How Jane Street gained an edge in China

TODAY’S STORY

One of the main challenges of investing in China is access to accurate real-time data.

Through a previously undisclosed investment in Micro Connect, a Hong Kong startup that extends financing to small businesses such as noodle shops, karaoke bars, and hair salons across mainland China, Jane Street has gained access to a wealth of real-time data on China’s economy.

Here’s how it could be used: When China started rolling back its zero-COVID policy, the early official numbers on the disease’s spread were so low that they became the target of public ridicule—dropping from 40,000 in Nov. 2022 to 7,500 in Dec. 2022. Meanwhile, it was evident before government revisions that the outbreak was spreading rapidly through cities—Micro Connect data showed a “very visible [rise]” in pharmacies’ sales.”

Trading firms like Jane Street could then leverage this data to make trades with the understanding that a shakier-than-expected recovery was likely for China.

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Kieran & Justin Ryan