Founder of Antler Capital

Stanley Tsai, CFA

Stanley has over 20 years of capital markets experience on the buy side and sell side and as a credit analyst. He is the founder of Antler Capital, the culmination of his efforts to deliver differentiated solutions to global investors since 2021.

From 2017 to 2021, he was a Managing Director at CSPI Ratings, a credit rating agency servicing the USD bond market. He also led the firm’s efforts in sustainable finance.

Prior to that, he held various roles at Keefe, Bruyette & Woods, Nighthawk Capital, CLSA and Fitch Ratings. He was also an advisor at WWF, supporting the organization’s bankable nature solutions program.

Stanley has an honors degree in Finance from the University of British Columbia. He has been a CFA charterholder since 2004.

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Macroeconomics

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Industrial production growth has turned negative in real terms, after factoring in the surge in PPI on a two-year CAGR basis. This implies weak demand and margin compression.</li>
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Power generation fell noticeably amid a collapse in demand for steel and other metals. Meanwhile, inventory buildup accounted for a higher proportion of outputs.</li>
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Winners: tech, chemicals, plastics, food, textile. Losers: auto, transport, building materials, as well as foreign-owned manufacturers that have been hit by the Covid-Zero policy.</li>
</ul>



Industrial production growth has turned negative in real terms, after factoring in the surge in PPI on a two-year CAGR basis. This implies weak demand and margin compression.

Power generation fell noticeably amid a collapse in demand for steel and other metals. Meanwhile, inventory buildup accounted for a higher proportion of outputs.

Winners: tech, chemicals, plastics, food, textile. Losers: auto, transport, building materials, as well as foreign-owned manufacturers that have been hit by the Covid-Zero policy.


China Macro: Ready for Zero Industrial Growth?