Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>China State Construction International and Sinopec Engineering have short term reversal patterns indicating profit taking from recent advances.</li>
<li>China Resources Cement reverses downtrend with volume indicating some near term gains after reporting that 1st half profit was under pressure.</li>
<li>Yum China continues to show downward pressure given the increasing competition in the retail food segment, while Nongfu Spring collapses on news about the safety of its products.</li>
</ul>


China State Construction International and Sinopec Engineering have short term reversal patterns indicating profit taking from recent advances.
China Resources Cement reverses downtrend with volume indicating some near term gains after reporting that 1st half profit was under pressure.
Yum China continues to show downward pressure given the increasing competition in the retail food segment, while Nongfu Spring collapses on news about the safety of its products.


Technically Speaking: Breakouts & Breakdowns: HONG KONG (July 17)

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

<ul><li>Energy / Cover Story: Qinghai has an ocean of solar power, but nowhere to store it </li><li>Zhongzhi /: Troubled investment giant Zhongzhi files for bankruptcy liquidation</li><li>Everbright /: Bribery, love of calligraphy contributed to ex-Everbright chairman’s downfall</li></ul>

Energy / Cover Story: Qinghai has an ocean of solar power, but nowhere to store it Zhongzhi /: Troubled investment giant Zhongzhi files for bankruptcy liquidationEverbright /: Bribery, love of calligraphy contributed to ex-Everbright chairman’s downfall

CX Daily: Qinghai Has an Ocean of Solar Power, But Nowhere to Store It 

<ul><li>Bonds / Cover Story: Dark arts of fund manager in China’s bond market lift lid on debt mess</li><li>GDP /: China’s GDP grew 6.3% in second quarter, missing market expectations</li><li>Corruption /: Another ex-chairman of China Everbright Group investigated for suspected corruption</li></ul>

Bonds / Cover Story: Dark arts of fund manager in China’s bond market lift lid on debt messGDP /: China’s GDP grew 6.3% in second quarter, missing market expectationsCorruption /: Another ex-chairman of China Everbright Group investigated for suspected corruption

CX Daily: Dark Arts of Fund Manager in China’s Bond Market Lift Lid on Debt Mess

<ul><li>Bonds /: In Depth: Court ruling sets off debate about bond fraud compensation</li><li>Ukraine /: Chinese peace envoy meets Zelenskyy in Ukraine</li><li>Regulator /: China deploys former Everbright chairman to new financial commission</li></ul>

Bonds /: In Depth: Court ruling sets off debate about bond fraud compensationUkraine /: Chinese peace envoy meets Zelenskyy in UkraineRegulator /: China deploys former Everbright chairman to new financial commission

CX Daily: Court Ruling Sets Off Debate About Bond Fraud Compensation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Expect some upset on <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>'s Offer, the possibility of some activism, but it all plays out in the back end. Not the front end.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> is doing a large equity offering to get the monkey off its back with regard to over-leverage, near-term debt refinancing, and WC for Rakuten Mobile.</li>
<li>Fund manager <a href="https://www.smartkarma.com/entities/china-everbright-ltd" target="_blank" data-smartkarma-citation="entities:167:1" rel="noopener">China Everbright (165 HK)</a>'s implied stub and simple ratio (CEL / <a href="https://www.smartkarma.com/entities/everbright-securitie-co-a" target="_blank" data-smartkarma-citation="entities:15343:1" rel="noopener">Everbright Securities Co (A) (601788 CH)</a>) are at multi-year lows.</li>
</ul>


Expect some upset on SBI Shinsei Bank (8303 JP)'s Offer, the possibility of some activism, but it all plays out in the back end. Not the front end.

Rakuten (4755 JP) is doing a large equity offering to get the monkey off its back with regard to over-leverage, near-term debt refinancing, and WC for Rakuten Mobile.
Fund manager China Everbright (165 HK)'s implied stub and simple ratio (CEL / Everbright Securities Co (A) (601788 CH)) are at multi-year lows.


Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp

Hong Kong

Cosmopolitan International Holdings Limited, through its subsidiaries, trades securities and invests in properties.  The Company also provides high-speed wireless Internet access technology and property management system solutions.

