Equity Analyst

Xin Yu, CFA

Equity Bottom-Up

<ul>
<li>Alibaba and JD stock prices have rallied around 20-30% in the past month, which was the low-hanging fruit for the investors.</li>
<li>With the full re-opening in 2023 in China, there is still upside for the sector. </li>
<li>Ecommerce players will enjoy GMV growth acceleration and margin improvement next year. </li>
</ul>


Alibaba and JD stock prices have rallied around 20-30% in the past month, which was the low-hanging fruit for the investors.
With the full re-opening in 2023 in China, there is still upside for the sector. 
Ecommerce players will enjoy GMV growth acceleration and margin improvement next year. 


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>China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.</li><li>The move is another regulatory response to big tech companies’ use of market dominance and advanced technology to undermine competition.</li><li>Notable changes in the latest revision are mostly related to the digital economy, adding violations and toughening penalties.</li></ul>

China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.The move is another regulatory response to big tech companies’ use of market dominance and advanced technology to undermine competition.Notable changes in the latest revision are mostly related to the digital economy, adding violations and toughening penalties.

China Proposes Tougher Restrictions on Unfair Digital Competition

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

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the updates from its latest filings.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the updates from its latest filings.


Sunshine Insurance Group Pre-IPO - PHIP Updates - Mixed Bag

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we will talk about the not-so-positive aspects of the deal.


DPC Dash Pre-IPO - The Negatives - Lags the Leader, Remains Loss Making

Cross Asset Strategy

<ul>
<li>
Data / In Depth: China’s struggle for data security. 
</li>
<li>
Covid-19 / China fleshes out ‘optimized’ Covid-19 response.
</li>
<li>
Pension / China’s personal pension system nears launch as insurers’ rules finalized.
</li>
</ul>



Data / In Depth: China’s struggle for data security. 


Covid-19 / China fleshes out ‘optimized’ Covid-19 response.


Pension / China’s personal pension system nears launch as insurers’ rules finalized.



CX Daily: China’s Struggle for Data Security

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

China Ecommerce- Still Can Chase

China's ecommerce sector rallied 20-30% in the past one month, which was the low hanging fruit for the investors. Now the question is whether we...

Xin Yu, CFA

China Proposes Tougher Restrictions on Unfair Digital Competition

China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.

Caixin Global

Sunshine Insurance Group Pre-IPO - PHIP Updates - Mixed Bag

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we talk about the...

Sumeet Singh

DPC Dash Pre-IPO - The Negatives - Lags the Leader, Remains Loss Making

DPC Dash, Domino's Pizza's franchisee in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the not so positive...

Sumeet Singh

CX Daily: China’s Struggle for Data Security

In Depth: China’s struggle for data security. China fleshes out ‘optimized’ Covid-19 response. China’s personal pension system nears launch as...

Caixin Global

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52-week Range

Market Cap (USDm)

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