In today’s briefing:
- Xiamen Port (3378 HK)’s Pre-Conditional Offer
- Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 June 2022)
- Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 June 2022)
- Weekly Wrap – 03 Jun 2022
- Weekly Wrap – 03 Jun 2022
- Chinese Property Weekly – 3 June 2022 – Lucror Analytics
- Chinese Property Weekly – 3 June 2022 – Lucror Analytics
- Longleaf Partners International Fund Q1 2022 Commentary
- Weibo (WB US): Ad Growth Clouded by Pandemic and Macro Slowdown
- Longleaf Partners Global Fund Q1 2022 Commentary
Xiamen Port (3378 HK)’s Pre-Conditional Offer
- SOE terminal operator Xiamen International Port (3378 HK) has announced a pre-conditional Offer from Xiamen Port Holding, a Fujian SASAC-controlled entity.
- The Offer price is HK$2.25 per H-share, a 55% premium to last close. The Offer price will NOT be increased. The final dividend will be added to the cancellation price.
- Pre-Conditions include approvals from NDRC, MoC, SAFE, and CSRC. There is no tendering condition. This deal mirrors Guodian Technology (1296 HK), BCL (2868 HK), and Jin Jiang Capital (2006 HK).
Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 June 2022)
- Inside is a recap of movements in the last week relating to the Hong Kong Stock-Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
- Overall, net inflow was ~US$6.1bn, split between Shanghai (+US$3.5bn) and Shenzhen (+US$2.6bn)
- The largest inflows were into Shanghai Putailai (603659 CH) and Satelltte Chemical (002648 CH). The largest outflows were in Anhui Conch Cement (600585 CH) and Guangzhou Tinci Materials (002709 CH).
Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 June 2022)
- 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, net inflow was ~US$0.8bn, split (roughly) US$0.2bn for Shanghai and US$0.6bn Shenzhen.
- The largest inflows were into CNOOC Ltd (883 HK), China Mobile (941 HK), and Kuaishou Technology (1024 HK). The largest outflows were in Tencent (700 HK) and ICBC (1398 HK).
Weekly Wrap – 03 Jun 2022
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:
and more…
Weekly Wrap – 03 Jun 2022
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:
and more…
Chinese Property Weekly – 3 June 2022 – Lucror Analytics
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.
Chinese Property Weekly – 3 June 2022 – Lucror Analytics
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.
Longleaf Partners International Fund Q1 2022 Commentary
- Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
- Longleaf Partners International Fund declined 12.04% in the first quarter, while the MSCI EAFE Index declined 5.91%.
- New investments have a high hurdle to qualify given our conviction in our current holdings and the steep discount of the portfolio.
- We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.
Weibo (WB US): Ad Growth Clouded by Pandemic and Macro Slowdown
- Weibo Corp (WB US) delivered robust 1Q22 results with ad revenue growing 10% year-over-year and outperforming other Chinese social networks, which underscores Weibo’s prominent position for advertisers.
- However, widespread lockdowns in China and economic slowdown could pressure Weibo in 2Q, and we expect a gradual recovery in 3Q-4Q with limited visibility.
- We like Weibo attractive valuation at 10x forward P/E; it has amassed MAU 582 million till March 2022 and user engagement has been improving.
Longleaf Partners Global Fund Q1 2022 Commentary
- Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
- Longleaf Partners Global Fund declined 5.84% in the first quarter, roughly in line with the MSCI World’s 5.15% decline.
- In a volatile quarter for markets across the globe, we saw one of the largest disconnects between price and value per share performance that we have seen for our portfolio in a long time.
- We remain fully invested with less than 2% cash, and our on-deck list isgrowing longer amid market volatility.
- We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.
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