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>Autos / In Depth: Controversial Li Auto video levels spotlight on ‘customized’ crash testing</li><li>AI /Exclusive: NetEase executive explains how AI agents could build a future of virtual teachers</li><li>E-commerce /: Pinduoduo’s growth slows as competition, tariffs hit Temu expansion</li></ul>

Autos / In Depth: Controversial Li Auto video levels spotlight on ‘customized’ crash testingAI /Exclusive: NetEase executive explains how AI agents could build a future of virtual teachersE-commerce /: Pinduoduo’s growth slows as competition, tariffs hit Temu expansion

CX Daily: Controversial Li Auto Video Levels Spotlight on ‘Customized’ Crash Testing 

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.</li>
<li>
Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.</li>
<li>
Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.</li>
</ul>



Xiaomi (1810 HK) reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.

Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.

Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.


Xiaomi (1810 HK): Earnings Recap & Volatility Dynamics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

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

Equity Bottom-Up

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.</li>
<li>Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.</li>
<li>Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.</li>
</ul>


Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.


Palantir Technologies Inc:  Rotation Signals Momentum Shift

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

CX Daily: Controversial Li Auto Video Levels Spotlight on ‘Customized’ Crash Testing

TOP STORIES Autos / In Depth: Controversial Li Auto video levels spotlight on ‘customized’ crash testing In the video, a sleek SUV and an 8-ton...

Caixin Global

Xiaomi (1810 HK): Earnings Recap & Volatility Dynamics

Xiaomi beats 2Q25 expectations, triggering a drop in implied volatility and highlighting potential opportunities for investors in long-volatility...

Gaudenz Schneider

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH), a provider of memory interface and interconnect chips, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Palantir Technologies Inc: Rotation Signals Momentum Shift

Palantir has surged into global fund portfolios, doubling ownership to record highs. Growth-led buying and a 500% rally push it toward Tesla-like...

Steven Holden

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