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

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba Group Holding Ltd.’s workplace collaboration platform DingTalk will split from the company’s cloud division and pursue its own IPO, a source familiar with the matter told Caixin, as the tech giant ramps up efforts to unlock growth following its major restructuring.</li><li>DingTalk’s separation is expected to be completed before the Alibaba cloud unit’s own IPO, the source close to the e-commerce firm said.</li><li>Alibaba announced in May that it would <a href="https://www.caixinglobal.com/2023-05-19/alibaba-kicks-off-overhaul-with-spinoff-and-share-sale-targets-102056974.html" target="_blank" rel="noopener">spin off its Cloud Intelligence Group </a>via a stock dividend distribution to its shareholders over the next year with an eventual listing.</li></ul>

Alibaba Group Holding Ltd.’s workplace collaboration platform DingTalk will split from the company’s cloud division and pursue its own IPO, a source familiar with the matter told Caixin, as the tech giant ramps up efforts to unlock growth following its major restructuring.DingTalk’s separation is expected to be completed before the Alibaba cloud unit’s own IPO, the source close to the e-commerce firm said.Alibaba announced in May that it would spin off its Cloud Intelligence Group via a stock dividend distribution to its shareholders over the next year with an eventual listing.

Alibaba’s DingTalk to Split From Cloud Division and Seek Own IPO, Source Says

Cross Asset Strategy

<ul><li>E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunk</li><li>Jobless /: Charts of the Day: The missing data in China’s rising unemployment</li><li>Payment /: Third-party payment industry consolidates as prepaid card issuers exit</li></ul>

E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunkJobless /: Charts of the Day: The missing data in China’s rising unemploymentPayment /: Third-party payment industry consolidates as prepaid card issuers exit

CX Daily: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In three more weeks, the index changes and the indicative capping changes for the September 2023 rebalance will be officially announced. </li>
<li>We first looked at the potential HSCEI index changes and the resultant capping flows for September 2023 in <a href="https://www.smartkarma.com/insights/quiddity-hscei-sep-23-flow-expectations-two-changes-likely-us-276mn-one-way" target="_blank" data-smartkarma-citation="insights:104329" rel="noopener">Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way</a> </li>
<li>In this insight, we take a look at Quiddity's updated flow expectations which account for the changes in prices in the last ~1.5 months.</li>
</ul>


In three more weeks, the index changes and the indicative capping changes for the September 2023 rebalance will be officially announced. 
We first looked at the potential HSCEI index changes and the resultant capping flows for September 2023 in Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way 
In this insight, we take a look at Quiddity's updated flow expectations which account for the changes in prices in the last ~1.5 months.


Quiddity HSCEI Sep 23 Flow Expectations Update: US$367mn One-Way, Beigene Vs Peers Interesting

Tongcheng Travel Holdings  / Event-Driven

<ul>
<li>In <a href="https://www.smartkarma.com/insights/quiddity-hstech-sep-23-flow-expectations-two-adds-dels-possible" target="_blank" data-smartkarma-citation="insights:104332" rel="noopener">Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible</a>, I discussed my initial flow expectations and potential index changes for the September 2023 Rebalance.</li>
<li>The suggested (previous insight) SHORT <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a> is down 10.6% vs the hedge <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health International (6618 HK)</a> in ~1.5 months. </li>
<li>In this insight, I have presented my <em>updated flow expectations</em> and some new trade ideas for the next few weeks.</li>
</ul>


In Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible, I discussed my initial flow expectations and potential index changes for the September 2023 Rebalance.
The suggested (previous insight) SHORT Ping An Healthcare and Technol (1833 HK) is down 10.6% vs the hedge JD Health International (6618 HK) in ~1.5 months. 
In this insight, I have presented my updated flow expectations and some new trade ideas for the next few weeks.


Quiddity HSTECH Sep 23 Flow Expectations Update: Last Trade Sucessful; Some New Trade Ideas

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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>
<a href="https://www.smartkarma.com/entities/socar-inc" target="_blank" data-smartkarma-citation="entities:29693:1" rel="noopener">SOCAR (403550 KS)</a> was listed on 22nd Aug 2022, where it raised US$78m in its Korea IPO. Its one-year lockup will expire on 21st Aug 2023. </li>
<li>SoCar is a Korean car sharing business aiming to become an all-in-one mobility solutions provider, with approximately 83% domestic market share in the car sharing space as of 1H23. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SOCAR (403550 KS) was listed on 22nd Aug 2022, where it raised US$78m in its Korea IPO. Its one-year lockup will expire on 21st Aug 2023. 
SoCar is a Korean car sharing business aiming to become an all-in-one mobility solutions provider, with approximately 83% domestic market share in the car sharing space as of 1H23. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


SoCar Lock-Up - Close to All-Time Low but Can Expect Some Post-Lockup Selling

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba’s DingTalk to Split From Cloud Division and Seek Own IPO, Source Says

Alibaba Group Holding Ltd.’s workplace collaboration platform DingTalk will split from the company’s cloud division and pursue its own IPO, a...

Caixin Global

CX Daily: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk

E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunk Jobless /: Charts of the Day: The missing data in China’s...

Caixin Global

Quiddity HSCEI Sep 23 Flow Expectations Update: US$367mn One-Way, Beigene Vs Peers Interesting

I see BeiGene Ltd (6160 HK) as a high conviction ADD and Country Garden Services Holdings (6098 HK) as a high conviction DEL. Separately, I see...

Janaghan Jeyakumar, CFA

Quiddity HSTECH Sep 23 Flow Expectations Update: Last Trade Sucessful; Some New Trade Ideas

The HSTECH Sep 23 index changes could be announced after the close on Friday 18th August 2023. I expect two ADDs and two DELs during the Sep 23...

Janaghan Jeyakumar, CFA

SoCar Lock-Up - Close to All-Time Low but Can Expect Some Post-Lockup Selling

SOCAR's (403550 KS) one-year lockup will expire on 21st Aug 2023. In this note, we will talk about the lock-up dynamics and updates since our last...

Ethan Aw

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