Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>The global energy shock is creating a divergence in electricity costs, not just fuel prices—this is reshaping manufacturing competitiveness in favour of China.</li>
<li>China’s coal-heavy, regulated power system insulates industrial costs, while LNG-dependent Asian and European exporters face margin compression. </li>
<li>This sets up a structural reallocation of global manufacturing share—an early-stage “China Shock 2.0” driven by energy economics, not labour arbitrage.</li>
</ul>


The global energy shock is creating a divergence in electricity costs, not just fuel prices—this is reshaping manufacturing competitiveness in favour of China.
China’s coal-heavy, regulated power system insulates industrial costs, while LNG-dependent Asian and European exporters face margin compression. 
This sets up a structural reallocation of global manufacturing share—an early-stage “China Shock 2.0” driven by energy economics, not labour arbitrage.


Energy Shock Is Not Symmetric — Why China Wins This Cycle

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> launched with a strong cornerstone book, while <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> didn't make much of a splash.</li>
<li>On the placement front, GIC sold out of <a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare Holdings (SUNMED MK)</a>, while it was the chairman's turn to sell some more of <a href="https://www.smartkarma.com/entities/kanzhun-ltd-class-a" target="_blank" data-smartkarma-citation="entities:36622:1" rel="noopener">Kanzhun (2076 HK)</a> stock.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn't make much of a splash.
On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman's turn to sell some more of Kanzhun (2076 HK) stock.


Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> is worth more than ¥200/share over the medium-term. But expect this <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a> spinoff to create trading and accumulation opportunities in the near future.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine (8766 JP)</a> reportedly identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. It's a clean play after selling Suncorp Bank to ANZ. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">IAG (IAG AU)</a> is now cleaner after settling the Greensill litigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. </li>
</ul>



Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.

Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It's a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.

Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. 


Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

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>Gaming / In Depth: Video Game Studios Bank on AI Future</li><li>Service /China Doubles Down on Policy Drive to Boost Service Spending</li><li>Corruption /Peking University Vice President Investigated for Graft</li><li>Banks /Exclusive: Chinese Banks Guided to Help Clear SOE Arrears to Private Firms</li></ul>

Gaming / In Depth: Video Game Studios Bank on AI FutureService /China Doubles Down on Policy Drive to Boost Service SpendingCorruption /Peking University Vice President Investigated for GraftBanks /Exclusive: Chinese Banks Guided to Help Clear SOE Arrears to Private Firms

CX Daily: Video Game Studios Bank on AI Future 

China

Chery Automobile is a Chinese automobile manufacturer that designs, develops, manufactures, and sells passenger vehicles, automotive parts, and components. It offers internal combustion engines and new energy vehicles under brands such as CHERY, JETOUR, EXEED, iCAR, and LUXEED. The company is headquartered in Wuhu, Anhui, China, and was founded in 1997.

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Chery (9973 HK)

Energy Shock Is Not Symmetric — Why China Wins This Cycle

Energy shocks boost China's manufacturing edge as coal-based power beats costly LNG. This shift could structurally reallocate global manufacturing...

Mo Aziz

Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

CX Daily: Video Game Studios Bank on AI Future

TOP STORIES Gaming / In Depth: Video Game Studios Bank on AI Future Video game studios are using artificial intelligence (AI) to reshape how...

Caixin Global

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