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

Equity Bottom-Up

*Possible Gift to HKEX: Lower equity market velocity - on the back of reduced market volatility, reduced investment income, and ratcheted pressures on Hong Kong civil liberties are headwinds for Hong Kong Excahnges &amp; Clearing (388.HK) [HKEX] revenues through the remainder of 2020. However, the US Sentate’s Holding Foreign Companies Accountable Act could offer meaningful upside to HKEX down the road;*HSI Getting Into The Act: Hang Seng Indexes Company Limited (HSI),on May 18th, also agreed to allow companies with weighted average voting rights (WVR) and secondary listed companies to participate as  a portion of its indices; and* Addition By Subtraction: HKEx has announced that it will begin a formal search process for a successor to its CEO Charles Li who is not seeking re-appointment. He will be remembered for destroying HKEx’s balance sheet by substantially overpaying for LME at the top of the market, and nearly doing it again with his failed London Stock Exchange (LSE.LN) bid with his everything British obsession. We wish Mr. Li nothing but the best in his retirement and are hopeful that NO internal promotion to CEO is made.

*Possible Gift to HKEX: Lower equity market velocity - on the back of reduced market volatility, reduced investment income, and ratcheted pressures on Hong Kong civil liberties are headwinds for Hong Kong Excahnges &amp; Clearing (388.HK) [HKEX] revenues through the remainder of 2020. However, the US Sentate’s Holding Foreign Companies Accountable Act could offer meaningful upside to HKEX down the road;*HSI Getting Into The Act: Hang Seng Indexes Company Limited (HSI),on May 18th, also agreed to allow companies with weighted average voting rights (WVR) and secondary listed companies to participate as  a portion of its indices; and* Addition By Subtraction: HKEx has announced that it will begin a formal search process for a successor to its CEO Charles Li who is not seeking re-appointment. He will be remembered for destroying HKEx’s balance sheet by substantially overpaying for LME at the top of the market, and nearly doing it again with his failed London Stock Exchange (LSE.LN) bid with his everything British obsession. We wish Mr. Li nothing but the best in his retirement and are hopeful that NO internal promotion to CEO is made.

Japan

Excite Japan Co.,Ltd. provides a variety of information content and service on its web site.  The contents and services include search engine, news, finance, shopping, auction, community, entertainments, broad band Internet, and Internet advertising.

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Excite Japan (3754 JP)

HKEX – Not So Fast

*Possible Gift to HKEX: Lower equity market velocity - on the back of reduced market volatility, reduced investment income, and ratcheted pressures...

Thomas J. Monaco

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