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>Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metrics</li><li>Ant Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year. </li><li>That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.</li></ul>

Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metricsAnt Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year. That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

Cross Asset Strategy

<ul><li>Time banks / In Depth: Why time banks haven’t caught on in China</li><li>Digital banks / Top Chinese digital banks report more bad loans but higher earnings</li><li>Banking / In Depth: China’s banks look to bolster bottom line after lending binge</li></ul>

Time banks / In Depth: Why time banks haven’t caught on in ChinaDigital banks / Top Chinese digital banks report more bad loans but higher earningsBanking / In Depth: China’s banks look to bolster bottom line after lending binge

CX Daily: Why Time Banks Haven’t Caught On in China

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.</li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.


Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

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.

<ul><li>China’s online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.</li><li>We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.</li><li>Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. </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.

China’s online game market revenue declined by 15% YoY but increased by 16% QoQ to RMB67.5bn in 1Q23, according to CNG.We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to more quality game launches.Looking ahead, we are positive that online game market revenue will recover to positive YoY growth in 2Q23E, supported by the normalisation of game license approval and the launch of highly-anticipated titles like Tencent’s Metal Slug: Awakening and miHoYo’s Honkai: Star Rail. 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 Internet – 1Q23 online game market recap

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted...

Caixin Global

CX Daily: Why Time Banks Haven’t Caught On in China

In Depth: Why time banks haven’t caught on in China. Top Chinese digital banks report more bad loans but higher earnings. In Depth: China’s banks...

Caixin Global

Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO. In this note, we will provide a quick peer...

Ethan Aw

China Internet – 1Q23 online game market recap

We saw an early recovering sign in March 2023, with monthly game market revenue down by only 3% YoY (versus -23%/17% YoY in Feb/Jan), thanks to...

CMB International

Screening for GEMs: May 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)