Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: College student depression hides anxieties about jobs and Covid</li><li>Some Chinese colleges won’t let students graduate without proof of employment</li><li>Regulatory reform forces China’s trust firms to cut back on risky lending</li></ul>

In Depth: College student depression hides anxieties about jobs and CovidSome Chinese colleges won’t let students graduate without proof of employmentRegulatory reform forces China’s trust firms to cut back on risky lending

CX Daily: College Student Depression Hides Anxieties About Jobs And Covid

Thematic (Sector/Industry)

<ul>
<li>Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension</li>
<li>The omission of Tencent and NetEase extended their 11-month drought for new title approvals.</li>
<li>Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games</li>
</ul>


Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension
The omission of Tencent and NetEase extended their 11-month drought for new title approvals.
Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games


Tencent, NetEase Miss Out in China’s New Game Approvals

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.</li>
</ul>


Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.


Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>As <a href="https://www.reuters.com/technology/china-grants-licences-60-online-games-june-2022-06-07/" target="_blank" rel="noopener">reported by Reuters</a>, yesterday China’s gaming regulator granted licences for 60 new games, none of which were published by Tencent or NetEase. </li>
<li>The two dominant companies in the industry did not feature in the list of 45 approvals in April either and this pattern should not be ignored by investors. </li>
<li>The lack of approval of foreign titles in the two batches is also striking and a further negative in our view.</li>
</ul>


As reported by Reuters, yesterday China’s gaming regulator granted licences for 60 new games, none of which were published by Tencent or NetEase. 
The two dominant companies in the industry did not feature in the list of 45 approvals in April either and this pattern should not be ignored by investors. 
The lack of approval of foreign titles in the two batches is also striking and a further negative in our view.


Tencent – Cold Shoulder On New Game Approvals Is A Concern

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>China announced game approval last night for June batch, after a break in May.</li>
<li>We discussed in our previous note that China had resume game approval but at a slower pace.</li>
<li>Tencent and Netease continue to score zero in June domestic game approval.</li>
</ul>


China announced game approval last night for June batch, after a break in May.
We discussed in our previous note that China had resume game approval but at a slower pace.
Tencent and Netease continue to score zero in June domestic game approval.


Tencent/Netease: Smell of Common Prosperity in June Game Approval

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

CX Daily: College Student Depression Hides Anxieties About Jobs And Covid

In Depth: College student depression hides anxieties about jobs and Covid. Some Chinese colleges won’t let students graduate without proof of...

Caixin Global

Tencent, NetEase Miss Out in China’s New Game Approvals

Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight...

Caixin Global

Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Net Protections Holdings, a buy now pay later service provider, raised around US$570m in its Japan IPO in Dec 2021. The lockup on one set of...

Sumeet Singh

Tencent – Cold Shoulder On New Game Approvals Is A Concern

Regulators leaving Tencent and NetEase titles off of new approvals should concern investors as it could be a sign that any easing of regulatory...

Mio Kato

Tencent/Netease: Smell of Common Prosperity in June Game Approval

We analyzed the latest mobile game approval in China released last night. Though it is encouraging that China gives game approval after a break in...

Ke Yan, CFA, FRM

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