Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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News from Caixin

Cross Asset Strategy

Chips /In Depth: Cambricon’s Meteoric Rise Collides With Harsh Reality CheckProperty /: R&amp;F Sells Changsha Hotel at 30% Discount as Luxury Portfolio Begins to UnravelEnergy /: BP’s Castrol Wants to Cool China’s Red-Hot Data Centers

Chips /In Depth: Cambricon’s Meteoric Rise Collides With Harsh Reality CheckProperty /: R&amp;F Sells Changsha Hotel at 30% Discount as Luxury Portfolio Begins to UnravelEnergy /: BP’s Castrol Wants to Cool China’s Red-Hot Data Centers

CX Daily: Cambricon’s Meteoric Rise Collides With Harsh Reality Check 

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> raised around US$530m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the ADS movement and trading dynamics.</li>
</ul>



Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the ADS movement and trading dynamics.


Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest impact passive sell. </li>
<li>There will be more flows in a lot of these stocks from <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> at the close on Friday.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest impact passive sell. 
There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.</li>
<li>Expansion plans: ¥700 bn capex and ¥1.5 tn R&amp;D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.</li>
<li>Valuation &amp; growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.</li>
</ul>


Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.
Expansion plans: ¥700 bn capex and ¥1.5 tn R&amp;D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.
Valuation &amp; growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.


Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

CX Daily: Cambricon’s Meteoric Rise Collides With Harsh Reality Check

TOP STORIES Chips / In Depth: Cambricon’s Meteoric Rise Collides With Harsh Reality Check Chinese artificial intelligence (AI) chipmaker...

Caixin Global

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...

Rahul Jain

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Cambricon’s Meteoric Rise Collides With Harsh Reality Check

TOP STORIES Chips / In Depth: Cambricon’s Meteoric Rise Collides With Harsh Reality Check Chinese artificial intelligence (AI) chipmaker...

Caixin Global

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

​Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...

Rahul Jain

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...