Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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News from Caixin

Cross Asset Strategy

<ul><li>TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the ground with a thud.</li><li>In May 2024, summer had come early and hard to the state of Chiapas in southern Mexico.</li><li>In an ordinary year the temperature in the jungle would have topped out around 32 degrees Celsius.</li></ul>

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the ground with a thud.In May 2024, summer had come early and hard to the state of Chiapas in southern Mexico.In an ordinary year the temperature in the jungle would have topped out around 32 degrees Celsius.

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later 

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a>, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/transsion-holdings-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:273601" rel="noopener">Transsion Holdings H Share Listing: The Investment Case</a>. </li>
<li>While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. </li>
</ul>



Shenzhen Transsion Holdings (2636 HK), Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.
I discussed the H Share listing in Transsion Holdings H Share Listing: The Investment Case. 
While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. 


Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

<ul>
<li>The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.</li>
<li>The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.</li>
<li>At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.</li>
</ul>


The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.
The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.
At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.


China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the...

Caixin Global

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

HONG KONG ALPHA PORTFOLIO: (June 2026)

At mid-month, we note that pc makers are passing on higher chip and component costs to consumers. For this reason, we sold our positions in Lenovo...

David Mudd

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the...

Caixin Global

Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Transsion, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80. In...

Arun George

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

HONG KONG ALPHA PORTFOLIO: (June 2026)

At mid-month, we note that pc makers are passing on higher chip and component costs to consumers. For this reason, we sold our positions in Lenovo...

David Mudd