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>State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75 billion) of bonds to shore up an industry that’s mired in a liquidity crisis amid slumping housing sales.</li><li>The debt-support policies are aimed at alleviating financial stress for private companies that are battling an economic slowdown and disruptions caused by the latest wave of Covid-19 lockdowns.</li><li>Defaults by private enterprises are increasing, and investors are becoming more wary of buying their debt.</li></ul>

State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75 billion) of bonds to shore up an industry that’s mired in a liquidity crisis amid slumping housing sales.The debt-support policies are aimed at alleviating financial stress for private companies that are battling an economic slowdown and disruptions caused by the latest wave of Covid-19 lockdowns.Defaults by private enterprises are increasing, and investors are becoming more wary of buying their debt.

China Expands Debt Guarantee Program for Property Developers

Cross Asset Strategy

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Crimes / Cover Story: The evolution of crime in China. 
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Seoul / Chinese nationals among scores dead in Seoul crush. 
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Personnel / Rising Communist Party star Yin Yong named acting mayor of Beijing. .
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Crimes / Cover Story: The evolution of crime in China. 


Seoul / Chinese nationals among scores dead in Seoul crush. 


Personnel / Rising Communist Party star Yin Yong named acting mayor of Beijing. .



CX Daily: The Evolution Of Crime In China

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.

Equity Bottom-Up

<div><ul><li>After market close of 28 Oct, Longfor announced major management change.</li><li>Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.</li><li>At the same time, Vice Chairman Mr. Shao will also become non- executive director from previous executive director.</li></ul></div>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.

After market close of 28 Oct, Longfor announced major management change.Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.At the same time, Vice Chairman Mr. Shao will also become non- executive director from previous executive director.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.

Longfor (960 HK) – Wu’s retirement: short-term pain for long-term gain

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Alibaba Group Holding  / Technical Analysis

<ul><li>Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.</li><li>Longfor Group-rated BBB- maturing in 2032, is trading at 54.25, yielding 12.6%.</li><li>The bonds are down 50% since their peak near 109 in February 2021. it is getting into a crisis of confidence mode.</li></ul>

Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.Longfor Group-rated BBB- maturing in 2032, is trading at 54.25, yielding 12.6%.The bonds are down 50% since their peak near 109 in February 2021. it is getting into a crisis of confidence mode.

Alibaba, JD.Com, Longfor Group, and Country Garden

<ul>
<li>We think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual income tax for qualified home buyers).</li>
<li>Together with better-than-expected Sep sales, we expect a sector rebound in the near term led by short cover.</li>
<li>However, the three driving forces (policy, sales and financing) still indicate a bumpy recovery mainly because 1) policy support is only 60% of that in 2015. 2) Oct sales may weaken again as forecasted by our leading indicator and 3) 4Q property loans may still decline by 25% YoY and most of them may go to SOEs rather than POEs.</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 think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual income tax for qualified home buyers).
Together with better-than-expected Sep sales, we expect a sector rebound in the near term led by short cover.
However, the three driving forces (policy, sales and financing) still indicate a bumpy recovery mainly because 1) policy support is only 60% of that in 2015. 2) Oct sales may weaken again as forecasted by our leading indicator and 3) 4Q property loans may still decline by 25% YoY and most of them may go to SOEs rather than POEs.

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 Property Sector – “Skrik” of “Hanzawa Naoki”

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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Longfor Properties (960 HK)

China Expands Debt Guarantee Program for Property Developers

State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75...

Caixin Global

CX Daily: The Evolution Of Crime In China

Crimes / Cover Story: The evolution of crime in China. Seoul / Chinese nationals among scores dead in Seoul crush. Personnel / Rising Communist...

Caixin Global

Longfor (960 HK) – Wu’s retirement: short-term pain for long-term gain

Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.

CMB International

Alibaba, JD.Com, Longfor Group, and Country Garden

Country Garden 2031 USD bond closed at 17.00. It is pricing a near-inevitable default.Longfor Group-rated BBB- maturing in 2032, is trading at...

Untying The Gordian Knot

China Property Sector – “Skrik” of “Hanzawa Naoki”

We think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)