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>
Five things to know about China’s draft rules on local financial institutions
</li>
<li>
Beijing shortens quarantines for inbound travelers, close contacts
</li>
<li>
Shrinking capital investment drags down Caixin New Economy Index
</li>
</ul>



Five things to know about China’s draft rules on local financial institutions


Beijing shortens quarantines for inbound travelers, close contacts


Shrinking capital investment drags down Caixin New Economy Index



CX Daily: Five Things To Know About China’s Draft Rules On Local Financial Institutions

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Quantitative Analysis

<ul>
<li>We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.</li>
<li>Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> has seen the largest short covering as the stock has tumbled in the last couple of weeks.</li>
</ul>


We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.
Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.

China Merchants Bank H (3968 HK) has seen the largest short covering as the stock has tumbled in the last couple of weeks.


Asia Short Interest: Large Moves in April

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are two days to go until the TOPIX April-end rebalance. </li>
<li>On an average-weighted, sector-neutral basis, the "announcement to event" trade is -0.3% from 7 April to 25 April. The rest of the buy vs sell basket is doing worse.</li>
<li>There should be ¥740bn-ish to buy and sell (each) on Wednesday at the close. If you have trades to execute in Japan, the attached spreadsheet shows where there is opportunity.</li>
</ul>


There are two days to go until the TOPIX April-end rebalance. 
On an average-weighted, sector-neutral basis, the "announcement to event" trade is -0.3% from 7 April to 25 April. The rest of the buy vs sell basket is doing worse.
There should be ¥740bn-ish to buy and sell (each) on Wednesday at the close. If you have trades to execute in Japan, the attached spreadsheet shows where there is opportunity.


Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits &amp; cash flow, &amp; fund most of billions spent on capex. </li>
<li>
Aging Model Y—its last and only thriving model—won't save it. 
</li>
<li>Sales in China were weakening even before what now has become an extended disruption as China fights its worst Covid surge in two years.</li>
</ul>



Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits &amp; cash flow, &amp; fund most of billions spent on capex. 

Aging Model Y—its last and only thriving model—won't save it. 

Sales in China were weakening even before what now has become an extended disruption as China fights its worst Covid surge in two years.


Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>'s implied stub and simple ratio (Suzuki/ <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>) are currently at all-time lows.</li>
<li>This bifurcation has become endemic in the relative value space, especially in Japan. </li>
<li>Maruti is trading rich amid its ongoing support for hybrid vehicles. That scenario won't play out well. </li>
</ul>



Suzuki Motor (7269 JP)'s implied stub and simple ratio (Suzuki/ Maruti Suzuki India (MSIL IN)) are currently at all-time lows.
This bifurcation has become endemic in the relative value space, especially in Japan. 
Maruti is trading rich amid its ongoing support for hybrid vehicles. That scenario won't play out well. 


Suzuki’s NAV Discount And Implied Stub Plumb New Lows. Again

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

Price Gauge
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Toyota Motor (7203 JP)

CX Daily: Five Things To Know About China’s Draft Rules On Local Financial Institutions

Five things to know about China’s draft rules on local financial institutions. Beijing shortens quarantines for inbound travelers, close contacts

Caixin Global

Asia Short Interest: Large Moves in April

Short notional in Korea and Taiwan has been increasing as the market has been moving lower. Shorts on China Merchant Bank have been covered in...

Brian Freitas

TOPIX April Rebalance - Two Days To Go

The TOPIX April-June rebalance for FFW review and Liquidity Factor adjustment sees its first tranche of trades executed Wednesday at the close.

Travis Lundy

Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

Tesla is losing ground in China, which it needs to juice its margins, create all its profits & cash flow, & fund most of billions spent on capex....

Vicki Bryan

Suzuki’s NAV Discount And Implied Stub Plumb New Lows. Again

I'd be setting up the stub here - long Suzuki, short Maruti - once the momentum begins to turn. Maruti is supporting outdated tech, which will be...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Five Things To Know About China’s Draft Rules On Local Financial Institutions

Five things to know about China’s draft rules on local financial institutions. Beijing shortens quarantines for inbound travelers, close contacts

Caixin Global

Asia Short Interest: Large Moves in April

Short notional in Korea and Taiwan has been increasing as the market has been moving lower. Shorts on China Merchant Bank have been covered in...

Brian Freitas

TOPIX April Rebalance - Two Days To Go

The TOPIX April-June rebalance for FFW review and Liquidity Factor adjustment sees its first tranche of trades executed Wednesday at the close.

Travis Lundy

Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits & cash flow, & fund most of billions spent on capex....

Vicki Bryan

Suzuki’s NAV Discount And Implied Stub Plumb New Lows. Again

I'd be setting up the stub here - long Suzuki, short Maruti - once the momentum begins to turn. Maruti is supporting outdated tech, which will be...

David Blennerhassett

Tesla is losing ground in China, which it needs to juice its margins, create all its profits & cash flow, & fund most of billions spent on capex....