Daily Brief China: Shanghai United Imaging Healthcare, Times Neighborhood, Onewo Space-Tech, Tencent, Road King Infrastructure and more

• It was a busy week with a bunch of index rebalances being implemented at the close of trading on Friday.
• We list out potential changes to the STAR50 INDEX, Philippines Stock Exchange PSEi Index (PCOMP INDEX) and SET50 INDEX at the upcoming rebalances.
• There was a large outflow from the iShares MSCI ACWI ETF (ACWI US) for yet another week.

• Times Neighborhood (9928 HK) has been a disastrous call since we first highlighted it. In this insight, we reflect upon the red flags we could have done well to spot. 
• We cover red flags ranging from the level of precise guidance, pivot in strategy, and the parent’s poor financial health, to the effect on receivables sucking cash from the company. 
• Everyone makes mistakes (we are human, after all). We would like to share our experience to educate readers to become better investors and sidestep investments in such names.  

• Onewo Space-Tech (ONEWO HK) has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.
• We previously discussed the IPO in Onewo IPO: The Bull Case, Onewo IPO: The Bear Case and Onewo IPO: Trade-Offs Vs Peers. 
• Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.

• Tencent and NetEase received new licenses from the authorities more than a year.
• Meituan’s car-hailing service joined Tencent WeChat’s traffic platform, Tencent Passenger Traffic.
• Express parcels and their revenue continued to recover in August.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Fortune Land
• Fosun International
• Road King Infrastructure