar to demonstrations against British colonial rule in 1967). Investors are generally pessimistic about any effective resolution of the unrest in the short term, which will be the single biggest factor weighing on the overall valuation of Hong Kong stocks going forward. For long-term investors, the current market valuation already points to a margin of safety in some traditional economic sectors, while the transfer of state-owned assets to social security funds will help to enhance dividend payouts.
▍ Looking beyond the impact of social unrest in Hong Kong, the key to offshore listed Chinese companies still lies in improvement in the Chinese economy and progress in reforms and China-US trade talks. Due to China-US trade dispute, corporate business activities have already started to slow down since 4Q18. As the effects of countercyclical policy measures have gradually surfaced (e.g., recovery in the latest PMI readings and credit data) since the beginning of the year, coupled with low base numbers, we expect an interim recovery in domestic economic data in 4Q19. Meanwhile, the market has also become increasingly insensitive to developments of the trade dispute.
▍ Major investment cues in the post-trade dispute era. We mentioned in our 3Q19 Investment Strategy for Overseas-listed Chinese Companies (2019-7-7) that expectations for more accommodative liquidity conditions may boost valuations (though this forecast was affected by the social unrest in Hong Kong later on) and given an abundance of liquidity and rising risk premium tied to trade frictions, investment choice would gradually narrow and the rebound momentum would weaken. Heading into 4Q19, the impact of local violence in Hong Kong is still the single most important drag in the short term. Against the backdrop of trade frictions and global monetary easing, we recommend investors to set their sights on the technology sector underpinned by growth potential (especially companies poised to see an increase in demand brought about by “domestic substitution”) and the return of overseas-listed Chinese companies amid escalating trade frictions.
▍ Meanwhile, we’ve already seen long-term allocation value (measured by dividend payout ratio) in traditional economic sectors that have been oversold and suggest keeping a close eye on investment opportunities arising from consumer downgrading amid the economic slowdown. On 20 Sep 2019, the Ministry of Finance, the Ministry of Human Resources and Social Security, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, and the China Securities Regulatory Commission jointly issued a statement, outlining a clear timetable for the transfer of state-owned assets to social security funds across the country. At the central level, SOEs with rights conditions are expected to largely complete the transfer by the end of 2019 and those facing challenges may complete the transfer by the end of 2020. Upon the completion of the transfer, SOEs are expected to increase dividend payout ratio to make up for the gap in social security expenditures going forward. An increase in dividend payout ratio means improvement in underlying companies’ overall operations, profitability and governance capacity, and the traditional economic sectors that have been oversold are already showing long-term allocation value (measured by dividend payout ratio).
▍ Allocation tips. For 4Q19, we suggest MSCI China as benchmark, overweighting communications & Internet, technology, banking and raw materials sectors, and adjust our recommended portfolio of overseas-listed Chinese companies as: Alibaba Group Holding Limited (BABA), Meituan Dianping (03690.HK), IQIYI Inc (IQ), Industrial and Commercial Bank of China Ltd (601398), Ping An Insurance (Group) Company of China Ltd (601318), Anhui Conch Cement Co (600585), China Education Group Holdings Ltd (00839.HK), Sunny Optical Technology (Group) Co (02382.HK), and Semiconductor Manufacturing International Corp (00981.HK).
▍ Potential risks: 1) Inadequate domestic policy responses in case of a sharper-than-expected slowdown in China’s economic growth; 2) Uncertainty surrounding US tariffs on the remaining US$300bn worth of Chinese goods; 3) Weaker-than-expected monetary easing by major central banks.
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Translation education
Master's degree - The University of Edinburgh
Experience
Years of experience: 11. Registered at ProZ.com: Sep 2019. Became a member: Jun 2021.
English to Chinese (International English Language Testing System) English to Chinese (Educational Testing Service - TOEFL) Chinese to English (Educational Testing Service - TOEFL) Chinese to English (International English Language Testing System) English to Chinese (Translators Association of China)
Memberships
N/A
Software
Across, Adobe Acrobat, Aegisub, ChatGPT, DeepL, Lingotek, memoQ, MemSource Cloud, Microsoft 365, Microsoft Excel, Microsoft Word, OmegaT, Passolo, Powerpoint, ProZ.com Translation Center, SDLX, Smartcat, Subtitle Edit, Trados Studio, Translation Workspace, XTM
Professional objectives
Meet new translation company clients
Meet new end/direct clients
Network with other language professionals
Find trusted individuals to outsource work to
Build or grow a translation team
Get help with terminology and resources
Learn more about translation / improve my skills
Get help on technical issues / improve my technical skills
Learn more about additional services I can provide my clients
Learn more about the business side of freelancing
Find a mentor
Stay up to date on what is happening in the language industry
Help or teach others with what I have learned over the years
Transition from freelancer to agency owner
Buy or learn new work-related software
Improve my productivity
Bio
Experienced & Reliable English < > Chinese (Simplified) Translator
Translating/Editing & Proofreading/Localization
Specialized in Banking & Finance, Legal, Marketing, Gaming, IT
A skilled and experienced translator with over 10 years of experience in the translation industry, specializing in financial, legal, marketing, and IT translation. Seeking a position as a financial or legal translator in a reputable organization where I can apply my expertise.
