Good evening! No new trades. TQQQ position is +8.8% overall on cost, with an average of 24.05. Thanks to rouble weakness, the running P&L on the fund is +600k RUB, which has already covered roughly half of the losses on the China book.
Raiffeisen has been pushed to exit the Russian market; SWIFT-transfer rules tightened again — USD now requires a $20k minimum and is only available to premium clients. There's apparently a CNY top-up route via BCS — I'll likely test those options in 1–2 months, if they still work.
KWG released a sad 2022 report — revenue down slightly, near-zero net profit. I haven't gone through the 40 pages in detail; based on market reaction the company's outlook is murky. Redsun's report is a bit better — at least there's profit, even if only CN¥0.22 (vs CN¥0.31 in 2021). Zynex: revenue up ~21% YoY, EPS roughly flat at $0.44 vs $0.45 a year earlier.
Portfolio:
- TQQQ — 62.45%
- TCS Group — 10.16%
- Zynex — 7.51%
- Redsun — 4.91%
- KWG — 3.03%
- Yandex — 2.14%
- Times — 1.97%
- Baidu — 1.45%
- Baozun — 1.31%