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 banks are under strain as their deposits shrink in the wake of a regulatory crackdown on offering deposit rates higher than regulatory caps.</li><li>In the first half of the year, many Chinese mainland-listed commercial banks saw a decline in their net cash flow generated from operating activities — a key indicator of lenders’ liquidity — Caixin calculations based on their interim reports show.</li><li>Among China’s “Big Six” state-owned banks by assets, only Postal Savings Bank of China Co.</li></ul>

Chinese banks are under strain as their deposits shrink in the wake of a regulatory crackdown on offering deposit rates higher than regulatory caps.In the first half of the year, many Chinese mainland-listed commercial banks saw a decline in their net cash flow generated from operating activities — a key indicator of lenders’ liquidity — Caixin calculations based on their interim reports show.Among China’s “Big Six” state-owned banks by assets, only Postal Savings Bank of China Co.

Chinese Banks’ Cash Flow Plummets After Crackdown on High Deposit Rates 

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>With many real estate developers in China reporting losses, and with greater clarity of their woes, there should be flow through to banks. </li>
<li>Generally, at the top line and in head line bad loans, this is simply not visible, so that one must look to notes to financial statements, other granular data.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-communications-co-h" target="_blank" data-smartkarma-citation="entities:659:1" rel="noopener">Bank Of Communications Co H (3328 HK)</a> shows restructured loans up from RMB41bn to RMB61bn in just six months, with many China banks showing far higher loss loans</li>
</ul>


With many real estate developers in China reporting losses, and with greater clarity of their woes, there should be flow through to banks. 
Generally, at the top line and in head line bad loans, this is simply not visible, so that one must look to notes to financial statements, other granular data.

Bank Of Communications Co H (3328 HK) shows restructured loans up from RMB41bn to RMB61bn in just six months, with many China banks showing far higher loss loans


China Banks - Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines

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 September 6th.</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 HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). 


Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.</li>
<li>This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. </li>
<li>SOEs, SOE Banks, Energy, Utilities, and finally <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> saw net buying after salutary earnings.</li>
</ul>


SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.
This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. 
SOEs, SOE Banks, Energy, Utilities, and finally Anta Sports Products (2020 HK) saw net buying after salutary earnings.


HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

<ul>
<li>SOUTHBOUND was a net seller this past week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.</li>
<li>Gross volumes remain very low. Net volumes de minimis. Very August-ish. No sectors stood out. </li>
<li>The largest net buy was <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> where the net buying was the same size as the fifth largest net sell (<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>) </li>
</ul>


SOUTHBOUND was a net seller this past week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.
Gross volumes remain very low. Net volumes de minimis. Very August-ish. No sectors stood out. 
The largest net buy was CSPC Pharmaceutical Group (1093 HK) where the net buying was the same size as the fifth largest net sell (Tencent (700 HK)) 


HK Connect SOUTHBOUND Flows (To 23 Aug 2024); Net Breaks the 28-Week Buying Streak on ETF Selling

China

Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China.  The Bank's businesses include deposit, loan, credit card, fund underwriting and trust, and foreign currency settlement and trading.

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Ind & Comm Bk Of China (A) (601398 CH)

Chinese Banks’ Cash Flow Plummets After Crackdown on High Deposit Rates

Chinese banks are under strain as their deposits shrink in the wake of a regulatory crackdown on offering deposit rates higher than regulatory...

Caixin Global

China Banks - Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines

There are losses at China developers and some of this is new or losses are much higher. This is not fully reflected in headline figures at China...

Daniel Tabbush

Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

SOUTHBOUND Connect flows picked up to the positive side again after the buy streak was broken the week before. Gross flows picked up. Econ data was...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 23 Aug 2024); Net Breaks the 28-Week Buying Streak on ETF Selling

SOUTHBOUND saw its first net sell week in 29 weeks last week. It turned out to be a large net sell of ETFs and small net buy of stocks, but net is...

Travis Lundy

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