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>Economy /Cover Story: China’s consumers are flush with cash, so why does the recovery have the wobbles?</li><li>Ukraine-Russia /: Russia, Ukraine open to peace talks but obstacles remain, China’s peace envoy says</li><li>Debt collection /: Chinese debt collector suspends business after police raids</li></ul>

Economy /Cover Story: China’s consumers are flush with cash, so why does the recovery have the wobbles?Ukraine-Russia /: Russia, Ukraine open to peace talks but obstacles remain, China’s peace envoy saysDebt collection /: Chinese debt collector suspends business after police raids

CX Daily: China’s Consumers Are Flush With Cash, So Why Does the Recovery Have the Wobbles?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 24 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>This time we observe outperformance when inclusion took place but not between announcement and inclusion. Southbound trade account for a significant portion of the trading volumes, still.</li>
</ul>


After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 24 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
This time we observe outperformance when inclusion took place but not between announcement and inclusion. Southbound trade account for a significant portion of the trading volumes, still.


HK Connect: Mar '22 Inclusion Post-Event Analysis

<ul><li>Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in China</li><li>Imprisonment / Chinese man exonerated after record 29 years of wrongful imprisonment</li><li>Covid-19 / China clears first homegrown mRNA Covid vaccine</li></ul>

Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in ChinaImprisonment / Chinese man exonerated after record 29 years of wrongful imprisonmentCovid-19 / China clears first homegrown mRNA Covid vaccine

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

Equity Bottom-Up

China Huarong Asset Management / Equity Bottom-Up

<ul><li>China Huarong Asset Management Co. Ltd. expects to post a net loss of 27.6 billion yuan ($4 billion) for 2022.</li><li>Citing factors including volatility in the capital markets leading to declines in the value of some assets, business transition and the real estate industry slump.</li><li>The bad-debt manager said it adjusted its business structure last year, resulting in less nonperforming asset acquisition and restructuring and less revenue.</li></ul>

China Huarong Asset Management Co. Ltd. expects to post a net loss of 27.6 billion yuan ($4 billion) for 2022.Citing factors including volatility in the capital markets leading to declines in the value of some assets, business transition and the real estate industry slump.The bad-debt manager said it adjusted its business structure last year, resulting in less nonperforming asset acquisition and restructuring and less revenue.

China Huarong Expects to Post $4 Billion Loss for 2022

Founder of Antler Capital

Stanley Tsai, CFA

Thematic (Sector/Industry)

<ul>
<li>We welcome the regulators' formalization of financial asset classifications. This will gradually remove regulatory arbitrage and pave the way for further bank reintermediation.</li>
<li>The new rules will likely have limited impacts on bond holdings that have active secondary markets, but illiquid debt investment plans will come under more intense regulatory and auditor scrutiny.</li>
<li>We see an impact of 10-15bp on the listed banks' reported NPL ratios. That said, a handful of banks may be at risk of capital shortages if the environment worsens. </li>
</ul>


We welcome the regulators' formalization of financial asset classifications. This will gradually remove regulatory arbitrage and pave the way for further bank reintermediation.
The new rules will likely have limited impacts on bond holdings that have active secondary markets, but illiquid debt investment plans will come under more intense regulatory and auditor scrutiny.
We see an impact of 10-15bp on the listed banks' reported NPL ratios. That said, a handful of banks may be at risk of capital shortages if the environment worsens. 


Chinese Banks: New Asset Classification Rules | You Can Run but You Can't Hide

China

China Huarong Asset Management Co Ltd. provides a variety of financial services. The Company offers asset management, banking, securities services, financial leasing, trust services, and investment services. China Huarong Asset Management maintains branch locations throughout China.

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China Huarong Asset Management (2799 HK)

CX Daily: China’s Consumers Are Flush With Cash, So Why Does the Recovery Have the Wobbles?

Economy /Cover Story: China’s consumers are flush with cash, so why does the recovery have the wobbles? Ukraine-Russia /: Russia, Ukraine open to...

Caixin Global

HK Connect: Mar '22 Inclusion Post-Event Analysis

We analyzed the performance of stocks for the March 2023 batch of Hong Kong Connect inclusion, including the performance post announcement, post...

Ke Yan, CFA, FRM

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

In Depth: Why a sperm bank drive is fueling fears of infertility in China. Chinese man exonerated after record 29 years of wrongful imprisonment....

Caixin Global

China Huarong Expects to Post $4 Billion Loss for 2022

China Huarong Asset Management Co. Ltd. expects to post a net loss of 27.6 billion yuan ($4 billion) for 2022. Citing factors including volatility...

Caixin Global

Chinese Banks: New Asset Classification Rules | You Can Run but You Can't Hide

New asset classification rules have officially been announced. We see this as a long-term positive for the sector as regulators continue to bring...

Stanley Tsai, CFA

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