Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>China Vanke has caused jitters as it was reported to be closely watched by some insurers as it seeks to rollover some of its debt with insurers.</li>
<li>It is reported that it has sufficient funding to repay its bond due on March 11th and is lining up a HK$1.5 billion syndication loan. </li>
<li>Vanke warrants close monitoring as there is no sign of turning in its reducing contract sales, deteriorating cash position, shrinking financing ability. </li>
</ul>


China Vanke has caused jitters as it was reported to be closely watched by some insurers as it seeks to rollover some of its debt with insurers.
It is reported that it has sufficient funding to repay its bond due on March 11th and is lining up a HK$1.5 billion syndication loan. 
Vanke warrants close monitoring as there is no sign of turning in its reducing contract sales, deteriorating cash position, shrinking financing ability. 


China Vanke: Should Investors Be Worried?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Nonferrous Mining Corp / Event-Driven

<ul>
<li>A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. </li>
<li>Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.</li>
<li>This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.</li>
</ul>


A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. 
Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.
This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.


HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND a net buyer every day since the end of Chinese New Year. Still. NORTHBOUND a huge net seller this week, but net buyers in size (RMB +86bn) over 8wks.</li>
<li>For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND a net buyer every day since the end of Chinese New Year. Still. NORTHBOUND a huge net seller this week, but net buyers in size (RMB +86bn) over 8wks.
For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).


A/H Premium Tracker (To 22 Mar 2024):  Liquid AH Premia Still At Wides

HK/China Equity Long-Short

Osbert Tang, CFA

Shenzhen International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen International (152 HK)</a> has secured pre-tax gain of HK$2.8bn from deemed disposal of Qianhai Business and this is another example for its ability to realise underlying asset value.  </li>
<li>SZI still holds a 50% stake in Qianhai Business, allowing it to capture further upside from this project. The transaction should also improve cash flow as land fees are repaid.</li>
<li>Other logistics transformation projects like the South China Logistics Park, which has an area even larger than Qianhai Business, will provide upside for the longer term. </li>
</ul>



Shenzhen International (152 HK) has secured pre-tax gain of HK$2.8bn from deemed disposal of Qianhai Business and this is another example for its ability to realise underlying asset value.  
SZI still holds a 50% stake in Qianhai Business, allowing it to capture further upside from this project. The transaction should also improve cash flow as land fees are repaid.
Other logistics transformation projects like the South China Logistics Park, which has an area even larger than Qianhai Business, will provide upside for the longer term. 


Shenzhen Intl (152 HK): It's the Ability to Realise Underlying Value that Matters

Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>After 40 months of consecutive MoM decline, China's real estate market is on the brink of a somewhat sustained recovery, with particularly, pricing improvement in November;</li>
<li>Pricing is important because it entices buyers back to the market. Before that, transaction volumes have already seen meaningful rebound and the rebound has spread from existing to new homes;</li>
<li>We maintain our view that China had a moderate property bubble in the tradable housing sector but not the overall housing sector. Long term growth potential is still bright.</li>
</ul>


After 40 months of consecutive MoM decline, China's real estate market is on the brink of a somewhat sustained recovery, with particularly, pricing improvement in November;
Pricing is important because it entices buyers back to the market. Before that, transaction volumes have already seen meaningful rebound and the rebound has spread from existing to new homes;
We maintain our view that China had a moderate property bubble in the tradable housing sector but not the overall housing sector. Long term growth potential is still bright.


China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

China

China Vanke Co., Ltd. is a property development company.  The Company develops residential properties in Shenzhen, Shanghai, Beijing, Tianjin, Shenyang, Nanjing, and other big cities in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Vanke (H) (2202 HK)

China Vanke: Should Investors Be Worried?

China Vanke jitters as insurers raised concerns for the company. Vanke warrants close monitoring due to declining contract sales, cash position,...

Fern Wang

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

A/H Premium Tracker (To 22 Mar 2024): Liquid AH Premia Still At Wides

The Quiddity AH Monitor had a good week outperforming the biases on both long pairs and short pairs. AH Premia remain wide. Too wide. China...

Travis Lundy

Shenzhen Intl (152 HK): It's the Ability to Realise Underlying Value that Matters

We think the market has overlooked Shenzhen Intl's potential and capability to translate its assets into profit and cash flow. The latest Qianhai...

Osbert Tang, CFA

China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Vanke: Should Investors Be Worried?

China Vanke jitters as insurers raised concerns for the company. Vanke warrants close monitoring due to declining contract sales, cash position,...

Fern Wang

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

A/H Premium Tracker (To 22 Mar 2024): Liquid AH Premia Still At Wides

The Quiddity AH Monitor had a good week outperforming the biases on both long pairs and short pairs. AH Premia remain wide. Too wide. China...

Travis Lundy

Shenzhen Intl (152 HK): It's the Ability to Realise Underlying Value that Matters

We think the market has overlooked Shenzhen Intl's potential and capability to translate its assets into profit and cash flow. The latest Qianhai...

Osbert Tang, CFA

China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

​China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...

Blue Lotus Research Institute

China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...