Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week: <a href="https://www.smartkarma.com/entities/167" target="_blank" data-smartkarma-citation="entities:167:1">China Everbright Ltd (165 HK)</a> is around the "cheapest" inside a year, with various opportunities to monetise assets expected in 2018; and <a href="https://www.smartkarma.com/entities/11526" target="_blank" data-smartkarma-citation="entities:11526:1">Green Cross Holdings Corp (005250 KS)</a> looks fully priced after subsidiary <a href="https://www.smartkarma.com/entities/2969" target="_blank" data-smartkarma-citation="entities:2969:1">Green Cross Corp (006280 KS)</a> announced disappointing 4Q17 results.These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on China Everbright and Green Cross follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

This week: China Everbright Ltd (165 HK) is around the "cheapest" inside a year, with various opportunities to monetise assets expected in 2018; and Green Cross Holdings Corp (005250 KS) looks fully priced after subsidiary Green Cross Corp (006280 KS) announced disappointing 4Q17 results.These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on China Everbright and Green Cross follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

StubWorld - Set-Up & Unwind Extremes: China Everbright; Green Cross

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Guotai Junan Securities   / Equity Capital Markets

Guotai Junan Securities is about to raise US$2bn from its Hong Kong listing. We have covered China brokers listing extensively last years, from <a href="https://www.smartkarma.com/entities/22736" target="_blank" data-smartkarma-citation="entities:22736:1">Everbright Securities (H) (6178 HK)</a>, <a href="https://www.smartkarma.com/entities/22777" target="_blank" data-smartkarma-citation="entities:22777:1">DFZQ Co Ltd (H) (3958 HK) </a>and <a href="https://www.smartkarma.com/entities/22738" target="_blank" data-smartkarma-citation="entities:22738:1">China Merchants Securities Co Ltd (H) (6099 HK)</a> to <a href="https://www.smartkarma.com/entities/23634" target="_blank" data-smartkarma-citation="entities:23634:1">China Industrial Securities International Financial Group (8407 HK)</a>. The company was listed on Shanghai Stock Exchange in 2015 and is well covered by mainland Chinese brokers. In this insight, we will compare its business with its peers…

Guotai Junan Securities is about to raise US$2bn from its Hong Kong listing. We have covered China brokers listing extensively last years, from Everbright Securities (H) (6178 HK), DFZQ Co Ltd (H) (3958 HK) and China Merchants Securities Co Ltd (H) (6099 HK) to China Industrial Securities International Financial Group (8407 HK). The company was listed on Shanghai Stock Exchange in 2015 and is well covered by mainland Chinese brokers. In this insight, we will compare its business with its peers…

Guotai Junan Securities IPO: Second, if Not the Largest, China Security Broker, A-H Premium Examined

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

Chinese Officials Turn a Blind Eye to Corruption

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.<div class="content-highlight">On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…</div>

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes claims on non-financial institutions for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…

With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes claims on non-financial institutions for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…

China

Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

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Everbright Securitie Co (A) (601788 CH)

StubWorld - Set-Up & Unwind Extremes: China Everbright; Green Cross

This week: China Everbright Ltd (165 HK) is around the "cheapest" inside a year, with various opportunities to monetise assets expected in 2018;...

David Blennerhassett

Guotai Junan Securities IPO: Second, if Not the Largest, China Security Broker, A-H Premium Examined

Guotai Junan Securities is about to raise US$2bn from its Hong Kong listing. We have covered China brokers listing extensively last years, from...

Ke Yan, CFA, FRM

Chinese Officials Turn a Blind Eye to Corruption

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its...

Bixmoor

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond...

Dechert LLP

Weakening Credit in 1Q17 in China

With new China data it’s easy to consider a fairly benign growth environment. The reality is more striking. The People’s Bank of China (PBOC)...

Daniel Tabbush

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