China: Noah Holdings, Nexteer Automotive, Jiangxi Ganfeng Lithium, Li Auto, CIFI Holdings, Agile Property Holdings and more

• Noah Holdings (NOAH US) priced its H Share at HK$292.00 per share (US$18.60 per ADS) to raise gross proceeds of US$41 million. The H Share will trade on 13 July. 
• The H Share listing is primarily to address the risk of a potential US delisting. With cash accounting for around 50% of the market cap, Noah is well capitalised. 
• The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.

• In our view, Noah Holdings is a solid acquisition candidate as the largest independent wealth management services provider in China. 
• The Chinese regulators made a change to the ETF market to overseas investors via Hong Kong called ETF Connect and this is likely to benefit companies such as Noah. 
• As China’s financial markets become larger and more liberalized, there will be a premium on companies such as Noah Holdings with leading market share in China’s wealth management services. 

• Nexteer Automotive (1316 HK) share price fell 50% in Q1 22 due to the China lockdown scare although it has manufacturing facilities all over the world. 
• It traded below book value at some point and rallied alongside other Chinese names in the past month to currently at book value. 
• Most of the new business won is from EV OEMs thus the company deserves a higher multiple given the high growth in the EV sector. 

• Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
• Overall, net inflow over the past week was ~US$1bn, split between Shanghai (-US$0.2bn) and Shenzhen (+US$1.0bn).
• The largest inflows were into Ganfeng Lithium (002460 SZ) and China Tourism Group (601888 CH). The largest outflows were in Wuxi Lead Intelligent (300450 CH) and Zijin Mining (601899 CH).

• Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
• Overall, the net inflow over the past week was ~US$1.3bn, split US$0.7bn for Shanghai and US$0.6bn for Shenzhen.
• The largest inflows were into Tencent (700 HK) and Li Auto (2015 HK). The largest outflow was in Meituan (3690 HK) and Great Wall Motor (2333 HK).

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Times China
2. Powerlong Real Estate Holdings
3. Kwg Property Holding
4. Country Garden Holdings Co
5. China South City

and more…

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Times China
2. Powerlong Real Estate Holdings
3. Kwg Property Holding
4. Country Garden Holdings Co
5. China South City

and more…

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.