Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Four years ago, almost to the day, Bloomberg ran an article, "China Merchants Group Ltd. is exploring taking China Merchants Port Holdings private". <a href="https://www.smartkarma.com/entities/china-merchants-port-holdings-company-ltd" target="_blank" data-smartkarma-citation="entities:15155:1" rel="noopener">China Merchants Ports (144 HK)</a> popped 23%.</li>
<li>CMP gave back (most) of that gain a month later. Shares are up just ~10% since. </li>
<li>CMP's implied stub is bouncing around a multi-year low; and the simple ratio (CMP/ <a href="https://www.smartkarma.com/entities/shanghai-international-port-group-co-ltd" target="_blank" data-smartkarma-citation="entities:14806:1" rel="noopener">Shanghai International Port Group (600018 CH)</a>) is around an all-time low.</li>
</ul>


Four years ago, almost to the day, Bloomberg ran an article, "China Merchants Group Ltd. is exploring taking China Merchants Port Holdings private". China Merchants Ports (144 HK) popped 23%.
CMP gave back (most) of that gain a month later. Shares are up just ~10% since. 
CMP's implied stub is bouncing around a multi-year low; and the simple ratio (CMP/ Shanghai International Port Group (600018 CH)) is around an all-time low.


Revisiting China Merchants Ports (144 HK)

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>Corruption / In Depth: Court sounds alarm about corruption in big tech.</li>
<li>It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.</li>
<li>The district hosts many internet companies’ offices, both headquarters and local branches.</li>
</ul>


Corruption / In Depth: Court sounds alarm about corruption in big tech.
It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.
The district hosts many internet companies’ offices, both headquarters and local branches.


CX Daily: Court Sounds Alarm About Corruption in Big Tech 

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.

Event-Driven

<ul>
<li>On 13 March, Ta Kung Pao, a Hong Kong newspaper owned by the Chinese government and Communist Party, denounced <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>’s planned port transaction.</li>
<li>The <a href="https://www.tkww.hk/a/202503/14/AP67d37c94e4b0fbda9a1257d5.html" target="_blank" rel="noopener">opinion piece</a> is mainly political rhetoric, as even if China managed to block the deal, it would still not address the underlying concerns expressed in the article. </li>
<li>In the near term, the shares will likely be under pressure from a nationalistic backlash. Nevertheless, deal or no deal, the valuation remains undemanding. </li>
</ul>


On 13 March, Ta Kung Pao, a Hong Kong newspaper owned by the Chinese government and Communist Party, denounced CK Hutchison Holdings (1 HK)’s planned port transaction.
The opinion piece is mainly political rhetoric, as even if China managed to block the deal, it would still not address the underlying concerns expressed in the article. 
In the near term, the shares will likely be under pressure from a nationalistic backlash. Nevertheless, deal or no deal, the valuation remains undemanding. 


CK Hutchison (1 HK): Political Turbulence

<ul><li>How the EU’s new tariff hikes will affect China-made EVs</li><li>Hong Kong creates task force to investigate university management's escalating spat</li><li>Bankrupt Sichuan Trust seeks investors to bring business back</li></ul>

How the EU’s new tariff hikes will affect China-made EVsHong Kong creates task force to investigate university management's escalating spatBankrupt Sichuan Trust seeks investors to bring business back

CX Daily: How the EU’s New Tariff Hikes Will Affect China-Made EVs 

<ul><li>Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakers</li><li>Personnel /: China appoints first naval officer as minister of defense</li><li>Property /: Year in Review: China’s real estate sector in crisis</li></ul>

Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakersPersonnel /: China appoints first naval officer as minister of defenseProperty /: Year in Review: China’s real estate sector in crisis

CX Daily: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition 

China

China Merchants Port Group Co., Ltd. offers port operation services. The Company mainly develops, operates, and manages ports. China Merchants Port Group also provides bonded logistics services.

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China Merchants Port Group (201872 CH)

Revisiting China Merchants Ports (144 HK)

For now, I would expect CMG to continue to chip away at CMP (144 HK)'s minorities - it currently holds 72.02%, up from 63.09% when the...

David Blennerhassett

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

CK Hutchison (1 HK): Political Turbulence

The Ta Kung Pao piece is mainly political rhetoric, as even if China managed to block the deal, it would still not address the underlying concerns...

Arun George

CX Daily: How the EU’s New Tariff Hikes Will Affect China-Made EVs

Tariffs / Caixin Explains: How the EU’s new tariff hikes will affect China-made EVs The European Union has decided to provisionally impose extra...

Caixin Global

CX Daily: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition

Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakers -- on track for record sales in...

Caixin Global

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