Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>The shares of Evergrande aren’t worth the paper their printed on;  </li>
<li>Shanghai Construction receives a positive court outcome at expense of Evergrande; and</li>
<li>The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. </li>
</ul>


The shares of Evergrande aren’t worth the paper their printed on;  
Shanghai Construction receives a positive court outcome at expense of Evergrande; and
The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. 


China Evergrande Group – Be A Hero, Take It To Zero

<ul>
<li>Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; </li>
<li>Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and </li>
<li>Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   </li>
</ul>


Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; 
Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and 
Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   


China Evergrande Group – Just Stop the Nonsense

<ul>
<li>Aggressive foreclosure of Evergrande assets suggests a sea change in how mainland China is handling real estate company defaults – especially with foreign creditors; </li>
<li>Creditor China Cinda’s involvement on the seven-member risk management committee and the appointment of a Cinda senior executive is an alarming conflict of interest; and </li>
<li>4Q21 earnings season will be huge tell for mainland Chinese NPLs which likely peak at 20% of total loans.   </li>
</ul>


Aggressive foreclosure of Evergrande assets suggests a sea change in how mainland China is handling real estate company defaults – especially with foreign creditors; 
Creditor China Cinda’s involvement on the seven-member risk management committee and the appointment of a Cinda senior executive is an alarming conflict of interest; and 
4Q21 earnings season will be huge tell for mainland Chinese NPLs which likely peak at 20% of total loans.   


<ul>
<li>Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    </li>
<li>Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and </li>
<li>This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. </li>
</ul>


Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    
Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and 
This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. 


China Evergrande Group – Fox in Henhouse

<ul>
<li>Substantial disagreements over the video streamer DouYu International’s strategic direction, prompts ownership re-think at Tencent; </li>
<li>Tencent is allegedly privatizing Douyu near the bottom of the market; and </li>
<li>Unlike the JD.com move, this transaction maximizes shareholder value while getting into regulatory compliance. </li>
</ul>


Substantial disagreements over the video streamer DouYu International’s strategic direction, prompts ownership re-think at Tencent; 
Tencent is allegedly privatizing Douyu near the bottom of the market; and 
Unlike the JD.com move, this transaction maximizes shareholder value while getting into regulatory compliance. 


Tencent Holdings – Getting Its House In Order

China

iShares FTSE A50 China Index ETF is an exchanged-traded fund established in Hong Kong. The investment objective of the iShares FTSE A50 China Index ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of A50 Index.

iShares FTSE/Xinhua A50 China (2823 HK)

China Evergrande Group – Be A Hero, Take It To Zero

EVERGRANDE: The shares of Evergrande aren’t worth the paper printed on. Shanghai Construction receives a positive court outcome against Evergrande....

Thomas J. Monaco

China Evergrande Group – Just Stop the Nonsense

EVERGRANDE: The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil. Major creditor, China Cinda, be...

Thomas J. Monaco

China Evergrande Group – Tug of War

EVERGRANDE: Aggressive foreclosure of assets is a sea change in mainland China. 4Q21 earnings season will be huge tell for mainland Chinese NPLs...

Thomas J. Monaco

China Evergrande Group – Fox in Henhouse

EVERGRANDE: Evergrande’s risk management committee includes China Cinda, a major Evergrande creditor. This is massive conflict provides little...

Thomas J. Monaco

Tencent Holdings – Getting Its House In Order

TENCENT: Substantial disagreements over DouYu’s strategic direction, has caused a re-think at Tencent. Unlike the JD.com move, the Douyu move makes...

Thomas J. Monaco