External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The large price spread between LNG and diesel continued to boost the sales volume of natural gas heavy-duty trucks (HDT).</li><li>According to the preliminary data from Cvworld, the industry sales volume of gas HDT surged 14.8x YoY to 23k units in Oct, representing 29% of the total HDT sold.</li><li>In 10M23, sales volume of gas HDT surged 3.1x YoY to ~130k units, accounting for ~17% of total HDT sold.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The large price spread between LNG and diesel continued to boost the sales volume of natural gas heavy-duty trucks (HDT).According to the preliminary data from Cvworld, the industry sales volume of gas HDT surged 14.8x YoY to 23k units in Oct, representing 29% of the total HDT sold.In 10M23, sales volume of gas HDT surged 3.1x YoY to ~130k units, accounting for ~17% of total HDT sold.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Heavy Duty Truck – Natural Gas HDT +14.8x YoY in Oct on Low Base

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

<ul><li>Several major automakers in China are racing to slash prices on both new-energy (NEV) or conventionally powered vehicles, hoping to survive an escalating price war as consumer demand weakens amid policy changes.</li><li>The price war intensified at the start of March, when state-owned Dongfeng Motor Group Co. Ltd. launched a promotion in its home province of Hubei by offering steep discounts on some of its models</li><li>The promotion, which came two months after U.S. electric-vehicle (EV) giant Tesla Inc.’s eye-catching price cuts, set off a chain reaction across the industry</li></ul>

Several major automakers in China are racing to slash prices on both new-energy (NEV) or conventionally powered vehicles, hoping to survive an escalating price war as consumer demand weakens amid policy changes.The price war intensified at the start of March, when state-owned Dongfeng Motor Group Co. Ltd. launched a promotion in its home province of Hubei by offering steep discounts on some of its modelsThe promotion, which came two months after U.S. electric-vehicle (EV) giant Tesla Inc.’s eye-catching price cuts, set off a chain reaction across the industry

Automakers in China Are Racing to Slash Prices

<ul>
<li>Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.</li>
<li>The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March</li>
<li>China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.</li>
</ul>


Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.
The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March
China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.


Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2026 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 29th May 2026.</li>
<li>There will be 19 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.</li>
<li>The CSI 300 and CSI 500 index rebal events could trigger US$4.7bn and US$4.4bn in one-way flows respectively.</li>
</ul>


The June 2026 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 29th May 2026.
There will be 19 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
The CSI 300 and CSI 500 index rebal events could trigger US$4.7bn and US$4.4bn in one-way flows respectively.


Quiddity CSI 300/​​500 Jun26 Results: 86% Correctly Predicted; Large Flow Event Despite Drop in AUM

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. </li>
<li>The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.</li>
<li>A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. 
The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.
A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.


Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

China

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

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FAW Jiefang Group Co., Ltd A (000800 CH)

China Heavy Duty Truck – Natural Gas HDT +14.8x YoY in Oct on Low Base

The large price spread between LNG and diesel continued to boost the sales volume of natural gas heavy-duty trucks (HDT).

CMB International

Automakers in China Are Racing to Slash Prices

Several major automakers in China are racing to slash prices on both new-energy (NEV) or conventionally powered vehicles, hoping to survive an...

Caixin Global

Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales...

Caixin Global

Quiddity CSI 300/500 Jun26 Results: 86% Correctly Predicted; Large Flow Event Despite Drop in AUM

We correctly predicted 118 out of the 138 confirmed changes (86% success rate) using 136 predictions (87% accuracy). The Net inflow names could...

Janaghan Jeyakumar, CFA

Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Tough space getting tougher. XPeng (9868 HK) reported 1Q26 losses widened 169% to RMB1.78bn on lower vehicle deliveries. This follows widening 1Q26...

David Blennerhassett

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China Heavy Duty Truck – Natural Gas HDT +14.8x YoY in Oct on Low Base

The large price spread between LNG and diesel continued to boost the sales volume of natural gas heavy-duty trucks (HDT).

CMB International

Automakers in China Are Racing to Slash Prices

Several major automakers in China are racing to slash prices on both new-energy (NEV) or conventionally powered vehicles, hoping to survive an...

Caixin Global

Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales...

Caixin Global

Quiddity CSI 300/​​500 Jun26 Results: 86% Correctly Predicted; Large Flow Event Despite Drop in AUM

We correctly predicted 118 out of the 138 confirmed changes (86% success rate) using 136 predictions (87% accuracy). The Net inflow names could...

Janaghan Jeyakumar, CFA

Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Tough space getting tougher. XPeng (9868 HK) reported 1Q26 losses widened 169% to RMB1.78bn on lower vehicle deliveries. This follows widening 1Q26...

David Blennerhassett

Quiddity CSI 300/500 Jun26 Results: 86% Correctly Predicted; Large Flow Event Despite Drop in AUM