Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Thematic (Sector/Industry)

<ul><li>China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme.</li><li>The China Banking and Insurance Regulatory Commission (CBIRC), the country’s top insurance watchdog, issued draft rules to nearly 100 life, health or pension insurers late last month.</li><li>The draft marks the latest step in fleshing out a framework released in April by the State Council, China’s cabinet, for a growing personal pension market.</li></ul>

China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme.The China Banking and Insurance Regulatory Commission (CBIRC), the country’s top insurance watchdog, issued draft rules to nearly 100 life, health or pension insurers late last month.The draft marks the latest step in fleshing out a framework released in April by the State Council, China’s cabinet, for a growing personal pension market.

China Drafts Tough Rules for Insurers to Join National Personal Pension Scheme, Sources Say

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.</li>
<li>Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.</li>
<li>On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.</li>
</ul>



Unitree Robotics (688836 CH) will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.
Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.
On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.


Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

<ul><li>Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market their services more effectively</li><li>The rise of new technologies such as artificial intelligence (AI) and cloud computing offers financial institutions more ways to make use of the reams of data their customers generate</li><li>Brokers, for instance, can analyze clients’ trading activity on apps to sell them more-targeted investment products.</li></ul>

Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market their services more effectivelyThe rise of new technologies such as artificial intelligence (AI) and cloud computing offers financial institutions more ways to make use of the reams of data their customers generateBrokers, for instance, can analyze clients’ trading activity on apps to sell them more-targeted investment products.

Chinese Brokerages’ Digital Transformation Proves Easier Said Than Done

Cross Asset Strategy

<ul><li>In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stall</li><li>China’s tax revenue sinks amid rollout of new VAT refund policy</li><li>Three tough-to-crack housing markets relax homebuying controls</li></ul>

In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stallChina’s tax revenue sinks amid rollout of new VAT refund policyThree tough-to-crack housing markets relax homebuying controls

CX Daily: Localities Push Ahead With Personal Bankruptcy Pilots as National Efforts Stall

China

CITIC Securities is a leading Chinese full-service investment bank providing a wide range of financial services including underwriting, brokerage, asset management, wealth management, and investment advisory. The company also offers services in securities, funds, futures, foreign exchange, and commodities. It was founded in October 1995 and is headquartered in Shenzhen, China.

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CITIC Securities (6030 HK)

China Drafts Tough Rules for Insurers to Join National Personal Pension Scheme, Sources Say

China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme.

Caixin Global

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

Chinese Brokerages’ Digital Transformation Proves Easier Said Than Done

Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market...

Caixin Global

CX Daily: Localities Push Ahead With Personal Bankruptcy Pilots as National Efforts Stall

In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stall. China’s tax revenue sinks amid rollout of new VAT refund...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Drafts Tough Rules for Insurers to Join National Personal Pension Scheme, Sources Say

China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme.

Caixin Global

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

​Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

Chinese Brokerages’ Digital Transformation Proves Easier Said Than Done

Chinese brokerages are sinking cash into “digital transformation,” hoping that new technologies such as big data analysis will help them market...

Caixin Global

CX Daily: Localities Push Ahead With Personal Bankruptcy Pilots as National Efforts Stall

In Depth: Localities push ahead with personal bankruptcy pilots as national efforts stall. China’s tax revenue sinks amid rollout of new VAT refund...

Caixin Global

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...