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Caixin Global

Articles from Caixin Global

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News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: The School at the Edge of China’s Education Dream</li><li>For Feng Hongxia, the journey to secure an elite education for her son was arduous.</li><li>From her home in northern China’s Inner Mongolia region, she traveled more than 10 hours to the tropical southern province of Yunnan, then boarded a train to the border town of Mohan.</li></ul>

Cover Story: The School at the Edge of China’s Education DreamFor Feng Hongxia, the journey to secure an elite education for her son was arduous.From her home in northern China’s Inner Mongolia region, she traveled more than 10 hours to the tropical southern province of Yunnan, then boarded a train to the border town of Mohan.

CX Daily: The School at the Edge of China’s Education Dream 

Equity Long-Short

Mo Aziz

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

Contemporary Amperex Technology (3750 HK)

<ul>
<li>CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.</li>
<li>Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. </li>
<li>Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. </li>
</ul>


CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.
Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. 
Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. 


CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

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

Contemporary Amperex Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> could look to raise another US$5bn in Hong Kong via a placement, as per media reports.</li>
<li>CATL had raised around US$5.2bn in its H-share listing in May 2025 and the stock is up 160% since. </li>
<li>In this note, we will talk about the possible deal dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (3750 HK) could look to raise another US$5bn in Hong Kong via a placement, as per media reports.
CATL had raised around US$5.2bn in its H-share listing in May 2025 and the stock is up 160% since. 
In this note, we will talk about the possible deal dynamics.


Aequitas: CATL Possible H-Share Issuance - Could Be an Opportunistic US$5bn Raising in Hong Kong

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.</li>
<li>The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.</li>
<li>We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.</li>
</ul>


Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.
The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.
We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.


Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

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.

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technology" target="_blank" data-smartkarma-citation="entities:58788:1" rel="noopener">Guangzhou Tinci Materials Technology (TINCI HK)</a>, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.</li>
<li>It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.</li>
<li>The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.</li>
</ul>



Guangzhou Tinci Materials Technology (TINCI HK), the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.
It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.
The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.


Tinci Materials H Share Listing: The Investment Case

China

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company specializing in lithium-ion batteries for electric vehicles and energy storage systems. It is the world's largest producer of EV and energy storage batteries, also offering battery materials and recycling services. The company was founded in 2011 and is headquartered in Ningde, Fujian province, China.

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Contemporary Amperex Technology (3750 HK)

CX Daily: The School at the Edge of China’s Education Dream

Cover Story: The School at the Edge of China’s Education Dream For Feng Hongxia, the journey to secure an elite education for her son...

Caixin Global

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

CATL’s strong earnings face dilution risk from a potential US$5bn raise funding its mining pivot, shifting to a lower-ROIC model. Near-term sell;...

Mo Aziz

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

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52-week Range

Market Cap (USDm)

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CX Daily: The School at the Edge of China’s Education Dream

Cover Story: The School at the Edge of China’s Education Dream For Feng Hongxia, the journey to secure an elite education for her son...

Caixin Global

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade

CATL’s strong earnings face dilution risk from a potential US$5bn raise funding its mining pivot, shifting to a lower-ROIC model. Near-term sell;...

Mo Aziz

Aequitas: CATL Possible H-Share Issuance - Could Be an Opportunistic US$5bn Raising in Hong Kong

Contemporary Amperex Technology (CATL) (3750 HK) could look to raise another US$5bn in Hong Kong via a placement, as per media reports. In this...

Sumeet Singh

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

​Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

Tinci Materials H Share Listing: The Investment Case

Tinci Materials, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about...

Arun George

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...