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.

China Macro: Jan CPI / PPI | Much Better Visibility Ahead

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Thematic (Sector/Industry)

China Financials / Thematic (Sector/Industry)

<ul>
<li>The Jan. PMI readings corroborate what investors had already known over the break. But it is noteworthy that SMEs appear much less upbeat than large corporations.  </li>
<li>SMEs account for 60% of GDP and an even higher proportion of job creation. Policy support has been keeping many of them afloat throughout the pandemic. </li>
<li>As the deadline on the PBOC's SME support program is fast approaching, small regional banks may bear the brunt of the impact on the financial system.</li>
</ul>


The Jan. PMI readings corroborate what investors had already known over the break. But it is noteworthy that SMEs appear much less upbeat than large corporations.  
SMEs account for 60% of GDP and an even higher proportion of job creation. Policy support has been keeping many of them afloat throughout the pandemic. 
As the deadline on the PBOC's SME support program is fast approaching, small regional banks may bear the brunt of the impact on the financial system.


Haitong Securities Co Ltd (A) (600837 CH)

Chongqing Rural Commercial Bank (3618 HK)

China International Capital Corporation (3908 HK)

China Pacific Insurance (Group) Co., (601601 CH)

Hang Seng China Enterprises Index (HSCEI INDEX)

Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

Shenzhen Stock Exchange Composite Index (SZCOMP INDEX)

Postal Savings Bank of China C (601658 CH)

Chongqing Rural Commercial Ban (601077 CH)

China's Micro Loan Market: Key Takeaways from the Jan PMI