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.

Equity Bottom-Up

<ul><li>Xiaomi will report 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. </li><li>By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. </li><li>Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).</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.

Xiaomi will report 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).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.

Xiaomi (1810 HK) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 4th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Petroleum &amp; Chemical (386 HK), Cnooc (883 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 4th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Petroleum &amp; Chemical (386 HK), Cnooc (883 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Nov 4th): AIA, PetroChina, CNOOC

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.


Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>XPeng Robotics is a bionic smart robot maker backed by Chinese EV giant XPeng and high-profile investor IDG Capital. The company focuses on AI, robot autonomy, and interaction.</li>
<li>Founded in 2016 and headquartered in Shenzhen, XPeng Robotics is an affiliate of XPeng, with R&amp;D centers in Beijing, Guangzhou, and Silicon Valley. </li>
<li>Bloomberg reported that $100M+ Series A financing was the largest single-tranche fundraising for the bionic robot sector in China in the past two years. </li>
</ul>


XPeng Robotics is a bionic smart robot maker backed by Chinese EV giant XPeng and high-profile investor IDG Capital. The company focuses on AI, robot autonomy, and interaction.
Founded in 2016 and headquartered in Shenzhen, XPeng Robotics is an affiliate of XPeng, with R&amp;D centers in Beijing, Guangzhou, and Silicon Valley. 
Bloomberg reported that $100M+ Series A financing was the largest single-tranche fundraising for the bionic robot sector in China in the past two years. 


XPeng Robotics: Early-Stage VC Investment in Developer of Smart Robot Pony

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in BYD, Conch Venture, Shandong Weigao.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in BYD, Conch Venture, Shandong Weigao.


HK Short Interest Weekly: BYD, Conch Venture, Shandong Weigao.

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22

Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).

CMB International

Hong Kong Buybacks Weekly (Nov 4th): AIA, PetroChina, CNOOC

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, Tsingtao Brewery.

Ke Yan, CFA, FRM

XPeng Robotics: Early-Stage VC Investment in Developer of Smart Robot Pony

With Chinese EV giant XPeng moving into robotics, we believe XPeng Robotics is a high-return early-stage VC investment in the rapidly growing...

Andrei Zakharov

HK Short Interest Weekly: BYD, Conch Venture, Shandong Weigao.

We analyzed the latest HK SFC report for aggregate short position as of {} and highlight short interest changes in BYD, Conch Venture, Shandong...

Ke Yan, CFA, FRM

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