Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Cross Asset Strategy

<ul><li>The HSI opened 155 pts higher.</li><li>Sentiment improved as US futures advanced and Asian shares recovered from earlier losses, while oil prices retreated after US President Trump said he would not attack Iran before the midterm elections.</li><li>China’s 10-year government bond yield fell to 1.70% on Friday, retreating from a near one-month high in the previous session, as yuan-denominated debt attracts global borrowers seeking cheaper financing.</li></ul>

The HSI opened 155 pts higher.Sentiment improved as US futures advanced and Asian shares recovered from earlier losses, while oil prices retreated after US President Trump said he would not attack Iran before the midterm elections.China’s 10-year government bond yield fell to 1.70% on Friday, retreating from a near one-month high in the previous session, as yuan-denominated debt attracts global borrowers seeking cheaper financing.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Whether COL's strategy of "burning money to expand scale" can smoothly transition to a stable profit-making stage is highly uncertain. At present, the profit turning point remains unclear.</li>
<li>Investors have reason to worry when the trend of "AI + micro dramas" weakens, COL may make strategic shifts, resulting in current investment not being able to generate long-term assets.</li>
<li>Although COL's IP library is massive, the scarcity/commercial value of top IPs aren't on the same level as <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature</a>. So, the "ceiling" for COL’s IP derivative development is lower.</li>
</ul>


Whether COL's strategy of "burning money to expand scale" can smoothly transition to a stable profit-making stage is highly uncertain. At present, the profit turning point remains unclear.
Investors have reason to worry when the trend of "AI + micro dramas" weakens, COL may make strategic shifts, resulting in current investment not being able to generate long-term assets.
Although COL's IP library is massive, the scarcity/commercial value of top IPs aren't on the same level as China Literature. So, the "ceiling" for COL’s IP derivative development is lower.


Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

<ul><li>The HSI opened down 164 pts and once slid 294 pts in early trading to a trough of 25,290 before narrowing losses.</li><li>Hawkish remarks from Federal Reserve Chair Kevin Warsh also revived expectations of a September US rate hike, with markets pricing a 57% chance of a move.</li><li>Meanwhile, China's manufacturing PMI rose to 49.8 in August from 49.2 in July, beating expectations of 49.7 but remaining in contraction for a second consecutive month.</li></ul>

The HSI opened down 164 pts and once slid 294 pts in early trading to a trough of 25,290 before narrowing losses.Hawkish remarks from Federal Reserve Chair Kevin Warsh also revived expectations of a September US rate hike, with markets pricing a 57% chance of a move.Meanwhile, China's manufacturing PMI rose to 49.8 in August from 49.2 in July, beating expectations of 49.7 but remaining in contraction for a second consecutive month.

<ul><li>The HSI opened down 21 pts before struggling between bulls and bears.</li><li>Sentiment was dampened after China's official PMIs unexpectedly fell back into contraction in July.</li><li>The rally was fueled by renewed optimism over AI spending after major US tech firms reinforced their aggressive investment plans.</li></ul>

The HSI opened down 21 pts before struggling between bulls and bears.Sentiment was dampened after China's official PMIs unexpectedly fell back into contraction in July.The rally was fueled by renewed optimism over AI spending after major US tech firms reinforced their aggressive investment plans.

China

Col Group Co.,ltd. operates publishing businesses. The Company offers digital and print publishing services. Col Group also offers digital reading, intellectual property operation, game development, educational services, and other services.

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COL Global (1002176D CH)

Quam Morning Note (12 Oct)

The HSI opened 155 pts higher. Sentiment improved as US futures advanced and Asian shares recovered from earlier losses, while oil prices...

Quam Securities

Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...

Xinyao (Criss) Wang

Quam Morning Note (1 Sep)

The HSI opened down 164 pts and once slid 294 pts in early trading to a trough of 25,290 before narrowing losses. Hawkish remarks from Federal...

Quam Securities

Quam Morning Note (3 Aug)

The HSI opened down 21 pts before struggling between bulls and bears. Sentiment was dampened after China's official PMIs unexpectedly fell back...

Quam Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quam Morning Note (12 Oct)

The HSI opened 155 pts higher. Sentiment improved as US futures advanced and Asian shares recovered from earlier losses, while oil prices...

Quam Securities

Pre-IPO COL Global/Chineseall Digital Publishing (A/H Listing)- The Profit Model Is Facing Challenge

​Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...

Xinyao (Criss) Wang

Quam Morning Note (1 Sep)

The HSI opened down 164 pts and once slid 294 pts in early trading to a trough of 25,290 before narrowing losses. Hawkish remarks from Federal...

Quam Securities

Quam Morning Note (3 Aug)

The HSI opened down 21 pts before struggling between bulls and bears. Sentiment was dampened after China's official PMIs unexpectedly fell back...

Quam Securities

Investors are concerned about whether COL's expansion strategy can lead to long-term profit, as the trend of "AI + micro dramas" weakens and top...