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><p>Power / Cover Story: The dilemma of China’s power market restructuring</p></li><li><p>Policy / Xi Jinping repeats China’s commitment to opening-up policy</p></li><li><p>Covid-19 / Beijing shames local authorities for ‘one-size-fits-all’ Covid policies</p></li></ul>

Power / Cover Story: The dilemma of China’s power market restructuringPolicy / Xi Jinping repeats China’s commitment to opening-up policyCovid-19 / Beijing shames local authorities for ‘one-size-fits-all’ Covid policies

CX Daily: The Dilemma of China’s Power Market Restructuring

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>ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi export controls to China and customer demand weakness on macro concerns, esp. memory segment.</li><li>Regarding new US export restrictions, LAM expected revenue impact of US$2-2.5bn (12-15% of sales) in 2023, and ASML estimated indirect impact of 5% on its backlog in 2023 as DUV systems for mature nodes can still be shipped to China.</li><li>Regarding business outlook, LAM guided 20% WFE market decline in 2023 due to industry slowdown, while ASML expected limited impact given strong backlog for advanced nodes and capacity expansion.</li></ul><p><em>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.</em></p>

ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi export controls to China and customer demand weakness on macro concerns, esp. memory segment.Regarding new US export restrictions, LAM expected revenue impact of US$2-2.5bn (12-15% of sales) in 2023, and ASML estimated indirect impact of 5% on its backlog in 2023 as DUV systems for mature nodes can still be shipped to China.Regarding business outlook, LAM guided 20% WFE market decline in 2023 due to industry slowdown, while ASML expected limited impact given strong backlog for advanced nodes and capacity expansion.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.

China Technology - Implications of global SPE leaders 3Q22 results on semi industry outlook

<div><div><div><div><ul><li>US Department of Commerce announced new set of export controls on 7 Oct (link) that semiconductors made with US technology for use in advanced computing chips, supercomputers, and advanced semiconductors can only be sold to China with an export licence.</li><li>This first rule targets to 1) tighten existing restrictions on logic IC of 16nm/14nm or below (i.e. FinFET or GAAFET), 2) extends restrictions to memory IC category (DRAM of 18nm or below, and NAND with 128-layer or more), and 3) foreign-owned production facilities located in China will need to apply for approval for related equipment on a case- by-case basis.</li><li>The second rule added China’s memory chipmaker Yangtze Memory and 30 other Chinese entities to “Unverified list”. </li></ul></div></div></div></div><p><em>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.</em></p>

US Department of Commerce announced new set of export controls on 7 Oct (link) that semiconductors made with US technology for use in advanced computing chips, supercomputers, and advanced semiconductors can only be sold to China with an export licence.This first rule targets to 1) tighten existing restrictions on logic IC of 16nm/14nm or below (i.e. FinFET or GAAFET), 2) extends restrictions to memory IC category (DRAM of 18nm or below, and NAND with 128-layer or more), and 3) foreign-owned production facilities located in China will need to apply for approval for related equipment on a case- by-case basis.The second rule added China’s memory chipmaker Yangtze Memory and 30 other Chinese entities to “Unverified list”. 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.

China Technology - Implications of US’s new chip export restrictions to China

<ul>
<li>China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an expanding anti-graft crackdown that is rattling the entire semiconductor industry</li>
<li>Since mid-July, China’s graft buster has confirmed investigations of at least six current and former executives of the fund</li>
<li>Industry experts said the Big Fund has played an indispensable role in cultivating China’s domestic chipmaking industry by providing stable funding and state endorsements to fledgling businesses that struggled to access capital elsewhere</li>
</ul>


China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an expanding anti-graft crackdown that is rattling the entire semiconductor industry
Since mid-July, China’s graft buster has confirmed investigations of at least six current and former executives of the fund
Industry experts said the Big Fund has played an indispensable role in cultivating China’s domestic chipmaking industry by providing stable funding and state endorsements to fledgling businesses that struggled to access capital elsewhere


Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

<ul><li><p>MRNA / In Depth: Why China still doesn’t have an mRNA shot</p></li><li><p>Heatwaves / Summer heatwaves threaten lives and livelihoods in China. A severe heatwave engulfing swathes of China has led to at least two deaths and affected 900 million people.</p></li><li><p>Fraud / Chinese hostages held in Cambodia rescued, embassy says</p></li></ul>

MRNA / In Depth: Why China still doesn’t have an mRNA shotHeatwaves / Summer heatwaves threaten lives and livelihoods in China. A severe heatwave engulfing swathes of China has led to at least two deaths and affected 900 million people.Fraud / Chinese hostages held in Cambodia rescued, embassy says

CX Daily: Why China Still Doesn’t Have an MRNA Shot

China

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

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Hua Hong Semiconductor (1347 HK)

CX Daily: The Dilemma of China’s Power Market Restructuring

Cover Story: The dilemma of China’s power market restructuring. Xi Jinping repeats China’s commitment to opening-up policy

Caixin Global

China Technology - Implications of global SPE leaders 3Q22 results on semi industry outlook

ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi...

CMB International

China Technology - Implications of US’s new chip export restrictions to China

Since SMIC was included on Entity List in 2020, we believe most Chinese foundries focus on expansion on 28nm and above processes.

CMB International

Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

China Integrated Circuit Industry Investment Fund, a key player in the country’s quest for self-sufficiency in chipmaking, is at the center of an...

Caixin Global

CX Daily: Why China Still Doesn’t Have an MRNA Shot

MRNA / In Depth: Why China still doesn’t have an mRNA shot. Heatwaves / Summer heatwaves threaten lives and livelihoods in China

Caixin Global

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