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.

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Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul><li>Skyrocketing material costs shook the stock of Contemporary Amperex Technology Co. Ltd. (CATL) as investors wiped billions of dollars off the value of the world's largest electric-vehicle battery manufacturer.</li><li>Word circulated in the market that CATL is set to post net profit of less than 5 billion yuan for the first quarter, a sharp decline from the previous quarter.</li><li>The company hasn’t issued detailed financials for the fourth quarter and all of 2021. An estimate issued in January put annual net profit between 14 billion yuan and 16.5 billion yuan.</li></ul>

Skyrocketing material costs shook the stock of Contemporary Amperex Technology Co. Ltd. (CATL) as investors wiped billions of dollars off the value of the world's largest electric-vehicle battery manufacturer.Word circulated in the market that CATL is set to post net profit of less than 5 billion yuan for the first quarter, a sharp decline from the previous quarter.The company hasn’t issued detailed financials for the fourth quarter and all of 2021. An estimate issued in January put annual net profit between 14 billion yuan and 16.5 billion yuan.

CATL Sell-Off Wipes Out Billions of Dollars of Market Value

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

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> raised around US$106m via a dual primary listing in Hong Kong. </li>
<li>Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.</li>
<li>In this note, we'll talk about the demand and trading dynamics.</li>
</ul>



Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong. 
Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.
In this note, we'll talk about the demand and trading dynamics.


Zhihu HK Secondary Listing Trading - Delivered the Correction but Still Set for the Worst Debut Yet

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Many automakers said they suspended their productions due to the lockdown of Shanghai.</li>
<li>A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.</li>
<li>We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.</li>
</ul>


Many automakers said they suspended their productions due to the lockdown of Shanghai.
A vice minister of Industry and Information Technology announced that 666 companies will resume production in Shanghai.
We believe it is hard to resume the automobile soon because of the complication of a vehicle and the traffic jams around Shanghai.


Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.</li>
<li>In <a href="https://www.smartkarma.com/insights/zhihu-dual-primary-listing-a-question-of-judgment" target="_blank" data-smartkarma-citation="insights:68266" rel="noopener">Zhihu Dual-Primary Listing: A Question of Judgment</a>, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  </li>
<li>In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.</li>
</ul>



Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.
In Zhihu Dual-Primary Listing: A Question of Judgment, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  
In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.


Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

Thematic (Sector/Industry)

<ul><li>Nickel has captured much of the limelight among battery metals in recent weeks, and understandably so</li><li>Even so, it’s another metal that’s been causing concern in the world’s largest electric vehicle market. </li><li>China’s government last month hauled in a whole range of market players for two days of talks focused on halting a breakneck run-up in lithium, the metal that’s vital for almost all rechargeable batteries and critical to the roll-out of emissions-free cars and clean energy</li></ul>

Nickel has captured much of the limelight among battery metals in recent weeks, and understandably soEven so, it’s another metal that’s been causing concern in the world’s largest electric vehicle market. China’s government last month hauled in a whole range of market players for two days of talks focused on halting a breakneck run-up in lithium, the metal that’s vital for almost all rechargeable batteries and critical to the roll-out of emissions-free cars and clean energy

The Battery Metal Really Worrying China Is Lithium, Not Nickel

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (9868 HK)

CATL Sell-Off Wipes Out Billions of Dollars of Market Value

Skyrocketing material costs shook the stock of Contemporary Amperex Technology Co. Ltd. (CATL) as investors wiped billions of dollars off the value

Caixin Global

Zhihu HK Secondary Listing Trading - Delivered the Correction but Still Set for the Worst Debut Yet

Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain

Many automakers suspended their production due to the lockdown in Shanghai. Authorities will prepare a white list for production resumption....

Ming Lu

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

The Battery Metal Really Worrying China Is Lithium, Not Nickel

Nickel has captured much of the limelight among battery metals in recent weeks, and understandably so. Even so, it’s another metal that’s been...

Caixin Global

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52-week Range

Market Cap (USDm)

P/E

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CATL Sell-Off Wipes Out Billions of Dollars of Market Value

Skyrocketing material costs shook the stock of Contemporary Amperex Technology Co. Ltd. (CATL) as investors wiped billions of dollars off the value

Caixin Global

Zhihu HK Secondary Listing Trading - Delivered the Correction but Still Set for the Worst Debut Yet

Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Tesla (TSLA): Shanghai’s Lockdown Killing Whole Chinese Automobile Supply Chain

Many automakers suspended their production due to the lockdown in Shanghai. Authorities will prepare a white list for production resumption....

Ming Lu

Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

The Battery Metal Really Worrying China Is Lithium, Not Nickel

Nickel has captured much of the limelight among battery metals in recent weeks, and understandably so. Even so, it’s another metal that’s been...

Caixin Global

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views