Founder of Antler Capital

Stanley Tsai, CFA

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.


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

<ul>
<li>The PBOC has extended the use of its policy tools to support the green loan industry as part of the country's' drive towards carbon neutrality.</li>
<li>China's green loan market is already the largest in the world, if you agree with its definitions and can look past its limitations.</li>
<li>The state of green finance matters to investors, and not just those with explicit ESG mandates. We look at the potential pitfalls in the China.</li>
</ul>


The PBOC has extended the use of its policy tools to support the green loan industry as part of the country's' drive towards carbon neutrality.
China's green loan market is already the largest in the world, if you agree with its definitions and can look past its limitations.
The state of green finance matters to investors, and not just those with explicit ESG mandates. We look at the potential pitfalls in the China.


China's Green Loan Market: Fifty Shades of Green

<ul>
<li>We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.</li>
<li>Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.</li>
<li>We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.</li>
</ul>


We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.
Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.
We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.


China Financials Weekly: Jan 30 | A Bubbly Opening

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>China recently rolled out a detailed implementation plan for personal pension, mainly due to an increasingly pressure of supporting old people caused by the more serious aging problem in China.</li>
<li>The entry of personal pensions is expected to greatly promote the prosperity and development of China's capital market and improve the stability of A-share.</li>
<li>We analyzed potential investment opportunities as a result of this evolving development. Investors can consider preemptive layout before the end of Fed’s rate hike.</li>
</ul>


China recently rolled out a detailed implementation plan for personal pension, mainly due to an increasingly pressure of supporting old people caused by the more serious aging problem in China.
The entry of personal pensions is expected to greatly promote the prosperity and development of China's capital market and improve the stability of A-share.
We analyzed potential investment opportunities as a result of this evolving development. Investors can consider preemptive layout before the end of Fed’s rate hike.


China Personal Pension Scheme - Standing at the Starting Point of A-Share Bull Market

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<ul><li>Business / Cover Story: Will Europe pour more money into China?</li><li>China-U.S. / Xi calls for China-U.S. relations to return to ‘right course’</li><li>Banking / Exclusive: Agricultural Bank of China to name Fu Wanjun president</li></ul>

Business / Cover Story: Will Europe pour more money into China?China-U.S. / Xi calls for China-U.S. relations to return to ‘right course’Banking / Exclusive: Agricultural Bank of China to name Fu Wanjun president

CX Daily: Will Europe Pour More Money Into China?

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Agricultural Bank of China is a Chinese multinational banking and financial services corporation. It offers a diverse portfolio of corporate and retail banking products and services, including deposits, loans, wealth management, and investment banking, with a strong focus on rural development and supporting the real economy. The bank was founded in 1951 and is headquartered in Beijing, China.

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Agricultural Bank of China (1288 HK)

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

For the most part, the Jan PMI gauges were in line with investor expectations, although the more pessimistic SME sector may be a cause for concern...

Stanley Tsai, CFA

China's Green Loan Market: Fifty Shades of Green

The PBOC is stepping up its efforts to channel financing to "green" industries. But how green is green? The answer may have implications for...

Stanley Tsai, CFA

China Financials Weekly: Jan 30 | A Bubbly Opening

We expect a strong start to the week for the China financials space, after a new year holiday that confirms investors' hopes for a speedy recovery...

Stanley Tsai, CFA

CX Daily: Will Europe Pour More Money Into China?

Cover Story: Will Europe pour more money into China? Xi calls for China-U.S. relations to return to ‘right course’. Exclusive: Agricultural Bank of...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

For the most part, the Jan PMI gauges were in line with investor expectations, although the more pessimistic SME sector may be a cause for concern...

Stanley Tsai, CFA

China's Green Loan Market: Fifty Shades of Green

The PBOC is stepping up its efforts to channel financing to "green" industries. But how green is green? The answer may have implications for...

Stanley Tsai, CFA

China Financials Weekly: Jan 30 | A Bubbly Opening

We expect a strong start to the week for the China financials space, after a new year holiday that confirms investors' hopes for a speedy recovery...

Stanley Tsai, CFA

China Personal Pension Scheme - Standing at the Starting Point of A-Share Bull Market

New personal pension scheme will greatly promote the development of China capital market and improve the stability of A-share. Investors can...

Xinyao (Criss) Wang

CX Daily: Will Europe Pour More Money Into China?

Cover Story: Will Europe pour more money into China? Xi calls for China-U.S. relations to return to ‘right course’. Exclusive: Agricultural Bank of...

Caixin Global