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>Caixin Explains: Why newly listed Chinese stocks fall below their IPO prices</li><li>Court ruling triggers debate on assisted reproductive rights of single women</li><li>China’s polluting industries allowed to issue bonds to fund low-carbon transition</li></ul>

Caixin Explains: Why newly listed Chinese stocks fall below their IPO pricesCourt ruling triggers debate on assisted reproductive rights of single womenChina’s polluting industries allowed to issue bonds to fund low-carbon transition

CX Daily: Why Newly Listed Chinese Stocks Fall Below Their IPO Prices

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>BILI dismissed employees in game, e-commerce, and video in May.</li>
<li>We believe the growth rates of minor businesses will slow down significantly in 1Q22.</li>
<li>However, the operating margin will improve in 2022 and 2023.</li>
</ul>


BILI dismissed employees in game, e-commerce, and video in May.
We believe the growth rates of minor businesses will slow down significantly in 1Q22.
However, the operating margin will improve in 2022 and 2023.


Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight week on week short spike in Bilibili, and Sany Heavy. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 6th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight week on week short spike in Bilibili, and Sany Heavy. 


HK Short Interest: Short Spikes for Bilibili, Sany Heavy

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>Last evening <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> announced a special div of HK$1.18/share - that is higher than market expectations. <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> could announce a special div next week.</li>
<li>Fair value for the HSCEI 2022 dividend futures moves higher to 250 DIPS off the back of <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd</a>'s special div and the estimated <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> special div.</li>
<li>The HSCEI 2022/23 steepener had dropped to -29 yesterday and should drop even lower today where we could see some covering.</li>
</ul>


Last evening CNOOC Ltd (883 HK) announced a special div of HK$1.18/share - that is higher than market expectations. JD.com Inc. (9618 HK) could announce a special div next week.
Fair value for the HSCEI 2022 dividend futures moves higher to 250 DIPS off the back of CNOOC Ltd's special div and the estimated JD.com Inc. (9618 HK) special div.
The HSCEI 2022/23 steepener had dropped to -29 yesterday and should drop even lower today where we could see some covering.


HSCEI Dividend Futures: CNOOC Special Drives 2022 Fair Value Higher, 22/23 Steepener Lower

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.</li>
<li>Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.</li>
<li>The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.</li>
</ul>


Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.
Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.
The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.


Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (9626 HK)

CX Daily: Why Newly Listed Chinese Stocks Fall Below Their IPO Prices

Caixin Explains: Why newly listed Chinese stocks fall below their IPO prices. Court ruling triggers debate on assisted reproductive rights of...

Caixin Global

Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

BILI dismissed employees in game, e-commerce, and video. We believe the growth rates of minor businesses will slow down in 1Q22. However, the...

Ming Lu

HK Short Interest: Short Spikes for Bilibili, Sany Heavy

We highlight week on week short spike in Bilibili (9626 HK), and Sany Heavy (631 HK) based on the latest HK SFC Short Aggregate report..

Ke Yan, CFA, FRM

HSCEI Dividend Futures: CNOOC Special Drives 2022 Fair Value Higher, 22/23 Steepener Lower

The CNOOC special div and the potential JD.com special div pushes the fair value for the 2022 div futures higher. With no change to the fair value...

Brian Freitas

Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

In this insight, we analyse Tencent’s recent investment activity and notable investee holdings to evaluate the potential for another meaningful...

Wium Malan, CFA

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