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>NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. </li><li>Foreign affairs / Xi and Putin vow to have each other’s back. </li><li>Drought / Central China’s Hunan province faces severe drought. </li></ul>

NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. Foreign affairs / Xi and Putin vow to have each other’s back. Drought / Central China’s Hunan province faces severe drought. 

CX Daily: New Battle Lines Emerge in China’s Shifting NEV Market

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In Depth: How a state insurance boss got a cache of gold bars. 
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Jiangsu plans to set up an investigation team to look into the case of a mother of eight who was found shackled to the wall of a shed and is suspected of being trafficked.
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Global investors reveal China stocks they picked and ditched. Some of the world’s top institutional investors have been disclosing the U.S.-listed Chinese stocks they bought, sold and held.
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In Depth: How a state insurance boss got a cache of gold bars. 


Jiangsu plans to set up an investigation team to look into the case of a mother of eight who was found shackled to the wall of a shed and is suspected of being trafficked.


Global investors reveal China stocks they picked and ditched. Some of the world’s top institutional investors have been disclosing the U.S.-listed Chinese stocks they bought, sold and held.



CX Daily: How a State Insurance Boss Got a Cache of Gold Bars

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Cover Story: State insurance boss’s capital games in Hong Kong
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BlackRock unit gets green light to join personal pension trial in China
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China’s sales of land-use rights plunge, squeezing local government budgets
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Cover Story: State insurance boss’s capital games in Hong Kong


BlackRock unit gets green light to join personal pension trial in China


China’s sales of land-use rights plunge, squeezing local government budgets



CX Daily: State Insurance Boss’s Capital Games in Hong Kong

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.

Equity Bottom-Up

<ul><li>China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in 3Q23 (vs a net gain of RMB16.2bn in 3Q22).</li><li>The drop under the old standard was sharper, shown as - 47.8%/-99.1 YoY in 9M/3Q23. We see the 3Q net earnings setback a result of: 1) pressured investment income, with total investment yield down to 2.81%, -1.22pct/- 0.52pct from 9M22/1H23; and 2) enlarged impairment loss on equities of RMB19.7bn in 3Q, versus RMB9.1bn in 2Q (+117% QoQ).</li><li>Despite investment underperformance, the company showed in-line NBV growth by +14.0% YoY in 9M23, driven by +14.8% YoY in first-year premiums (FYP). We estimate that 3Q NBV was down by ~6% YoY, possibly caused by certain demands released in advance before Jul 31. </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.

China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in 3Q23 (vs a net gain of RMB16.2bn in 3Q22).The drop under the old standard was sharper, shown as - 47.8%/-99.1 YoY in 9M/3Q23. We see the 3Q net earnings setback a result of: 1) pressured investment income, with total investment yield down to 2.81%, -1.22pct/- 0.52pct from 9M22/1H23; and 2) enlarged impairment loss on equities of RMB19.7bn in 3Q, versus RMB9.1bn in 2Q (+117% QoQ).Despite investment underperformance, the company showed in-line NBV growth by +14.0% YoY in 9M23, driven by +14.8% YoY in first-year premiums (FYP). We estimate that 3Q NBV was down by ~6% YoY, possibly caused by certain demands released in advance before Jul 31. 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 Life (2628 HK) – 3Q NP Dragged by Investment Setbacks

<ul><li>China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life and annuities amid the first-half trend in savings sales among peers.</li><li>Despite an improved underwriting structure, the insurer’s net profit down by 8.0% in 1H23 (vs +17.8% in 1Q23), translating to -24.4% in 2Q23, primarily hurt by investment loss given a bumpy equity market in 2Q23,</li><li>We believe the interim NP pushback is in short-term, and expect the more balanced product and channel mix to drive the insurer’s long-term value growth amid an industry-wide product shift in 2H2</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.

China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life and annuities amid the first-half trend in savings sales among peers.Despite an improved underwriting structure, the insurer’s net profit down by 8.0% in 1H23 (vs +17.8% in 1Q23), translating to -24.4% in 2Q23, primarily hurt by investment loss given a bumpy equity market in 2Q23,We believe the interim NP pushback is in short-term, and expect the more balanced product and channel mix to drive the insurer’s long-term value growth amid an industry-wide product shift in 2H2Content 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 Life (2628 HK) – Outpaced VNB Growth in 1H23

China

China Life Insurance Company Limited is a Beijing-headquartered company that provides a comprehensive suite of life, health, and accident insurance products and services to individuals and groups. The company also offers pension plans and engages in asset management. It was founded in 1949 and is headquartered in Beijing, China.

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China Life Insurance (2628 HK)

CX Daily: New Battle Lines Emerge in China’s Shifting NEV Market

NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. Foreign affairs / Xi and Putin vow to have each other’s back.

Caixin Global

CX Daily: How a State Insurance Boss Got a Cache of Gold Bars

In Depth: How a state insurance boss got a cache of gold bars. Jiangsu plans to set up an investigation team to look into the case of a mother of...

Caixin Global

CX Daily: State Insurance Boss’s Capital Games in Hong Kong

Cover Story: State insurance boss’s capital games in Hong Kong, BlackRock unit gets green light to join personal pension trial in China...

Caixin Global

China Life (2628 HK) – 3Q NP Dragged by Investment Setbacks

China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in...

CMB International

China Life (2628 HK) – Outpaced VNB Growth in 1H23

China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life...

CMB International

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