Until last year, Mirae Asset Group emphasized investments in the U.S., but this year it has actively pushed for China as an alternative investment destination, noting that "cracks have appeared in the U.S.-centric investment environment." Given that the U.S. stock market has faced corrections this year and the importance of diversification has been increasingly stressed, Mirae Asset's moves seem justifiable.
However, the abrupt change in approach has even led some Mirae Asset employees to question whether they have made too sharp of a turn. They note that the U.S. stock market remains robust, while the group's fervor seems to proclaim, "The U.S. is over; China is the only hope." Currently, Mirae Asset Group is mobilizing its affiliates, including securities firms and asset management companies, to promote the necessity of investing in China across the board.
Let’s rewind to the beginning of the year. Until January, Mirae Asset Group was focused on products and events aimed at U.S. stock investors. For instance, Mirae Asset Global Investments held the "TIGER U.S. Representative Index ETF Quiz Event" and a "2025 U.S. Stock Market Outlook YouTube Live Seminar," focusing on informing how much the cumulative net purchase amount of U.S. investment products has increased.
As February approached, Mirae Asset began to express a different opinion. At that time, the Chinese stock market was exhibiting a steep ascent, and notably, the group's owner, Chairman Park Hyun-joo, publicly encouraged portfolio adjustments in an interview with a media outlet, stating that "Tesla is facing significant challenges from Chinese companies like BYD and Geely."
After that, it is said that Mirae Asset actively encouraged employees to travel to China for business. The intention was to see and feel the remarkable growth rate of innovative Chinese corporations such as Alibaba, BYD, and Robosense firsthand. Mirae Asset Securities is sending selected private bankers (PBs) from its nationwide branches on business trips to China. Analysts from the research center have also made several trips to China.
Mirae Asset Securities held the "2025 Global Asset Allocation Forum" at the Four Seasons Hotel in Gwanghwamun, Seoul, on the 29th of last month. In an unusual move, dozens of media outlets were invited to cover the event. During the forum, Huh Sun-ho, vice chairman of Mirae Asset Securities, said, "The global financial market has relied heavily on the U.S. as a single engine for the past three years, but cracks are emerging in the U.S.-centric investment environment," and noted, "China is accelerating its domestic technological self-reliance along with policy changes that are friendly to private corporations."
The recently launched exchange-traded fund (ETF) by Mirae Asset Global Investments primarily invests in Chinese assets. A senior official in the financial investment sector stated, "Chairman Park Hyun-joo holds the title of Global Strategy Officer at Mirae Asset Group and his influence is absolute."
In response, a representative from Mirae Asset Global Investments remarked, "The market capitalization gap between the tech stocks in the U.S. and China exceeds six times," and explained, "We also plan to launch ETFs that diversify investments not only in China but also globally, considering global asset allocation."
There is considerable chatter among Mirae Asset employees. One employee stated, "While I completely agree with the need for diversification in global investment due to the current correction in the U.S. stock market, an atmosphere has formed with too much emphasis on China, leading to unnecessary anxiety when the New York stock market rises overnight." Another employee expressed that many private bankers in the field are feeling stressed due to direct and indirect pressure to encourage purchases of Chinese stocks.
A representative from Mirae Asset Securities stated, "The U.S. market has risen significantly, primarily due to U.S. tech stocks, but this year we need to diversify interest toward emerging markets like Korea, China, and India," adding that, "We will continue to encourage clients towards global asset allocation investments."