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Cheng Lyu

Cheng Lyu

Senior Associate

Cheng Lyu focuses on research and solutions related to the China market. Prior to MSCI, she worked as a sell-side research analyst at Huatai Securities and UBS Securities, providing investment advice to institutional investors on China market strategy and the financial and fintech sectors.  Cheng holds a master’s degree in finance from the University of Maryland, College Park.

Research and Insights

Articles by Cheng Lyu

    China Exposure in Global Capital Flows

    Research Report | Dec 11, 2024 | Zhen Wei, Cheng Lyu

    Our data-driven framework tracks economic and financial trends for a range of indicators to help clarify their multi-layered impact on China’s markets and economy, and aid global investors in right-sizing the China exposure in their portfolios.

    Sector-Balanced Futures – One Way to Manage Chinese Equity Exposure

    2 mins read Quick Take | Oct 24, 2024 | Dinank Chitkara, Cheng Lyu

    Rising volatility since late September’s stimulus announcement by the Chinese government has motivated some to reassess the current opportunities and risks in Chinese equities. We analyze one tool at investors’ disposal.  

    Investment Trends in Focus: Quarterly Roundtable Q4 2024

    Podcast | Oct 17, 2024 | Yuliya Plyakha Ferenc, Afsaneh Mastouri, Xinxin Wang, Ashley Lester, Cheng Lyu

    From the effects of China’s stimulus to the power of sustainability on portfolio performance and companies cost of capital, our panel dissects the latest market drivers and where investors may be focused for the rest of 2024.

    Evaluating Chinese Equities’ Performance After Stimulus

    5 mins read Blog | Oct 3, 2024 | Cheng Lyu, Zhen Wei

    Global institutional investors in Chinese equities, either using fundamental or quantitative approaches, may find potential opportunities in sector rotation and in factors’ deviations from their long-term patterns.

    Tracking the Internationalization of Chinese Companies

    5 mins read Blog | Jun 3, 2024 | Cheng Lyu, Wei Xu

    Outbound investment from China has grown steadily in recent years, and Chinese companies with the highest exposure to international revenue sources have outperformed the broader China market.

    Foundations of Dedicated China Allocations: Part 4

    Research Report | May 6, 2024 | Zhen Wei, Cheng Lyu

    Although Chinese equities generally performed poorly from 2021 through 2023, certain dedicated China funds earned double-digit annualized returns. We propose a three-layer framework to help demystify the drivers of excess returns in the China market. 

    Micro-Cap Crowding and Liquidity Crunch in China Quant Funds

    2 mins read Quick Take | Mar 6, 2024 | Cheng Lyu, Zhen Wei

    Since early January, several forces, including leverage and crowded longs in small- and micro-cap stocks, have contributed to a mini liquidity crisis among some quantitative mutual and hedge funds in China.

    Mediating High Outflows in China’s Stock Connect

    2 mins read Quick Take | Jan 22, 2024 | Cheng Lyu, Zhen Wei

    Northbound outflows set a record in the last five months of 2023, primarily exiting the financial, consumer-staples, industrial, materials and information-technology sectors.