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: 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

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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise around US$1.5-2.0bn in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise around US$1.5-2.0bn in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.


Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Moore Threads Technology (688795 CH)

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

Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise...

Sumeet Singh

Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

The company has now filed its PHIP and as per media reports is looking to raise around US$1.5-2.0bn. We will follow-up with more analysis.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)