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Caixin Global

Articles from Caixin Global

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News from Caixin

Cross Asset Strategy

<ul>
<li>
Chinese video game developers take on the world
</li>
<li>
China’s graft watchdog says 4.6 million investigated for corruption since 2012
</li>
<li>
Chinese airlines to add international routes in wake of eased Covid rules
</li>
</ul>



Chinese video game developers take on the world


China’s graft watchdog says 4.6 million investigated for corruption since 2012


Chinese airlines to add international routes in wake of eased Covid rules



CX Daily: Chinese Video Game Developers Take On the World

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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.</li>
<li>We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.
We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.


A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>The pilot launch of the e-CNY, China’s sovereign digital currency effectively competes with domestic mobile payment apps including Alipay, WeChat and Weixin Pay; the e-CNY registered 261m downloads in 2021</li>
<li>Seven domestic commercial banks are included as the e-CNY’s operators, all of which offer extensive branch networks and large bases of retail customers to accelerate the digital currency’s distribution</li>
<li>The e-CNY’s broader digital payments usage should erode Alipay, WeChat and Weixin Pay market shares; yet we believe that the competitive threat is seemingly well discounted in Alibaba share valuations</li>
</ul>


The pilot launch of the e-CNY, China’s sovereign digital currency effectively competes with domestic mobile payment apps including Alipay, WeChat and Weixin Pay; the e-CNY registered 261m downloads in 2021
Seven domestic commercial banks are included as the e-CNY’s operators, all of which offer extensive branch networks and large bases of retail customers to accelerate the digital currency’s distribution
The e-CNY’s broader digital payments usage should erode Alipay, WeChat and Weixin Pay market shares; yet we believe that the competitive threat is seemingly well discounted in Alibaba share valuations


China’s Central Bank Digital Currency; Is It a Major Threat to Non-Bank Digital Payment Providers?

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Shimao Property Holdings / Equity Bottom-Up

<ul>
<li>
Liquidity Crisis:Shimao’s ability to cover short-term liquidity needs are very real, as it does not have the wherewithal to bridge the short-term funding gap;  </li>
<li>
Other Nuggets From Auditor: PWC suggests material valuation concerns exacerbate fundamental risks; and</li>
<li>
Left Holding The Bag:We have very little confidence that HSBC Holdings Plc (5.HK) and Bank of Communications (3328.HK) have marked their Shimao financings as NPL. Watch your bank risk.</li>
</ul>



Liquidity Crisis:Shimao’s ability to cover short-term liquidity needs are very real, as it does not have the wherewithal to bridge the short-term funding gap;  

Other Nuggets From Auditor: PWC suggests material valuation concerns exacerbate fundamental risks; and

Left Holding The Bag:We have very little confidence that HSBC Holdings Plc (5.HK) and Bank of Communications (3328.HK) have marked their Shimao financings as NPL. Watch your bank risk.


Shimao Property Holdings – Here We Go Again

China

Bank of Communications Co. Ltd. provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

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Bank Of Communications Co H (3328 HK)

CX Daily: Chinese Video Game Developers Take On the World

Chinese video game developers take on the world. China’s graft watchdog says 4.6 million investigated for corruption since 2012.

Caixin Global

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

We highlight weekly A-H premium changes of Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.

Ke Yan, CFA, FRM

China’s Central Bank Digital Currency; Is It a Major Threat to Non-Bank Digital Payment Providers?

The digital yuan's growth in digital payments usage could erode Alipay and Tencent app market shares; yet we think the competitive threat is...

Victor Galliano

Shimao Property Holdings – Here We Go Again

SHIMAO PROPERTY: Shimao, in our view, does not have the wherewithal to bridge the short-term funding gap. Further, the auditor suggests that...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)