Head of China Research - Forsyth Barr Asia, Forsyth Barr Asia

David Millhouse

Head of China Research - Forsyth Barr Asia

Forsyth Barr Asia

Thematic (Sector/Industry)

Kaisa failed to make an interest payment due Jan 8 on $500 million of 10.25% dollar bonds (the first Chinese property company to default on offshore bonds) and on Jan 12 got a waiver on a HK$400 million loan from HSBC.&nbsp; The notes dropped 40 percent last month as some of Kaisa’s Shenzhen projects were blocked and executives including founder Kwok Ying Shing quit. They continued to fall in January, reaching 29.9 cents on the dollar on Jan. 7. Its $800 million of 8.875 percent 2018 bonds also plunged.

Kaisa failed to make an interest payment due Jan 8 on $500 million of 10.25% dollar bonds (the first Chinese property company to default on offshore bonds) and on Jan 12 got a waiver on a HK$400 million loan from HSBC.&nbsp; The notes dropped 40 percent last month as some of Kaisa’s Shenzhen projects were blocked and executives including founder Kwok Ying Shing quit. They continued to fall in January, reaching 29.9 cents on the dollar on Jan. 7. Its $800 million of 8.875 percent 2018 bonds also plunged.

China Property / Debt - when Kaisa broke our Trust

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

DZT Research

DZT 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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.


Hong Kong Connect Flows (April): US$22bn Inflows

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sino-Ocean</li>
<li>In the US, the ISM services index declined to 52.8 (54.0 e / 54.0 revised p) in January. This was driven by decreases in the new orders and prices paid components, albeit the employment component edged up to 52.3 (51.3 revised p). Separately, the January (final) S&amp;P services PMI fell to 52.9 (56.8 p), with the composite PMI dropping to 52.7 (55.4 p).</li>
<li>Meanwhile, the trade deficit expanded to USD 98.4 bn (USD 96.8 bn e / USD 78.9 bn revised p), the second largest deficit on record. Exports decreased 2.6% m-o-m to USD 267 bn, while imports jumped 3.5% to a record high of USD 365 bn due to import front-loading ahead of expected new tariffs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sino-Ocean
In the US, the ISM services index declined to 52.8 (54.0 e / 54.0 revised p) in January. This was driven by decreases in the new orders and prices paid components, albeit the employment component edged up to 52.3 (51.3 revised p). Separately, the January (final) S&amp;P services PMI fell to 52.9 (56.8 p), with the composite PMI dropping to 52.7 (55.4 p).
Meanwhile, the trade deficit expanded to USD 98.4 bn (USD 96.8 bn e / USD 78.9 bn revised p), the second largest deficit on record. Exports decreased 2.6% m-o-m to USD 267 bn, while imports jumped 3.5% to a record high of USD 365 bn due to import front-loading ahead of expected new tariffs.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28th October, SOE Beijing Capital Group launched an Offer by way of a Scheme for <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> (BCG), a commercial property developer in China.</li>
<li>The Cancellation Price of HK$0.85/Share (best &amp; final) was a 46.55% premium to undisturbed. Irrevocables were secured from 8.13% of the 37.92% held by disinterested shareholders. This looked done. </li>
<li>The Scheme Document is now out, with a Court Meeting to be held on the 10th Jan. Expected payment on or before the 6th Feb. IFA says fair &amp; reasonable.</li>
</ul>


Back on the 28th October, SOE Beijing Capital Group launched an Offer by way of a Scheme for Beijing Capital Grand (1329 HK) (BCG), a commercial property developer in China.
The Cancellation Price of HK$0.85/Share (best &amp; final) was a 46.55% premium to undisturbed. Irrevocables were secured from 8.13% of the 37.92% held by disinterested shareholders. This looked done. 
The Scheme Document is now out, with a Court Meeting to be held on the 10th Jan. Expected payment on or before the 6th Feb. IFA says fair &amp; reasonable.


Beijing Capital (1329 HK): Done Deal As Shareholders Vote On 10th Jan

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.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Swiggy (1255298D IN) aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.
Event-Driven developments: Fuji Soft Inc (9749 JP), Elematec Corp (2715 JP), Nec Networks &amp; System Integr (1973 JP), Capitol Health (CAJ AU), Beijing Capital Grand (1329 HK).  


Weekly Deals Digest (03 Nov) - Fuji Soft, Elematec, NEC Networks, Capitol, Capital Grand, Swiggy

China

Sino-Ocean Group is an investment holding company primarily engaged in property investment and development, including residential, commercial, and logistics projects. The company also offers property management, senior living, and environmental technology services. It was founded in 1993 and is headquartered in Beijing, China.

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Sino-Ocean Group (3377 HK)

China Property / Debt - when Kaisa broke our Trust

Kaisa failed to make an interest payment due Jan 8 on $500 million of 10.25% dollar bonds (the first Chinese property company to default on...

David Millhouse

Hong Kong Connect Flows (April): US$22bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlighted flows for Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sino-Ocean In the US, the ISM services index...

Lucror Analytics

Beijing Capital (1329 HK): Done Deal As Shareholders Vote On 10th Jan

This is done. If small, illiquid arbs are your thing, I'd pay up to HK$0.83/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Weekly Deals Digest (03 Nov) - Fuji Soft, Elematec, NEC Networks, Capitol, Capital Grand, Swiggy

Last week, notable developments occurred in Event-Driven (Fuji Soft, Elematec, NEC Networks & System, Capitol, Beijing Capital Grand ) and ECM...

Arun George

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