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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire</li><li>A new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.</li><li>The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.</li></ul>

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could BackfireA new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Mixed picture ahead as inventory risk lingers

<ul><li>TOP STORY EVs / In Depth: Chinese EV-makers lured by Thai perks face reality check</li><li>IMF /China renews calls for IMF quota reform to boost the voice of emerging markets</li><li>Social security /Beijing should bolster social security to boost consumption, researchers say</li></ul>

TOP STORY EVs / In Depth: Chinese EV-makers lured by Thai perks face reality checkIMF /China renews calls for IMF quota reform to boost the voice of emerging marketsSocial security /Beijing should bolster social security to boost consumption, researchers say

CX Daily: Chinese EV-Makers Lured by Thai Perks Face Reality Check 

<ul><li>Autos /: Chinese carmakers expand into growing Central Asian markets</li><li>Corruption /: Former ICBC banker gets suspended death sentence for graft</li><li>Meituan /: Meituan to provide social security benefits for delivery riders</li></ul>

Autos /: Chinese carmakers expand into growing Central Asian marketsCorruption /: Former ICBC banker gets suspended death sentence for graftMeituan /: Meituan to provide social security benefits for delivery riders

CX Daily: Chinese Carmakers Expand Into Growing Central Asian Markets 

<ul><li>Chinese automakers are pushing deeper into Central Asian markets through exports and manufacturing localization after Russia’s crackdown on a lucrative loophole that allowed re-exports of vehicles through Eurasian Economic Union (EAEU) member states.</li><li>Carmakers including Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd. (<a href="https://www.smartkarma.com/000625.SZ" target="_blank" rel="noopener">000625.SZ</a>), Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) (<a href="https://www.smartkarma.com/600418.SH" target="_blank" rel="noopener">600418.SH</a>) and Great Wall Motor Co. Ltd. have built a presence in the Kazakhstani market, which has developed a major taste for Chinese vehicles.</li><li>Last year, China-made cars accounted for 39% of the 205,111 vehicles sold in Kazakhstan, the region’s largest economy.</li></ul>

Chinese automakers are pushing deeper into Central Asian markets through exports and manufacturing localization after Russia’s crackdown on a lucrative loophole that allowed re-exports of vehicles through Eurasian Economic Union (EAEU) member states.Carmakers including Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd. (000625.SZ), Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) (600418.SH) and Great Wall Motor Co. Ltd. have built a presence in the Kazakhstani market, which has developed a major taste for Chinese vehicles.Last year, China-made cars accounted for 39% of the 205,111 vehicles sold in Kazakhstan, the region’s largest economy.

Chinese Carmakers Expand Into Growing Central Asian Markets 

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire A new player has emerged in the boardrooms of China’s major...

Caixin Global

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

CX Daily: Chinese EV-Makers Lured by Thai Perks Face Reality Check

TOP STORY EVs / In Depth: Chinese EV-makers lured by Thai perks face reality check It’s hard to miss the aggressiveness of Chinese automakers in...

Caixin Global

CX Daily: Chinese Carmakers Expand Into Growing Central Asian Markets

TOP STORY Autos / Chinese carmakers expand into growing Central Asian markets Chinese automakers are pushing deeper into Central Asian markets...

Caixin Global

Chinese Carmakers Expand Into Growing Central Asian Markets

Chinese automakers are pushing deeper into Central Asian markets through exports and manufacturing localization after Russia’s crackdown on a...

Caixin Global

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