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Cross Asset Strategy

<ul><li>In Depth: How the Gree Windfall Got Squandered</li><li>Analysis: Chinese Savers Move Beyond Bank Deposits as Rates Fall</li><li>Exclusive: China Steps Up Oversight of Bond Rating Terminations</li><li>China Evergrande Liquidators Sue PwC for $8.4 Billion Over Audit Work</li></ul>

In Depth: How the Gree Windfall Got SquanderedAnalysis: Chinese Savers Move Beyond Bank Deposits as Rates FallExclusive: China Steps Up Oversight of Bond Rating TerminationsChina Evergrande Liquidators Sue PwC for $8.4 Billion Over Audit Work

CX Daily: How the Gree Windfall Got Squandered 

<ul><li>Huawei /: Huawei cedes some control over sales to automaking partners, sources say</li><li>IPO /: Li Ka-shing’s son takes insurer FWD public in Hong Kong</li><li>Hikvision /: Chinese surveillance-gear maker fights Canadian ban</li></ul>

Huawei /: Huawei cedes some control over sales to automaking partners, sources sayIPO /: Li Ka-shing’s son takes insurer FWD public in Hong KongHikvision /: Chinese surveillance-gear maker fights Canadian ban

CX Daily: Huawei Cedes Some Control Over Sales to Automaking Partners, Sources Say 

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CCSH Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ccsh-corporation" target="_blank" data-smartkarma-citation="entities:58604:1" rel="noopener">CCSH Corporation (CCSH CH)</a> aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.</li>
<li>Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.</li>
<li>While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. </li>
</ul>



CCSH Corporation (CCSH CH) aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.
Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.
While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. 


CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

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.

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> is a branded independent memory product company. It is seeking to raise US$798 million.     </li>
<li>It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).</li>
<li>The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.</li>
</ul>



Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$798 million.     
It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).
The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.


Longsys Electronics H Share Listing (9976 HK): The Investment Case

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a>, a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.</li>
<li>Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.</li>
<li>Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.</li>
</ul>


The IPO of Shenzhen Longsys Electronics (9976 HK), a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.
Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.
Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.


Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

China

CXMT Corporation develops, manufactures, and distributes integrated circuit products. The Company produces dynamic random-access memory chips. CXMT conducts businesses in China.

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CXMT Corporation (688825 CH)

CX Daily: How the Gree Windfall Got Squandered

TOP STORIES In Depth: How the Gree Windfall Got Squandered A widening corruption probe in the southern Chinese manufacturing city of Zhuhai is...

Caixin Global

CX Daily: Huawei Cedes Some Control Over Sales to Automaking Partners, Sources Say

TOP STORIES Huawei / Huawei cedes some control over sales to automaking partners, sources say Huawei Technologies Co. Ltd. is relinquishing some...

Caixin Global

CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

CCSH aims to raise Rmb33bn from an A-share IPO. Its key strengths are its leadership position, technological capability, extensive product...

Osbert Tang, CFA

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

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52-week Range

Market Cap (USDm)

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CX Daily: How the Gree Windfall Got Squandered

TOP STORIES In Depth: How the Gree Windfall Got Squandered A widening corruption probe in the southern Chinese manufacturing city of Zhuhai is...

Caixin Global

CX Daily: Huawei Cedes Some Control Over Sales to Automaking Partners, Sources Say

TOP STORIES Huawei / Huawei cedes some control over sales to automaking partners, sources say Huawei Technologies Co. Ltd. is relinquishing some...

Caixin Global

CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

CCSH aims to raise Rmb33bn from an A-share IPO. Its key strengths are its leadership position, technological capability, extensive product...

Osbert Tang, CFA

Longsys Electronics H Share Listing (9976 HK): The Investment Case

Longsys Electronics is a branded independent memory product company. It is seeking to raise US$798 million. In this note, I discuss the investment...

Arun George

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA