Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/tata-steel-ltd' target='_blank' rel='noopener'>Tata Steel Ltd</a></li><li><a href='/entities/jsw-steel-ltd' target='_blank' rel='noopener'>JSW Steel Ltd</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Vedanta ResourcesTata Steel LtdJSW Steel LtdChina Jinmao HoldingsGeely Autoand more...

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

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.</li>
<li>Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cainiao Smart Logistics, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.


Cainiao Pre-IPO - The Negatives - Growth Still Driven by China Ops, Pricing Pressure Persists

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Macroeconomics

<ul>
<li>Weekly new home sales for a group of 15 major cities to the week ending Sep 24, continue to show deterioration in aggregate (YTD y/y, 4-week y/y, 52-week y/y) </li>
<li>But some cities, including Beijing and Shanghai, saw a jump in new home sales reported for the last week (based on the underlying data from CREIS)</li>
<li>This is likely the first signs of impact from the latest policy easing measures that now start showing in the data</li>
</ul>


Weekly new home sales for a group of 15 major cities to the week ending Sep 24, continue to show deterioration in aggregate (YTD y/y, 4-week y/y, 52-week y/y) 
But some cities, including Beijing and Shanghai, saw a jump in new home sales reported for the last week (based on the underlying data from CREIS)
This is likely the first signs of impact from the latest policy easing measures that now start showing in the data


China Property - First Signs Of Improvement In Some Cities (Weekly New Home Sales To Sep 24)

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-inc" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its one-year lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its one-year lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK).
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo IPO Lock-Up - US$1bn+ Lockup Release, Parent Could Still Sell

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technologie" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.</li>
<li>LM is a smart EV company based in China, founded in 2015.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.
LM is a smart EV company based in China, founded in 2015.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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China Vanke (000002 CH)

Weekly Wrap - 29 Sep 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Cainiao Pre-IPO - The Negatives - Growth Still Driven by China Ops, Pricing Pressure Persists

Cainiao, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

China Property - First Signs Of Improvement In Some Cities (Weekly New Home Sales To Sep 24)

China Property: First signs of the impact of policy easing in some cities where new home sales jumped in the week to Sep 24, though in aggregate...

Robert Ciemniak

Onewo IPO Lock-Up - US$1bn+ Lockup Release, Parent Could Still Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its one-year lockup is set to expire soon.

Sumeet Singh

Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire...

Sumeet Singh

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