Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns</li><li>China’s environment ministry has accepted for review an environmental-impact report for a major deepwater natural-gas project in the South China Sea, but whale experts and environmental advocates say the document fails to assess risks to sperm whales, a nationally protected species that uses nearby waters as a nursery area.</li><li>China’s surveyed urban youth unemployment rate rose to 18.9% in August, matching the highest level since the current methodology was adopted in 2024.</li></ul>

In Depth: China’s Deepwater Gas Expansion Collides With Whale Conservation ConcernsChina’s environment ministry has accepted for review an environmental-impact report for a major deepwater natural-gas project in the South China Sea, but whale experts and environmental advocates say the document fails to assess risks to sperm whales, a nationally protected species that uses nearby waters as a nursery area.China’s surveyed urban youth unemployment rate rose to 18.9% in August, matching the highest level since the current methodology was adopted in 2024.

CX Daily: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns 

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.</li>
<li>China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.</li>
<li>AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.</li>
</ul>


OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.


This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.</li>
<li>The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.</li>
<li>A-H premium is a clear cross-sectional screen in this sample.</li>
</ul>


We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.
The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.
A-H premium is a clear cross-sectional screen in this sample.


HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Contemporary Amperex Technology / Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Option positioning shifted from bullish to neutral, while traded bull call spreads suggest option traders view HKD 800 as the upper end of CATL’s medium-term target range.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.</li>
</ul>



Context: Over the past five trading days, CATL (3750 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Option positioning shifted from bullish to neutral, while traded bull call spreads suggest option traders view HKD 800 as the upper end of CATL’s medium-term target range.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.


CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

<ul>
<li>
Market dominance: CATL remains the dominant battery leader across PV, ESS, CV and exports, with premium-segment strength, early CV penetration growth, rising ESS share and robust RMB100mn+ NP/GWh unit economics.</li>
<li>
Technology: Sodium-ion and semi-solid / condensed batteries extend CATL into value and premium segments, while ESS systems and CV battery swap deepen customer relevance across new growth categories.</li>
<li>
Valuation: Our TP implies 100%+ on A-share and  40%+ on H-share - any consolidation is a strong buy opportunity. High-conviction long-term compounder. H-share vs A-share premium a key watch.</li>
</ul>



Market dominance: CATL remains the dominant battery leader across PV, ESS, CV and exports, with premium-segment strength, early CV penetration growth, rising ESS share and robust RMB100mn+ NP/GWh unit economics.

Technology: Sodium-ion and semi-solid / condensed batteries extend CATL into value and premium segments, while ESS systems and CV battery swap deepen customer relevance across new growth categories.

Valuation: Our TP implies 100%+ on A-share and  40%+ on H-share - any consolidation is a strong buy opportunity. High-conviction long-term compounder. H-share vs A-share premium a key watch.


CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

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: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns

In Depth: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns China’s environment ministry has accepted for...

Caixin Global

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM

CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

After a 42% year-to-date rally, CATL's option positioning has shifted from bullish to neutral. Multi-leg option trades suggest HKD 800 as the upper...

Gaudenz Schneider

CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...

Raj S, CA, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns

In Depth: China’s Deepwater Gas Expansion Collides With Whale Conservation Concerns China’s environment ministry has accepted for...

Caixin Global

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM

CATL (3750 HK): 42% YTD Rally - Option Traders Target HKD 800 as Positioning Turns Neutral

After a 42% year-to-date rally, CATL's option positioning has shifted from bullish to neutral. Multi-leg option trades suggest HKD 800 as the upper...

Gaudenz Schneider

CATL (3750HK / 3000750 CH): Long-Term Compounder Proving Market Dominance

​CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...

Raj S, CA, CFA

CATL maintains market dominance with strong presence in various battery sectors and positioned for the future with many first-to-market...