Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Equity Capital Markets

<ul><li>The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.</li><li>The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.</li><li>The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.</li></ul>

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.</li><li>Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.</li><li>Li Auto’s May sales more than doubled NIO and Xpeng combined.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.Li Auto’s May sales more than doubled NIO and Xpeng combined.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – May NEV likely to hit second highest in history

<ul><li>Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV) makers’ manufacturing qualifications.</li><li>The sector confronts an influx of inexperienced and ultimately unsuccessful firms amid the country’s push towards electrification.</li><li>The success of China’s EV industry has been widely viewed as the result of years of Beijing’s supportive policies, including the use of <a href="https://www.caixinglobal.com/2023-04-06/in-depth-why-should-beijing-reinstate-subsidies-for-auto-sales-102016072.html" target="_blank" rel="noopener">subsidies</a> to spur demand, and instruments such as a strict permit system to better manage capacity.</li></ul>

Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV) makers’ manufacturing qualifications.The sector confronts an influx of inexperienced and ultimately unsuccessful firms amid the country’s push towards electrification.The success of China’s EV industry has been widely viewed as the result of years of Beijing’s supportive policies, including the use of subsidies to spur demand, and instruments such as a strict permit system to better manage capacity.

China’s EV Industry Calls on Regulators to Curb the Back-Seat Driving

Cross Asset Strategy

<ul><li>AI /<a href="https://www.caixinglobal.com/2023-04-10/cover-story-chinese-internet-giants-ai-startups-rush-to-jump-on-chatgpt-bandwagon-102017065.html" target="_blank" rel="noopener">Cover Story: Chinese internet giants, AI startups rush to jump on ChatGPT bandwagon</a></li><li>China-EU /Opinion: Macron and VDL’s visits to China – will the rejection of decoupling lead to restoration of relations?</li><li>Inspections /: China doubles down on rooting out corruption in sports</li></ul>

AI /Cover Story: Chinese internet giants, AI startups rush to jump on ChatGPT bandwagonChina-EU /Opinion: Macron and VDL’s visits to China – will the rejection of decoupling lead to restoration of relations?Inspections /: China doubles down on rooting out corruption in sports

CX Daily: Chinese Internet Giants, AI Startups Rush to Jump on ChatGPT Bandwagon

Equity Bottom-Up

<ul><li>Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.</li><li>All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.</li><li>We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) – FY22 core earnings miss; PHEV still the key

Hong Kong

Yadea Group is a leading electric two wheeler brand in China. The company produces electric bikes and scooters.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

Qingling Motors Company Limited produces and sells Isuzu light duty trucks, pickup trucks, multi-purpose sport vehicles, heavy-duty trucks, other vehicles, and automobile parts and accessories.

Vietnam Manufacturing and Export Processing (Holdings) Limited manufactures scooter and cub motorbikes.  The Company produces motorbike engines and parts for use in its own motorbikes and for sale, and also sells and services moulds for making die-cast and forged metal parts.

Vietnam Manufacturing and Export Processing (422 HK)

Vietnam Manufacturing and Export Processing

Hybrid Kinetic Group Ltd. seeks to develop and manufacture hybrid vehicles. The Company's initial targeted production is targeted for 2012.

New Focus Auto Tech Holdings Ltd is an automobile after-sales service provider in the Greater China region. The Company provides car-washing services, high-end detailing and tinting, basic maintenances, modifications, accessory sales, and body repair. New Focus Auto also manufactures and distributes auto ancillary products in North America, Europe, and other Asian countries.

New Focus Auto Tech Holdings Ltd (360 HK)

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163...

Caixin Global

China Auto Sector – May NEV likely to hit second highest in history

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on...

CMB International

China’s EV Industry Calls on Regulators to Curb the Back-Seat Driving

Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV)...

Caixin Global

CX Daily: Chinese Internet Giants, AI Startups Rush to Jump on ChatGPT Bandwagon

AI /Cover Story: Chinese internet giants, AI startups rush to jump on ChatGPT bandwagon China-EU /Opinion: Macron and VDL’s visits to China –...

Caixin Global

Geely Automobile (175 HK) – FY22 core earnings miss; PHEV still the key

Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue. All eyes should be on its first Galaxy...

CMB International

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