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>Cover Story: Chinese automakers rev up price war in race for market dominance</li><li>China will do more to open its markets, vice premier says</li><li>China invites Honduras president to visit after establishing diplomatic ties</li></ul>

Cover Story: Chinese automakers rev up price war in race for market dominanceChina will do more to open its markets, vice premier saysChina invites Honduras president to visit after establishing diplomatic ties

CX Daily: Chinese Auto Makers Rev Up Price War in Race for Market Dominance

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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.</li><li>Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.</li><li>Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. </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.

Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. 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.

Alibaba (BABA US) – Operating efficiency improvement on track

<ul><li>Minerals / Cover Story: China’s hunt for strategic new-energy minerals</li><li>Covid-19 / China’s localities spent hundreds of billions of yuan on pandemic</li><li>Bonds / Chinese real estate companies test offshore bond markets</li></ul>

Minerals / Cover Story: China’s hunt for strategic new-energy mineralsCovid-19 / China’s localities spent hundreds of billions of yuan on pandemicBonds / Chinese real estate companies test offshore bond markets

CX Daily: China’s Hunt for Strategic New Energy Minerals

Thematic (Sector/Industry)

<ul><li>China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months</li><li>January’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. </li><li>Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.</li></ul>

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many monthsJanuary’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

<ul><li>NBS released (17 January) Dec and full year 2022 online retail sales data.</li><li>YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.</li><li>But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). </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.

NBS released (17 January) Dec and full year 2022 online retail sales data.YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). 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 Internet – December online retail sales recap

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 (9988 HK)

CX Daily: Chinese Auto Makers Rev Up Price War in Race for Market Dominance

Cover Story: Chinese automakers rev up price war in race for market dominance. China will do more to open its markets, vice premier says

Caixin Global

Alibaba (BABA US) – Operating efficiency improvement on track

Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and...

CMB International

CX Daily: China’s Hunt for Strategic New Energy Minerals

Cover Story: China’s hunt for strategic new-energy minerals. China’s localities spent hundreds of billions of yuan on pandemic. Chinese real estate...

Caixin Global

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months. January’s licenses are an...

Caixin Global

China Internet – December online retail sales recap

YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery...

CMB International

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