External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions.</li><li>The latter saw breakthroughs with a stalled residential project in Nanjing returning down payments to homebuyers.</li><li>This success was enabled by stringent oversight of presale regulatory funds and enhanced legal protection for homebuyers.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions.The latter saw breakthroughs with a stalled residential project in Nanjing returning down payments to homebuyers.This success was enabled by stringent oversight of presale regulatory funds and enhanced legal protection for homebuyers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - Weekly Highlight: Sales Decline May Narrow in Aug

<ul><li>Relaxation of demand-related policies continued in high-tier cities and financing related policy saw tangible progress.</li><li>High-frequency data showed that both primary and secondary home sales have narrowed 1ppt on its YTD decline to -41%/-14% as of 21 May.</li><li>It seems that the full removal of purchase restrictions is showing a positive impact. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Relaxation of demand-related policies continued in high-tier cities and financing related policy saw tangible progress.High-frequency data showed that both primary and secondary home sales have narrowed 1ppt on its YTD decline to -41%/-14% as of 21 May.It seems that the full removal of purchase restrictions is showing a positive impact. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - Chengdu & Hangzhou Show Initial Improvement After Removal of Purchase Restrictions

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

<ul>
<li>This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources</li>
</ul>


This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources


China Property Developers In Distress - Weekly News & Announcements Tracker | May 10-16, 2024

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.


Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Anton OilfieldGreentown China

Morning Views Asia: Anton Oilfield, Greentown China

China

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

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Greentown China (3900 HK)

Property - Weekly Highlight: Sales Decline May Narrow in Aug

The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions. The latter saw breakthroughs with a stalled...

CMB International

Property - Chengdu & Hangzhou Show Initial Improvement After Removal of Purchase Restrictions

High-frequency data showed that both primary and secondary home sales have narrowed 1ppt on its YTD decline to -41%/-14% as of 21 May.

CMB International

China Property Developers In Distress - Weekly News & Announcements Tracker | May 10-16, 2024

This note is a weekly (May 10-16, 2024) curated selection of Chinese news articles and company announcements focused on developers in distress.

Robert Ciemniak

Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou...

Ke Yan, CFA, FRM

Morning Views Asia: Anton Oilfield, Greentown China

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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