Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Both Alibaba (-6%) and Didi (-12% pre-market) are down on regulatory pressure </li>
<li>Vision Fund valuation losses are approaching $20bn for Q4 and the current (unrealized) portfolio has turned negative</li>
<li>NAV/Share and the share price are at two-year lows and gains from the post-Covid tech run are largely gone</li>
</ul>


Both Alibaba (-6%) and Didi (-12% pre-market) are down on regulatory pressure 
Vision Fund valuation losses are approaching $20bn for Q4 and the current (unrealized) portfolio has turned negative
NAV/Share and the share price are at two-year lows and gains from the post-Covid tech run are largely gone


Softbank Group - China Worries Re-Surface as Alibaba, Didi Under Pressure

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.

Event-Driven

<ul>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.</li>
<li>In this note, we'll talk about the latest developments its possible timelines and implications.</li>
</ul>


On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).
There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.
In this note, we'll talk about the latest developments its possible timelines and implications.


China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

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

Thematic (Sector/Industry)

<ul>
<li>Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad</li>
<li>Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first</li>
<li>
Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets

</li>
</ul>


Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad
Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first

Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets




China’s Tech, Media and Telecom Companies Flock to Domestic Markets

Cross Asset Strategy

<ul>
<li>
In Depth: The murky world of high-frequency futures trading in China
</li>
<li>
Moldova takes in Chinese students from neighboring Ukraine as war rages
</li>
<li>
China manufacturing recovers after weak January, Caixin PMI shows
</li>
</ul>



In Depth: The murky world of high-frequency futures trading in China


Moldova takes in Chinese students from neighboring Ukraine as war rages


China manufacturing recovers after weak January, Caixin PMI shows



CX Daily: The Murky World of High-Frequency Futures Trading in China

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.</li>
<li>The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.</li>
<li>With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.</li>
</ul>


The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.
The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.
With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.


HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

China

DiDi Chuxing Incorporated operates passenger transportation platforms. The Company provides mobility solutions, cloud computing and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDI US)

Softbank Group - China Worries Re-Surface as Alibaba, Didi Under Pressure

Softbank shares have given up all the post-Covid gains, pressured most recently by further regulatory weakness at Alibaba and Didi. The latter is...

Kirk Boodry

China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign...

Sumeet Singh

China’s Tech, Media and Telecom Companies Flock to Domestic Markets

Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of...

Caixin Global

CX Daily: The Murky World of High-Frequency Futures Trading in China

In Depth: The murky world of high-frequency futures trading in China. Moldova takes in Chinese students from neighboring Ukraine as war rages

Caixin Global

HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

We see the HSCEI 2022 div futures trading in line with our estimates while there could be more downside to the 2022/23 div spread. We'd look to get...

Brian Freitas

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