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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>IPO / Five things to know about China’s latest IPO system overhaul</li><li>Missing / Police say student missing for 100 days hanged himself</li><li>Politics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’</li></ul>

IPO / Five things to know about China’s latest IPO system overhaulMissing / Police say student missing for 100 days hanged himselfPolitics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

<ul><li>Drugs / In Depth: Where do fake Covid drugs come from?</li><li>Debt / Local Chinese governments paid $148 billion in interest in 2022</li><li>Economy / IMF raises China’s 2023 growth forecast to 5.2% as economy reopens</li></ul>

Drugs / In Depth: Where do fake Covid drugs come from?Debt / Local Chinese governments paid $148 billion in interest in 2022Economy / IMF raises China’s 2023 growth forecast to 5.2% as economy reopens

CX Daily: Where Do Fake Covid Drugs Come From?

Thematic (Sector/Industry)

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<li>China’s major express couriers will charge more for their services over the Lunar New Year period</li>
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Express couriers, which mainly serve e-commerce sellers, typically see a lower volume of packages over the Lunar New Year when those businesses shut down. 
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Consumers generally buy their new years goods around a month before the festival, when such firms plan for a rush.
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</ul>


China’s major express couriers will charge more for their services over the Lunar New Year period

Express couriers, which mainly serve e-commerce sellers, typically see a lower volume of packages over the Lunar New Year when those businesses shut down. 


Consumers generally buy their new years goods around a month before the festival, when such firms plan for a rush.



China Couriers Hike Lunar New Year Prices as Delivery Riders Head Home

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>NBS released (17 January) Dec and full year 2022 online retail sales data.</li><li>YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.</li><li>But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). </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.

NBS released (17 January) Dec and full year 2022 online retail sales data.YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). 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 Internet – December online retail sales recap

Equity Bottom-Up

<ul><li>We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.</li><li>Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.</li><li>Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. </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.

We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. 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.

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

CX Daily: Where Do Fake Covid Drugs Come From?

In Depth: Where do fake Covid drugs come from? Local Chinese governments paid $148 billion in interest in 2022. IMF raises China’s 2023 growth...

Caixin Global

China Couriers Hike Lunar New Year Prices as Delivery Riders Head Home

China’s major express couriers will charge more for their services over the Lunar New Year period. Express couriers, which mainly serve e-commerce...

Caixin Global

China Internet – December online retail sales recap

YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery...

CMB International

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and...

CMB International

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