Head of China Research - Forsyth Barr Asia, Forsyth Barr Asia

David Millhouse

Head of China Research - Forsyth Barr Asia

Forsyth Barr Asia

Thematic (Sector/Industry)

China markets sold off last week, post news <span style='font: small/normal Arial, "BB.Proportional"; color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; float: none; display: inline !important; white-space: pre-wrap; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;'>China’s securities regulator plans to start a new round of checks on the margin-lending businesses of brokerages. <span style='font: small/normal Arial, "BB.Proportional"; color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; float: none; display: inline !important; white-space: pre-wrap; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;'>Despite the crackdown on 3 brokers earlier in the year, the outstanding balance of margin debt on the Shanghai Stock Exchange has climbed to a new record. <span style='font: small/normal Arial, "BB.Proportional"; color: rgb(0, 0, 0); text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; float: none; display: inline !important; white-space: pre-wrap; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;'>We are concerned that further crackdowns on margin trading on the A-share will be required near term, in particular on umbrella trusts.

China markets sold off last week, post news China’s securities regulator plans to start a new round of checks on the margin-lending businesses of brokerages. Despite the crackdown on 3 brokers earlier in the year, the outstanding balance of margin debt on the Shanghai Stock Exchange has climbed to a new record. We are concerned that further crackdowns on margin trading on the A-share will be required near term, in particular on umbrella trusts.  

CHINA MARKET: Growing risks of regulatory intervention on leverage 

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 8th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Country Garden Services (6098 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), CK Asset (1113 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Country Garden Services (6098 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), CK Asset (1113 HK).


Hong Kong Buybacks Weekly (Sep 8th): Tencent, Aia, Country Garden Services

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)

CHINA MARKET: Growing risks of regulatory intervention on leverage

China markets sold off last week, post news China’s securities regulator plans to start a new round of checks on the margin-lending businesses of...

David Millhouse

Hong Kong Buybacks Weekly (Sep 8th): Tencent, Aia, Country Garden Services

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)