Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.</li>
<li>Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.</li>
<li>I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.</li>
</ul>


Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.
Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.
I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.


Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.</li>
<li>Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.</li>
<li>The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.</li>
</ul>


Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.
Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.
The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.


2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

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>Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China</li><li>Corruption /: New probe into former Hubei leader brought down by Covid pandemic</li><li>Trade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says</li></ul>

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of ChinaCorruption /: New probe into former Hubei leader brought down by Covid pandemicTrade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The conglomerate sector continues to show momentum in Hong Kong while the materials and energy sectors lag</li>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a><a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> was rated a BUY as valuations and potential catalysts from parent <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> could support a higher stock price.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-east-education-holdings" target="_blank" data-smartkarma-citation="entities:27843:1" rel="noopener">China East Education (667 HK)</a> was upgraded to BUY with higher higher price target due to profit increase. <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> was initiated with a BUY with strong upside.
</li>
</ul>


The conglomerate sector continues to show momentum in Hong Kong while the materials and energy sectors lag

Weibo (9898 HK)Weibo Corp (WB US) was rated a BUY as valuations and potential catalysts from parent Alibaba Group Holding (9988 HK) could support a higher stock price.


China East Education (667 HK) was upgraded to BUY with higher higher price target due to profit increase. Dongfang Electric (1072 HK) was initiated with a BUY with strong upside.



BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

China

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

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JOYY (YY US)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China When police in East China’s Shandong...

Caixin Global

BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

Conglomerate stocks in Hong Kong have outperformed this month. Weibo target price is upgraded and Dongfang Electric is intiated BUY. CEE saw a...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

​Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Newborn Town offers opportunity to capitalize on China-to-overseas growth with a diverse portfolio of social networking apps, at deep value on PEG...

Raj S, CA, CFA

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China When police in East China’s Shandong...

Caixin Global

BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

Conglomerate stocks in Hong Kong have outperformed this month. Weibo target price is upgraded and Dongfang Electric is intiated BUY. CEE saw a...

David Mudd

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...