NOTABLE PROJECTS
• Bank of China Annual Report 2017 Project (around 40,000 words): responsible for the translation of “Management Discussion and Analysis – Financial Review and Business Review” part of the BOC Annual Report, successfully rendered the translation with no minor mistakes and few improper wordings which greatly reduced the burden of reviewers;
• Volkswagen Financial Services interim report (around 26,000 words): responsible for translating the interim report on the company’s operating results and related analysis into Chinese; delivered the project successfully and highly appraised by the client;
• ChinaBond Monthly Journal (around 48,000 words): ChinaBond released a report on market overview, regulatory trends, macroeconomic operation and bond market every month to provide investors with sufficient information and help them make wise investment choices. I was responsible for rendering the English version of the monthly report for reference by foreign institutional investors;
• Fund Index Analysis Report of E Fund (around 23,000 words): E Fund releases an analysis report on fund index each quarter for a summary of the fund performance and factors affecting the performance of funds. I was responsible for translating E Fund’s ESG investment strategy, ESG indicators and the performance of its funds such as Kehui, Kerui, Strategic Growth and Emerging Growth;
• Huatai Securities Research Report (ZH-EN) and Insight report (EN-ZH): around 1,500 words per day. Long-term projects from the end client Huatai Securities and Insight which aims to analyze the stock market and provide
investment recommendations in all sectors on a daily basis;
• Financial News Articles, Investment Analysis and Insights from Bloomberg: translated Bloomberg’s financial news, investment related articles, market/industry/economic analysis reports, financial indexes, among others, into Chinese for Guangzhou Stock Exchange and Shenzhen Stock Exchange;
• Legal Documents: service agreements and contracts for Alibaba (around 100,000 words); non-disclosure agreements and lease contracts for Nike (around 60,000 words); pleadings for Limnxus LLP, Hogan Lovells, Skadden, Arps, Slate, Meagher & Flom LLP (around 150,000 words);
• IT related: [Apple] iOS 15, tvOS 15 and watchOS 8 updates (100k+ words); [Adobe] product UI, UX, and websites (350k+ words); [Software] software localization for Fuji Xerox software - Freeflow (50k+ words); [IBM] localization of IBM software applications, e.g. IBM Webshpere Commerce, DB2 Universal Database (25k+ words); [Alicloud] Translation of Alicloud OSS product (15k+ words);
• Gaming: [Roblex] translation of in-game texts for a roblex game developed promote sports and Nike’s products, which consists of several stages where you can play alone or with others (around 100,000 words); [Game of Khans] 3-D MMORPG that unites thousands of players as historical heroes during the era of Ghengis Khan, the Silk Road, and the Mongol Empire (around 65,000 words); [Yi Nian Xiao Yao] a Chinese RPG game in an ink-and-wash painting style, allowing players to step into the Chinese fairyland; participating in the translation of its in-game texts to help its rollout overseas (around 200,000 words)
• Marketing: [Nike] transcreation, translation, and review of Nike’s product release documents, descriptions, marketing materials on nike.com and Nike App (around 250,000 words); [ByteDance PICO] transcreation of marketing materials for newly launched PICO products (around 20,000 words); [Reebok Classic] translation and transcreation of launch press releases, product marketing materials; [Trip.com] translation and review of hotel & scenery spot descriptions;
• Medical/Chemical: translated and reviewed medicine instructions, chemical compositions, and manuals for CH Biomedical Co., Ltd., BeiGene, and LyondellBasell Industries N.V. (20k+ words); translated prescription, medical orders, case history, and other hospital documents for Peking Union Medical College Hospital, and Peking University Hospital (200k+ words);
• Mechanical Engineering: 1) Technical codes for an Australian mining company (20,000 words); 2) technical codes and manuals for Hong Kong-Zhuhai-Macao Bridge project (50,000 words); 3) technical documents for the expansion of TAKREER’s refinery (17,000 words).
Member since Jun '21
Expertise