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>In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong?</li><li>China’s cabinet vows stronger policy to boost jobs amid Covid upsurge</li><li>Yuan losses have room to run as Covid puts economy under siege</li></ul>

In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong?China’s cabinet vows stronger policy to boost jobs amid Covid upsurgeYuan losses have room to run as Covid puts economy under siege

CX Daily: Will Wind Go Out of SPACs’ Sails in Singapore and Hong Kong?

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Several news media outlets report that ByteDance has launched a new music streaming service in China called Qishui Yinyue.</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment" target="_blank" data-smartkarma-citation="entities:27255:1" rel="noopener">Tencent Music (TME US)</a> earnings have come under pressure with ending of exclusive music streaming licensing deals and increased regulatory pressure on its social entertainment biz.</li>
<li>We expect TME’s 1Q2022E earnings to decline further with increased competition and drop in social entertainment.</li>
</ul>


Several news media outlets report that ByteDance has launched a new music streaming service in China called Qishui Yinyue.

Tencent Music (TME US) earnings have come under pressure with ending of exclusive music streaming licensing deals and increased regulatory pressure on its social entertainment biz.
We expect TME’s 1Q2022E earnings to decline further with increased competition and drop in social entertainment.


TME – ByteDance’s Launch of Music Streaming App to Add Further Pressure on Earnings

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.

Event-Driven

<ul>
<li>After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. </li>
</ul>


After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. 


HK Connect: March '22 Inclusion Post-Event Analysis

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.

Equity Capital Markets

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched an HKEx dual-primary listing to raise $150-200 million. Zhihu will not receive any of the net proceeds as it is offering from selling shareholders.</li>
<li>Zhihu shares are down 73% from the IPO price of $9.50 per ADS (March 2021) largely due to the tech sell-off and regulatory uncertainty on ADR listings.  </li>
<li>While a loss-making Chinese tech name is not everybody's cup of tea in the current environment, Zhihu has delivered resilient performance and the valuation is undemanding. </li>
</ul>



Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. Zhihu will not receive any of the net proceeds as it is offering from selling shareholders.
Zhihu shares are down 73% from the IPO price of $9.50 per ADS (March 2021) largely due to the tech sell-off and regulatory uncertainty on ADR listings.  
While a loss-making Chinese tech name is not everybody's cup of tea in the current environment, Zhihu has delivered resilient performance and the valuation is undemanding. 


Zhihu Dual-Primary Listing: A Question of Judgment

Thematic (Sector/Industry)

<ul>
<li>Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad</li>
<li>Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first</li>
<li>
Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets

</li>
</ul>


Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad
Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first

Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets




China’s Tech, Media and Telecom Companies Flock to Domestic Markets

China

CLOUD VILLAGE INC operates as a music company. The Company develops a leading online music paltform which provides community centric online music services, social entertainment services, and other services. Cloud Village provides its services throughout China.

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Cloud Village (9899 HK)

CX Daily: Will Wind Go Out of SPACs’ Sails in Singapore and Hong Kong?

In Depth: Will wind go out of SPACs’ sails in Singapore and Hong Kong? China’s cabinet vows stronger policy to boost jobs amid Covid upsurge

Caixin Global

TME – ByteDance’s Launch of Music Streaming App to Add Further Pressure on Earnings

ByteDance has launched a new music streaming service in China called Qishui Yinyue. TME’s earnings have come under pressure with ending of...

Shifara Samsudeen, FCMA, CGMA

HK Connect: March '22 Inclusion Post-Event Analysis

We provide post-event analysis for the March 7th stock inclusion. We analyzed performance for key milestones dates, impact on trading volume and...

Ke Yan, CFA, FRM

Zhihu Dual-Primary Listing: A Question of Judgment

Zhihu has launched an HKEx dual-primary listing to raise $150-200m. While a loss-making Chinese tech name is not enticing, Zhihu has delivered...

Arun George

China’s Tech, Media and Telecom Companies Flock to Domestic Markets

Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of...

Caixin Global

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