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

Cross Asset Strategy

<ul><li>In Depth: How the war in Ukraine is rattling China’s energy transition</li><li>Regional bank under corruption probe faces more trouble after online savings accounts frozen</li><li>China’s services sector slumps further as Covid battle intensifies, Caixin PMI shows</li></ul>

In Depth: How the war in Ukraine is rattling China’s energy transitionRegional bank under corruption probe faces more trouble after online savings accounts frozenChina’s services sector slumps further as Covid battle intensifies, Caixin PMI shows

CX Daily: How the War in Ukraine Is Rattling China’s Energy Transition

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>PAG aims to raise around US$2bn via its Hong Kong IPO.</li>
<li>PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


PAG aims to raise around US$2bn via its Hong Kong IPO.
PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.
In this note, we will talk about the positive aspects of the deal.


PAG Pre-IPO - The Positives - Past Record Has Been Decent

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 29th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 29th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks: AIA, Smoore, JD Health

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The revenue YoY growth, net profit YoY growth and net profit margin reached a new low in 2021. The performance of Medlive cannot meet the market's expectations of high growth.</li>
<li>The medical knowledge solutions is the cornerstone business and vital to the attractiveness of platform for users. However, this business is not strong enough to make the outlook certain.</li>
<li>In the fierce competition, more efforts are needed on how to convert physician resources into business value continuously. Due to unreliable logic, we are conservative about Medlive at current stage.</li>
</ul>


The revenue YoY growth, net profit YoY growth and net profit margin reached a new low in 2021. The performance of Medlive cannot meet the market's expectations of high growth.
The medical knowledge solutions is the cornerstone business and vital to the attractiveness of platform for users. However, this business is not strong enough to make the outlook certain.
In the fierce competition, more efforts are needed on how to convert physician resources into business value continuously. Due to unreliable logic, we are conservative about Medlive at current stage.


Medlive Technology (2192.HK) - The Logic Has Shaken

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

Orient Overseas International / Index Rebalance

<ul>
<li>Current at 66 constituents, we expect to reach 80 <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a> constituents by the end of the year before moving higher towards 100 index members in 2023.</li>
<li>We list 10 stocks that could be added to the index in June - with one-way turnover close to 6%, the actual number of inclusions will be lower.</li>
<li>We also list out another 8 stocks that could possibly be added in June, though the probability of a September/ December inclusion is higher.</li>
</ul>


Current at 66 constituents, we expect to reach 80 HSI INDEX constituents by the end of the year before moving higher towards 100 index members in 2023.
We list 10 stocks that could be added to the index in June - with one-way turnover close to 6%, the actual number of inclusions will be lower.
We also list out another 8 stocks that could possibly be added in June, though the probability of a September/ December inclusion is higher.


HSI Index Rebalance Preview: Will The Pace of Inclusions Pick Up?

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

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JD Health International (6618 HK)

CX Daily: How the War in Ukraine Is Rattling China’s Energy Transition

In Depth: How the war in Ukraine is rattling China’s energy transition. Regional bank under corruption probe faces more trouble after online...

Caixin Global

PAG Pre-IPO - The Positives - Past Record Has Been Decent

PAG aims to raise around US$2bn via its Hong Kong IPO. PAG is an alternative investment firm with APAC focus and US$50bn AUM.

Sumeet Singh

Hong Kong Buybacks: AIA, Smoore, JD Health

We highlight the top 3 companies that repurchased the most shares from the market last week were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).

Ke Yan, CFA, FRM

Medlive Technology (2192.HK) - The Logic Has Shaken

The medical knowledge solutions is the key cornerstone business but it's still weak. Together with fierce competition and healthcare “rational...

Xinyao (Criss) Wang

HSI Index Rebalance Preview: Will The Pace of Inclusions Pick Up?

There could be 5-6 inclusions to the HSI in June as part of the move to 80 members. We list 10 stocks that could be added to the index, and another...

Brian Freitas

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