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>Autos /In Depth: How smart cars are upending the auto supply chain</li><li>Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian Ocean</li><li>Talk show /: Chinese comedy producer takes $2.1 million hit for military pun</li></ul>

Autos /In Depth: How smart cars are upending the auto supply chainCapsized /: 39 missing after Chinese fishing vessel capsizes in Indian OceanTalk show /: Chinese comedy producer takes $2.1 million hit for military pun

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK)  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.


Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> parcel volume increased by 20.5% Y/Y in Q1, better than market growth</li>
<li>Unit prices fell by 3.7%, slightly worse than peers in Q1 2023, and Revenue missed consensus</li>
<li>EPS beat expectations on lower unit costs, and management raised full-year volume target</li>
</ul>



ZTO Express (ZTO US) parcel volume increased by 20.5% Y/Y in Q1, better than market growth
Unit prices fell by 3.7%, slightly worse than peers in Q1 2023, and Revenue missed consensus
EPS beat expectations on lower unit costs, and management raised full-year volume target


ZTO Express Q1 Results Surprise: Despite Lower Pricing, Margins Up Y/Y | Mgmt Raises Volume Guidance

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-dmall-e-commerce-co-ltd" target="_blank" data-smartkarma-citation="entities:36623:1" rel="noopener">Dmall Inc (1751691D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Dmall provides cloud-based, end-to-end SaaS platform purpose-built for the Chinese retail industry.
In this note, we will talk about the positive aspects of the deal.


Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

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.

Thematic (Sector/Industry)

<ul><li>With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.</li><li>Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.</li><li>The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. </li></ul><p><em>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.</em></p>

With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. 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 – April 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 (BABA US)

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

Autos /In Depth: How smart cars are upending the auto supply chain Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian...

Caixin Global

Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major...

Sumeet Singh

ZTO Express Q1 Results Surprise: Despite Lower Pricing, Margins Up Y/Y | Mgmt Raises Volume Guidance

ZTO's Q1 results showed strong volume growth, but also weaker unit pricing and a lack of control over SG&A expenses. We retain our negative view on...

Tracking Traffic

Dmall Pre-IPO - The Positives - Ambitions of Aiding the Retail Digitization Journey for Retailers

Dmall Inc (1751691D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

CMB International

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