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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13</li><li>Ten years after motorcycle enthusiast Li Xiaoli (not his real name) spent nearly 200,000 yuan ($29,614) to import a Triumph Scrambler 900, the British-built retro road bike had already been condemned to the scrapheap.</li><li>At least according to Chinese law.</li></ul>

In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13Ten years after motorcycle enthusiast Li Xiaoli (not his real name) spent nearly 200,000 yuan ($29,614) to import a Triumph Scrambler 900, the British-built retro road bike had already been condemned to the scrapheap.At least according to Chinese law.

CX Daily: China’s Motorcycles Have Outrun Law That Scraps Them at 13 

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

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, last week's Hong kong listings were a mixed bag.</li>
<li>On the placement front, given the holiday shorterened week there were only a few placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, last week's Hong kong listings were a mixed bag.
On the placement front, given the holiday shorterened week there were only a few placements across the region.


Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

<ul><li>In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire</li><li>A new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.</li><li>The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.</li></ul>

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could BackfireA new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire 

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.</li>
<li>We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.
We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Despite its recent rally, <a target="_blank">Meituan (3690 HK)</a> still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.</li>
<li>It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. </li>
<li>Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like <a href="https://www.smartkarma.com/entities/moonshot-ai" target="_blank" data-smartkarma-citation="entities:46606:1" rel="noopener">Moonshot AI (MOONSHOTAI HK)</a>, <a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a>, etc.</li>
</ul>


Despite its recent rally, Meituan (3690 HK) still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.
It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. 
Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like Moonshot AI (MOONSHOTAI HK), Unitree Robotics (UNITREE CH), etc.


2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

China

Moore Threads Technology Co., Ltd. develops application products. The Company provides visual computing applications, edge computing servers, artificial intelligence applications, and other products. Moore Threads Technology offers its services throughout China.

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Moore Threads Technology (688795 CH)

CX Daily: China’s Motorcycles Have Outrun Law That Scraps Them at 13

TOP STORIES In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13 Ten years after motorcycle enthusiast Li Xiaoli (not his real...

Caixin Global

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire A new player has emerged in the boardrooms of China’s major...

Caixin Global

Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

Recent Chinese megacap IPO name CXMT (688825 CH) could get added to STAR 50 in the upcoming index rebalance event which could be a multibillion...

Janaghan Jeyakumar, CFA

2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Meituan returned to profit in 2Q26 at Rmb2.2bn and also achieved positive UE for the delivery business, indicating the fading effects of irrational...

Osbert Tang, CFA

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