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.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Why relocating mainlanders see Singapore as a safe haven for their businesses and property</li><li>Caixin Explains: Who controls China’s health code app</li><li>Developers face mounting debt payments in coming months</li></ul>

In Depth: Why relocating mainlanders see Singapore as a safe haven for their businesses and propertyCaixin Explains: Who controls China’s health code appDevelopers face mounting debt payments in coming months

CX Daily: Why Relocating Mainlanders See Singapore as a Safe Haven for Their Businesses and Property

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> is looking to convert from a Secondary Listing to a Dual Primary Listing on the HKEX before the end of the year.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu</a> should be added to the Southbound Stock Connect Buy-and-Sell list at the next rebalance of the Hang Seng Composite Index (HSCI) following the conversion.</li>
<li>A float increase in the Hang Seng family and another index inclusion will bring in estimated passive buying of HK$11.8bn (US$1.5bn) along with buying from mainland investors via Stock Connect.</li>
</ul>



Baidu (9888 HK) is looking to convert from a Secondary Listing to a Dual Primary Listing on the HKEX before the end of the year.

Baidu should be added to the Southbound Stock Connect Buy-and-Sell list at the next rebalance of the Hang Seng Composite Index (HSCI) following the conversion.
A float increase in the Hang Seng family and another index inclusion will bring in estimated passive buying of HK$11.8bn (US$1.5bn) along with buying from mainland investors via Stock Connect.


Baidu (9888 HK): Secondary to Dual Primary Conversion; US$1.5bn Passive Buy + Stock Connect

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Global funds are reallocating away from Asia's key sectors, with Asia Communication Services stocks at the heart of the move.</li>
<li>Overweights have been cut, driven by closing out of Tencent, China Mobile, NetEase and Nintendo holdings.</li>
<li>Tencent remains the most widely held stock, but after that there is little consensus or conviction within the sector.</li>
</ul>


Global funds are reallocating away from Asia's key sectors, with Asia Communication Services stocks at the heart of the move.
Overweights have been cut, driven by closing out of Tencent, China Mobile, NetEase and Nintendo holdings.
Tencent remains the most widely held stock, but after that there is little consensus or conviction within the sector.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2 in intelligence on Artificial Analysis.</li>
<li>However Moonshot’s B2C and B2B customers are very different from Z.AI’s.</li>
<li>Furthermore, Z.AI’s GLM-5.2 operates at four times the speed of Kimi K3.</li>
</ul>


Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2 in intelligence on Artificial Analysis.
However Moonshot’s B2C and B2B customers are very different from Z.AI’s.
Furthermore, Z.AI’s GLM-5.2 operates at four times the speed of Kimi K3.


Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

Research on Tech Companies

Evelyn Zhang

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

CX Daily: Why Relocating Mainlanders See Singapore as a Safe Haven for Their Businesses and Property

In Depth: Why relocating mainlanders see Singapore as a safe haven for their businesses and property. Caixin Explains: Who controls China’s health...

Caixin Global

Baidu (9888 HK): Secondary to Dual Primary Conversion; US$1.5bn Passive Buy + Stock Connect

Baidu applied to the HKEX on 22 July for conversion to a dual primary listing. There are procedural issues that need to be completed, and the...

Brian Freitas

Asia Comm Services: Sentiment Shift

Global funds are reallocating away from Asia's key sectors, with Asia Communication Services stocks at the heart of the move.

Steven Holden

Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2. However Moonshot’s B2C and B2B customers are very different from Z.AI’s. Furthermore, Z.AI’s...

Ming Lu

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

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