Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Dongzheng Automotive Finance / Event-Driven

<ul>
<li>On the 19 May, <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a> acquired <a href="https://www.smartkarma.com/entities/china-zhengtong-auto-services" target="_blank" data-smartkarma-citation="entities:17001:1" rel="noopener">China Zhengtong Auto Services Hldg (1728 HK)</a>'s 71.04% stake in <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a> at a judicial auction. </li>
<li>Reportedly SAIC was the only bidder. The price paid appears to be at the minimum bid price of HK$1.294/share. </li>
<li>The acquisition will trigger an unconditional Offer for the H shares.  SAIC and ZhengTong have announced the outcome of the auction. But still no word from Dongzheng.</li>
</ul>


On the 19 May, SAIC Motor (600104 CH) acquired China Zhengtong Auto Services Hldg (1728 HK)'s 71.04% stake in Dongzheng Automotive Finance (2718 HK) at a judicial auction. 
Reportedly SAIC was the only bidder. The price paid appears to be at the minimum bid price of HK$1.294/share. 
The acquisition will trigger an unconditional Offer for the H shares.  SAIC and ZhengTong have announced the outcome of the auction. But still no word from Dongzheng.


Shh! SAIC's Unconditional Offer For Dongzheng (2718 HK)

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

Thematic (Sector/Industry)

<ul>
<li>Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.</li>
<li>The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March</li>
<li>China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.</li>
</ul>


Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.
The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March
China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.


Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Cross Asset Strategy

<ul><li>Data / Five things to know about China’s mega East-West data center plan</li><li>Futures / China to scrutinize foreign businesses in the new futures market</li><li>Fintech / Ant Group to acquire Singaporean payment platform 2C2P</li></ul>

Data / Five things to know about China’s mega East-West data center planFutures / China to scrutinize foreign businesses in the new futures marketFintech / Ant Group to acquire Singaporean payment platform 2C2P

CX Daily: Five Things to Know About China’s Mega East-West Data Center Plan

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Early reports of Tesla's "strong" Feb "sales" left out critical data, 
</li>
<li>Like Model 3 deliveries sunk like an anchor, as I expected, and Model Y pace may already be slowing. </li>
<li>
Critical March is now hit with a major Covid outbreak—and lockdowns.</li>
</ul>


Early reports of Tesla's "strong" Feb "sales" left out critical data, 

Like Model 3 deliveries sunk like an anchor, as I expected, and Model Y pace may already be slowing. 

Critical March is now hit with a major Covid outbreak—and lockdowns.


Tesla China Deliveries: Weaker And More Important Than You Think

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

SenseTime Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Pricing is set for 23 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/sensetime-ipo-initiation-big-brother" target="_blank" data-smartkarma-citation="insights:62104" rel="noopener">SenseTime IPO Initiation: Big Brother</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass.</li>
<li>Our base-case DCF value is HK$3.48 per share, -11% below the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains unattractive.   </li>
</ul>



SenseTime Group (1475539D HK) has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Pricing is set for 23 December.
In SenseTime IPO Initiation: Big Brother, we stated that the negatives outweigh the positives and we would give the IPO a pass.
Our base-case DCF value is HK$3.48 per share, -11% below the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains unattractive.   


SenseTime IPO: Relaunched but Remains a Pass

China

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

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SAIC Motor (600104 CH)

Shh! SAIC's Unconditional Offer For Dongzheng (2718 HK)

Dongzheng remains suspended so there is nothing to do yet. This should trade very tight to terms, possible through terms, given a larger credible...

David Blennerhassett

Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales...

Caixin Global

CX Daily: Five Things to Know About China’s Mega East-West Data Center Plan

Five things to know about China’s mega East-West data center plan. China to scrutinize foreign businesses in the new futures market

Caixin Global

Tesla China Deliveries: Weaker And More Important Than You Think

Early reports of Tesla's "strong" Feb "sales" left out critical data, like Model 3 sunk like an anchor, as I expected, and Model Y pace may already...

Vicki Bryan

SenseTime IPO: Relaunched but Remains a Pass

SenseTime has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Our DCF sensitivity analysis...

Arun George

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