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

Thematic (Sector/Industry)

<ul><li>Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market their services more effectively</li><li>The rise of new technologies such as artificial intelligence (AI) and cloud computing offers financial institutions more ways to make use of the reams of data their customers generate</li><li>Brokers, for instance, can analyze clients’ trading activity on apps to sell them more-targeted investment products.</li></ul>

Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market their services more effectivelyThe rise of new technologies such as artificial intelligence (AI) and cloud computing offers financial institutions more ways to make use of the reams of data their customers generateBrokers, for instance, can analyze clients’ trading activity on apps to sell them more-targeted investment products.

Chinese Brokerages’ Digital Transformation Proves Easier Said Than Done

Cross Asset Strategy

<ul><li>In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stall</li><li>China’s tax revenue sinks amid rollout of new VAT refund policy</li><li>Three tough-to-crack housing markets relax homebuying controls</li></ul>

In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stallChina’s tax revenue sinks amid rollout of new VAT refund policyThree tough-to-crack housing markets relax homebuying controls

CX Daily: Localities Push Ahead With Personal Bankruptcy Pilots as National Efforts Stall

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A/H premium on 139 stocks over the last week.</li>
<li>Consumer, real estate, and industrials led the decrease in A-H premium, while information technology was the only sector with A-H premium increases.</li>
<li>We highlight Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities. </li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Consumer, real estate, and industrials led the decrease in A-H premium, while information technology was the only sector with A-H premium increases.
We highlight Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities. 


A-H Premium Weekly: Asymchem Lab, China Comm Construction

<ul>
<li>We analyse the changes of A/H premium on 139 stocks over the last week.</li>
<li>Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.</li>
<li>We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. </li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.
We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. 


A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shandong Hi-Speed New Energy G / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-enterprises-clean-energy-grp-ltd" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Beijing Enterprises Clean Energy Grp (1250 HK)</a> and <a href="https://www.smartkarma.com/entities/china-shandong-hi-speed-financial-group-limited" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">China Shandong Hi-Speed Financial Group (412 HK)</a>/CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy.</li>
<li>There is a track record of SOE privatisations of clean energy companies – <a href="https://www.smartkarma.com/entities/huadian-fuxin-energy-corp-ltd" target="_blank" data-smartkarma-citation="entities:59:1" rel="noopener">Huadian Fuxin Energy Corp (816 HK)</a>,  <a href="https://www.smartkarma.com/entities/huaneng-renewables-corp-h" target="_blank" data-smartkarma-citation="entities:7542:1" rel="noopener">Huaneng Renewables Corp H (958 HK)</a> and CP Clean Energy</li>
<li>In this note, we look at CSFG’s recent failed attempt at acquiring a 22.78% stake at a price of HK$0.088, along with BE Clean Energy's trading updates and peer multiples.   </li>
</ul>



Beijing Enterprises Clean Energy Grp (1250 HK) and China Shandong Hi-Speed Financial Group (412 HK)/CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy.
There is a track record of SOE privatisations of clean energy companies – Huadian Fuxin Energy Corp (816 HK),  Huaneng Renewables Corp H (958 HK) and CP Clean Energy
In this note, we look at CSFG’s recent failed attempt at acquiring a 22.78% stake at a price of HK$0.088, along with BE Clean Energy's trading updates and peer multiples.   


BE Clean Energy Back in the Cross Hairs of China Shandong Hi-Speed Financial Group?

China

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

CSC Financial Co., Ltd. provides investment management services. The Company offers investment banking, wealth management, and trading and institutional client services. CSC Financial conducts its business in Hong Kong.

Guotai Junan Securities Co.,Ltd. provides financial services. The Company offers corporate finance, fixed income securities, asset management, risk management, and other services. Guotai Junan Securities Company serves clients throughout China.

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

Guosen Securities Co.,Ltd offers securities services. The Company provides securities brokerage, securities investment, securities consulting, and other services. Guosen Securities provides its services throughout China.

Shenwan Hongyuan Group Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities investment fund agency, securities asset management, and other services. Shenwan Hongyuan Group provides services in China.

China Galaxy Securities Co., Ltd. provides securities services. The Company provides securities underwriting, securities brokerage, securities investment advisory, securities transaction, and other services. China Galaxy Securities provides its services throughout China.

Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.

State Street Corporation services institutional investors and manages financial assets worldwide.  The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

Tradeweb Markets Inc. builds and operates electronic marketplaces for rates, credit, equities/ETFs and money markets. The company serves institutional, wholesale and retail clients in 62 countries including large global asset managers, insurance companies, central banks, financial advisory firms, proprietary trading firms, hedge funds, banks and dealers.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust's banking operations are its primary operations.

LPL Financial Holdings, Inc. offers technology, brokerage and investment advisory services through business relationships with all types of financial advisors. Through proprietary technology, custody and clearing platforms, the Company offers access to financial products and services that enable them to provide financial advice and brokerage services to retail investors.

Raymond James Financial, Inc. provides financial services to individuals, corporations, and municipalities through its subsidiary investment firms. The Company operates throughout the United States, Canada and overseas.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

Cboe Global Markets, Inc. operates a marketplace for the trading of standardized, listed options on equity securities. The Company is recognized for its role in the trading of options on individual equities, market indexes and exchange-traded funds, their suite of products, their markets and their hybrid trading model.

Brookfield Asset Management Ltd. operates as an investment management firm. The Company focuses on property development, renewable energy, infrastructure, insurance, and private equity. Brookfield Asset Management serves customers worldwide.

Yuanta Financial Holding Co., Ltd. is a holding company. Its main businesses include brokerage, margin financing, domestic and overseas issuance, financial and M&A advisory, primary listings, corporate financial, securities underwriting and placements, etc. The company also holds the leading position in the derivatives business.

Daiwa Securities Group Inc. is a holding company. The Group provides a comprehensive financial services including dealing, brokerage, underwriting, and distribution of securities.  Other services are research & systems development, custody service, and asset management. Daiwa has subsidiaries in US, Europe, Asia, and Middle East.

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

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Citic Securities (H) (6030 HK)

Chinese Brokerages’ Digital Transformation Proves Easier Said Than Done

Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market...

Caixin Global

CX Daily: Localities Push Ahead With Personal Bankruptcy Pilots as National Efforts Stall

In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stall. China’s tax revenue sinks amid rollout of new VAT refund...

Caixin Global

A-H Premium Weekly: Asymchem Lab, China Comm Construction

We highlight weekly A-H premium changes of Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities.

Ke Yan, CFA, FRM

A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

A-H premium declined by 5.7ppt last week, real estate, consumer discretionary and information technology led the decline. We highlight China...

Ke Yan, CFA, FRM

BE Clean Energy Back in the Cross Hairs of China Shandong Hi-Speed Financial Group?

BE Clean Energy and CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy. CSFG recently failed to...

Arun George

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