Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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<ul><li>China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.</li><li>The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.</li><li>The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.</li></ul>

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.

China Cuts Automakers a Break on New Emission Rules

Cross Asset Strategy

<ul><li>AI /: China’s AI charge part 3: Short on chips and talent</li><li>China-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grata</li><li>Gold /: China’s gold buying spree stretches into sixth straight month</li></ul>

AI /: China’s AI charge part 3: Short on chips and talentChina-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grataGold /: China’s gold buying spree stretches into sixth straight month

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

Equity Bottom-Up

<ul><li>Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.</li><li>The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of E An Property &amp; Casualty Insurance Co. Ltd.</li><li>Chinese authorities seized the company three years ago.</li></ul>

Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of E An Property &amp; Casualty Insurance Co. Ltd.Chinese authorities seized the company three years ago.

BYD Takes Over Insolvent Online Insurer as Foundation for Auto Insurance Unit

<ul><li>AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. </li><li>Bridge / Mainland roads opened to more cars from Hong Kong</li><li>Soccer / Two more former top China soccer officials ensnared in corruption dragnet</li></ul>

AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. Bridge / Mainland roads opened to more cars from Hong KongSoccer / Two more former top China soccer officials ensnared in corruption dragnet

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.

<ul><li>BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.</li><li>We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.</li><li>Possible upside surprise from export and its premium brand Yangwang takes some time. </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.

BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.Possible upside surprise from export and its premium brand Yangwang takes some time. 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.

BYD Company (1211 HK) – 1Q23 earnings as a mixed bag

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

China Cuts Automakers a Break on New Emission Rules

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with...

Caixin Global

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

AI /: China’s AI charge part 3: Short on chips and talent China-Canada /: Tit-for-Tat: China expels Canadian diplomat Gold /: China’s gold buying...

Caixin Global

BYD Takes Over Insolvent Online Insurer as Foundation for Auto Insurance Unit

Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued...

Caixin Global

CX Daily: China’s AI Charge

Special Report: China’s AI charge. Mainland roads opened to more cars from Hong Kong. Two more former top China soccer officials ensnared in...

Caixin Global

BYD Company (1211 HK) – 1Q23 earnings as a mixed bag

We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.

CMB International

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52-week Range

Market Cap (USDm)

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