Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Beijing expands regulatory control</li>
<li>Canadians sentenced in Huawei-related cases</li>
<li>The latest on Evergrande</li>
<li>Get ready for the next Olympics, sooner than ever</li>
<li>Nope, pick another song to sing</li>
</ul><ul style="list-style-type: none;"><li><div class="content-remarks">In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div></li></ul>

China News That Matters
Beijing expands regulatory control
Canadians sentenced in Huawei-related cases
The latest on Evergrande
Get ready for the next Olympics, sooner than ever
Nope, pick another song to sing
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Rule of Law/ Rule by Law/ Evergrande/ Olympics/ Karaoke

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>According to market analysis firm Canalys, the Chinese smartphone maker <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>  has beaten iPhone maker <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a>  to become the second-largest smartphone maker in the world based on the shipment volume in the second quarter of 2021 (preliminary estimates). The global smartphone shipment volume increased by 12% in 2Q2021 with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>  claiming the largest share of 19% followed by Xiaomi with a 17% market share.</p><p>In our previous insight on Xiaomi’s 1Q2021 earnings, we highlighted that Xiaomi narrowed the market share gap with iPhone maker apple with a market share of 14.1% vs 15.1% for Apple in 1Q2021.</p>

According to market analysis firm Canalys, the Chinese smartphone maker Xiaomi Corp (1810 HK)  has beaten iPhone maker Apple Inc (AAPL US)  to become the second-largest smartphone maker in the world based on the shipment volume in the second quarter of 2021 (preliminary estimates). The global smartphone shipment volume increased by 12% in 2Q2021 with Samsung Electronics (005930 KS)  claiming the largest share of 19% followed by Xiaomi with a 17% market share.In our previous insight on Xiaomi’s 1Q2021 earnings, we highlighted that Xiaomi narrowed the market share gap with iPhone maker apple with a market share of 14.1% vs 15.1% for Apple in 1Q2021.

Xiaomi Beats Apple to Become No. 2 in the Global Smartphone Market in 2Q2021

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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/aihuishou" target="_blank" data-smartkarma-citation="entities:33426:1" rel="noopener">Aihuishou (RERE US)</a> (AHS), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$1bn via a US listing. It is backed by <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>, Morningside and Tiger Global.</p><p>A total of 26.1m consumer products, worth RMB22.8bn, were transacted by AHS over twelve months ending Mar 2021. It had over 755 offline stores across 172 cities. According to CIC, it had a 6.6% market share in terms of GMV for pre-owned electronics and 8.7% market share in terms of number of pre-owned devices transacted in 2020. As per CIC, its GMV for electronics and number of devices transacted in 2020 were both greater than the next five largest platforms combined, as per CIC. </p>

Aihuishou (RERE US) (AHS), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$1bn via a US listing. It is backed by JD.com Inc (ADR) (JD US), Morningside and Tiger Global.A total of 26.1m consumer products, worth RMB22.8bn, were transacted by AHS over twelve months ending Mar 2021. It had over 755 offline stores across 172 cities. According to CIC, it had a 6.6% market share in terms of GMV for pre-owned electronics and 8.7% market share in terms of number of pre-owned devices transacted in 2020. As per CIC, its GMV for electronics and number of devices transacted in 2020 were both greater than the next five largest platforms combined, as per CIC. 

AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<p>The <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> Austin fab is still down and local reports indicate that it might be another 2 -3 months before full ramp.  What is the ramification of this delay and who will be most impacted? </p>

The Samsung Electronics (005930 KS) Austin fab is still down and local reports indicate that it might be another 2 -3 months before full ramp.  What is the ramification of this delay and who will be most impacted? 

Impact of Austin Freeze. Will Apple Get Their 5G Phones?

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>The SIA has posted the semiconductor market's year-end total.  Revenues were up 6.5% over 2019, impressively above the industry's 3.9% average annual growth.  This is even more impressive given that the year started off with a consumer slump as the pandemic emerged.</p>

The SIA has posted the semiconductor market's year-end total.  Revenues were up 6.5% over 2019, impressively above the industry's 3.9% average annual growth.  This is even more impressive given that the year started off with a consumer slump as the pandemic emerged.

China

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

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Huawei Technology (40978Z CH)

Rule of Law/ Rule by Law/ Evergrande/ Olympics/ Karaoke

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Xiaomi Beats Apple to Become No. 2 in the Global Smartphone Market in 2Q2021

Xiaomi overtook Apple to become no. 2 in the smartphone market in 2Q and based on its 2Q21 shipments and assuming 1Q21 ASP remains same, Xiaomi's...

Shifara Samsudeen, ACMA, CGMA

AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved

Aihuishou(RERE US), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise upto US$1bn via a US listing....

Sumeet Singh

Impact of Austin Freeze. Will Apple Get Their 5G Phones?

Are Qualcomm and Apple coming into a deep crunch due to the Austin temperature freeze? It seems likely that we will see delays and misses from both

Ken S. Kim

2020 Semiconductor Revenues Up 6.5%

How did the semiconductor market size up in 2020? This Insight shows that, despite COVID, the market enjoyed above-average growth, and appears...

Jim Handy

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