Cosmopolitan International Holdings Limited (120 HK)

Cosmopolitan International Holdings Limited

Guotai Junan International Holdings Ltd. is a securities brokerage house. The Company's services include securities and futures dealing and broking services for various financial markets, corporate finance and ECM services, asset and fund management services and financing services such as margin financing and other types of financing.

Hengtai Securities Co Ltd is a full-service securities firm. The Company operates among others brokerage and wealth management, investment management, proprietary trading, and investment banking services. Hengtou is the business name under which Hengtai Securities does business in Hong Kong.

Yunfeng Financial Group Limited is a financial services company. The Company provides securities trading, underwriting, placements, and other related advisory services.

Value Partners Group Limited is an independent, value oriented asset management group with a focus on China and the Asia-Pacific region. The Company's investor base include institutions, corporations, statutory authorities, university endowment funds, charitable foundations, high net worth individuals, and retail investors.

Bright Smart Securities & Commodities Group Ltd. is a brokerage firm. The Company specializes in trading futures contracts on exchanges in the United States and Singapore.

Upbest Group Limited, through its subsidiaries, provides a wide range of financial services including securities broking, margin financing, loan financing, corporate finance advisory, futures broking, and asset management.

Mason Group Holdings Limited is a health and wealth solutions conglomerate. The Company provides financial services in Hong Kong, including financial brokerage, leveraged and acquisition financing, asset and wealth management and mortgages business. Mason Group Holdings provides health solutions through its healthcare business, mother-infant-child business and dairy products business.

Wealthink Ai-Innovation Capital Limited operates as an investment holding company. The Company invests in real estate industry, individual private property, stock industry, and other related industries. Wealthink Ai-Innovation Capital operates its businesses primarily throughout Hong Kong with limited overseas.

Goldstream Investment Limited offers customer relationship outsourcing services. The Company covers industry areas like information service, chip technology, network, advisory services on securities and asset management. Goldstream Investment also expands its business to the areas of health and medical, traffic, payment, and other fields.

Ares Acquisition Corporation operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Avantax, Inc. operates as a technology-enabled financial service company. The Company offers financial advisory, wealth management, and retirement planning services, as well as tax-smart investing services. Avantax serves consumers, small businesses, and tax professionals in the United States.

JSW Holdings Limited is an investment holding company.  The Company invests in the shares of companies.

Daishin Securities Company offers securities trading, brokerage, and underwriting services to its clients.  The Company also provides various services, such as mutual fund and asset management, securities distribution, online trading, corporate finance, sale of beneficiary certificates, and investment information.

Religare Enterprises Limited is a holding company for one of India's diversified financial services groups. The Company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, capital markets, wealth management, life and health insurance, and asset management.

Centuria Capital Group manages a diversified portfolio of investment funds and offers financial  services.  The Company manages funds of unlisted property investments; and offers investment  bonds, education plans, insurance and home loans.

PT Pacific Strategic Financial Tbk provides equity and fixed income securities trading, consultations, underwriting and corporate finance services.

Tokai Tokyo Financial Holdings, Inc. is a comprehensive securities firm. The Company provides financial services such as dealing, distribution, brokerage, underwriting, and distribution of securities and investment trust.

UOB-Kay Hian Holdings Limited is an investment holding company whose subsidiaries provide management services.  The Company provides stock broking, futures broking, investment trading, nominee services, margin financing, and research activities.

Yuanta Futures Co Ltd works in the brokerage and proprietary trading businesses, as well as the provision of futures consultancy services. The Company's brokerage business includes domestic futures brokerage, domestic options brokerage and overseas futures brokerage services. Polaris proprietary trading business offers securities and futures trading and market maker

China Everbright Limited, through its subsidiaries, provides investment banking, commercial banking, corporate finance, and investment advisory services.  The Company also invests in properties and provides insurance, brokerage, secretarial, and money lending services.

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China Everbright (165 HK)

Technically Speaking: Breakouts & Breakdowns: HONG KONG (July 17)

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CX Daily: Dark Arts of Fund Manager in China’s Bond Market Lift Lid on Debt Mess

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Caixin Global

Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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