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>Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.</li><li>By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.</li><li>We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. </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.

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. 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.

Property - Weekly highlight: Awaiting more positive signs on property sales

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Huafa Property Services Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a> announced a privatisation offer from <a href="https://www.smartkarma.com/entities/huafa-industrial-co-ltd-zhuhai" target="_blank" data-smartkarma-citation="entities:2329:1" rel="noopener">Huafa Industrial Co., Ltd. Zhuhai (600325 CH)</a> at HK$0.29 per share, a 30.6% premium to the undisturbed price.</li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The offer, which has been declared final, is attractive compared to historical share prices and peer multiples. This is a done deal, with payment likely in November.  </li>
</ul>



Huafa Property Services Group (982 HK) announced a privatisation offer from Huafa Industrial Co., Ltd. Zhuhai (600325 CH) at HK$0.29 per share, a 30.6% premium to the undisturbed price.
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The offer, which has been declared final, is attractive compared to historical share prices and peer multiples. This is a done deal, with payment likely in November.  


Huafa Property Services (982 HK): Scheme Offer at HK$0.29

<ul><li>Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.</li><li>The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.</li><li>Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.</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.

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.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.

Property - Weekly highlight: Strong WoW recovery at Mar end, policy relaxation continued

<ul><li>Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.</li><li>We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.</li><li>We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. </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.

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. 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 Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

<ul><li>The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.</li><li>Looking into 2024, we believe the recovery in new home market will still take time.</li><li>Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. </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.

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.Looking into 2024, we believe the recovery in new home market will still take time.Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. 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 Property Sector – NBS Dec data in line, still in bottoming process

China

Binjiang Service Group Co. Ltd. operates as a reputable property management service provider. The Company offers property management services including security, cleaning, gardening, repair, maintenance, and ancillary services to at residential and non-residential properties. Binjiang Service Group serves customers in China.

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Binjiang Service Group (3316 HK)

Property - Weekly highlight: Awaiting more positive signs on property sales

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage...

CMB International

Huafa Property Services (982 HK): Scheme Offer at HK$0.29

The offer, which has been declared final, is attractive compared to historical share prices and peer multiples. This is a done deal, with payment...

Arun George

Property - Weekly highlight: Strong WoW recovery at Mar end, policy relaxation continued

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market. The company explained the financing challenge it...

CMB International

China Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with...

CMB International

China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

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