Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market continues to consolidate during the early stage of its Secular Bull Market.  Strength and momentum indicators show further weakness ahead.</li>
<li>Materials and healthcare sectors have lost momentum with other sectors trendless.  Analysts target 20% price gains in materials sector over the next year.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-taiping-insurance-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:489:1" rel="noopener">China Taiping Insurance Hldgs (966 HK)</a>  shares fell on Thursday on concerns over the insurer’s estimated HK$2.6B exposure to a HK residential project at the center of a deadly fire.
</li>
</ul>


Hong Kong market continues to consolidate during the early stage of its Secular Bull Market.  Strength and momentum indicators show further weakness ahead.
Materials and healthcare sectors have lost momentum with other sectors trendless.  Analysts target 20% price gains in materials sector over the next year.

China Taiping Insurance Hldgs (966 HK)  shares fell on Thursday on concerns over the insurer’s estimated HK$2.6B exposure to a HK residential project at the center of a deadly fire.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 27)

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

<ul><li>In Depth: China’s Steelmakers Look Abroad as Domestic Pressures Mount</li><li>Another Chinese Insurer Sets Up Fund Manager for Long-Term Equity Investment</li><li>Chinese Firm Pursues Hong Kong IPO Despite Costs Absorbing Nearly All Proceeds</li></ul>

In Depth: China’s Steelmakers Look Abroad as Domestic Pressures MountAnother Chinese Insurer Sets Up Fund Manager for Long-Term Equity InvestmentChinese Firm Pursues Hong Kong IPO Despite Costs Absorbing Nearly All Proceeds

CX Daily: China’s Steelmakers Look Abroad as Domestic Pressures Mount 

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>
Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.</li>
<li>
Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.</li>
<li>
Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.</li>
</ul>



Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.

Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.

Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.


2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

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

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-2259-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202646" rel="noopener">Zijin Gold IPO (2259 HK): Valuation Insights</a>.</li>
<li>The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973</a><a target="_blank">. HK)</a> priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:200985" rel="noopener">Chery Automobile IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:201049" rel="noopener">Chery Automobile IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-9973-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202204" rel="noopener">Chery Automobile IPO (9973 HK): Valuation Insights</a>. </li>
<li>The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.</li>
</ul>



Chery Automobile (9973. HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights. 
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.


Chery Automobile IPO (9973 HK) IPO: Trading Debut

China

Sunshine Insurance Group Co. Ltd. is a Chinese company primarily engaged in providing a wide range of insurance products, including life, health, accident, and property and casualty insurance. It also offers asset management and healthcare services. The company was founded in 2005 and is headquartered in Wan Chai, Hong Kong.

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Sunshine Insurance (6963 HK)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 27)

Hong Kong market continues to consolidate during the early stage of its Secular Bull Market. Strength and momentum indicators show further...

David Mudd

CX Daily: China’s Steelmakers Look Abroad as Domestic Pressures Mount

TOP STORIES In Depth: China’s Steelmakers Look Abroad as Domestic Pressures Mount It wasn’t the drop in production that alarmed China’s steel...

Caixin Global

2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

Despite decent share price performance this year, Ping An remains a laggard among other Chinese insurance stocks. It warrants a re-rating if its...

Alec Tseung

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

Chery Automobile IPO (9973 HK) IPO: Trading Debut

The IPO was priced at the top of the IPO range. The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at...

Arun George

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