In today’s briefing:
- Japan Weekly | Buffett Is Still Buying Marubeni
- China TMT Update-Xpev/Li/Nio/1211hk/Tsla/NTES/700HK: Extends NEV Purchase Tax Exemption Until 2025
- SPAC Talk – The State of the Market – Signs of Life
Japan Weekly | Buffett Is Still Buying Marubeni
- Has Larry Fink just jinxed the Japanese equity market? Is a slight thawing of relations between the US and China a sign that the Japanese equity market has peaked?
- Japanese stocks ended the week down 2.7% as foreigners turn net sellers for first time in 11 weeks
- Marubeni Corp (8002 JP) stock price is up 71% year to date. The equity buyback story could continue for the foreseeable future.
China TMT Update-Xpev/Li/Nio/1211hk/Tsla/NTES/700HK: Extends NEV Purchase Tax Exemption Until 2025
- XPEV/LI/NIO/1211HK/TSLA: China extends NEV purchase tax exemption until end of 2025 (+)
- NTES: NetEase’s racing game “Racing Master” officially launched（ – ）
- 700HK： Tencent Cloud launches its own Industry-Specific Large Language Models to Drive Intelligent Upgrades for Enterprises（+）
SPAC Talk – The State of the Market – Signs of Life
- Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media & entertainment focused ESH Acquisition Corp.
- (ESHA) priced on June 14, with the SPAC raising $115 million including take-up of the underwriter’s green shoe option.
- This brings the total to 16 IPOs as we approach the end of the first half of 2023.
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