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’s Blood Supply Runs on a Knife Edge. When Li Ke saw the toilet bowl filled with blood, she knew her father might not make it.</li><li>She was caring for him during his hospital treatment for lymphoma.</li><li>His platelet count remained dangerously low, and he needed transfusions two or three times a week.</li></ul>

In Depth: China’s Blood Supply Runs on a Knife Edge. When Li Ke saw the toilet bowl filled with blood, she knew her father might not make it.She was caring for him during his hospital treatment for lymphoma.His platelet count remained dangerously low, and he needed transfusions two or three times a week.

CX Daily: China’s Blood Supply Runs on a Knife Edge 

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.

Equity Capital Markets

Sunwoda Electronic Co Ltd A / Equity Capital Markets

<ul>
<li>Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.</li>
<li>We look at the company's core segments: consumer battery, EV battery and ESS.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.
We look at the company's core segments: consumer battery, EV battery and ESS.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Sunwoda (欣旺达) A+H Pre-IPO: Early Thoughts

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Hong Kong Exchanges and Clearing / Index Rebalance

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong market continued its downtrend over the last month.  The technology, materials, consumer, and healthcare sectors have declined in 2026, with the industrials sector showing the best performance.</li>
<li>Dividend and value factors have outperformed in 2026, while growth and momentum have declined.  </li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> was initiated as OVERWEIGHT by Barclays, with a target price implying 35% upside.
</li>
</ul>


The Hong Kong market continued its downtrend over the last month.  The technology, materials, consumer, and healthcare sectors have declined in 2026, with the industrials sector showing the best performance.
Dividend and value factors have outperformed in 2026, while growth and momentum have declined.  

Contemporary Amperex Technology (3750 HK) was initiated as OVERWEIGHT by Barclays, with a target price implying 35% upside.



BUY/SELL/HOLD: Hong Kong Market Update (6/22/26)

<ul>
<li>The Hong Kong market has bounced on the back of the "risk-on" trade in Asia following the Iran ceasefire.  The energy sector has pulled back hard, and technology has advanced.</li>
<li>Hong Kong and China have seen lackluster ETF flows YTD, but mainland investors remain significant net buyers of HK shares via the southbound connect platform.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> reported outstanding earnings for the 4th quarter with improved guidance for 2026.  The company's H-shares trade at a substantial premium to its A-shares.
</li>
</ul>


The Hong Kong market has bounced on the back of the "risk-on" trade in Asia following the Iran ceasefire.  The energy sector has pulled back hard, and technology has advanced.
Hong Kong and China have seen lackluster ETF flows YTD, but mainland investors remain significant net buyers of HK shares via the southbound connect platform.

Contemporary Amperex Technology (CATL) (3750 HK) reported outstanding earnings for the 4th quarter with improved guidance for 2026.  The company's H-shares trade at a substantial premium to its A-shares.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (April 2026)

China

Sunwoda Electronic Company Limited develops, designs, produces and sells li-ion battery module.  The company also produces membrate switches and precision structures.

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Sunwoda Electronic Co Ltd A (300207 CH)

CX Daily: China’s Blood Supply Runs on a Knife Edge

In Depth: China’s Blood Supply Runs on a Knife Edge When Li Ke saw the toilet bowl filled with blood, she knew her father might not...

Caixin Global

Sunwoda (欣旺达) A+H Pre-IPO: Early Thoughts

Sunwoda is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on valuation.

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

BUY/SELL/HOLD: Hong Kong Market Update (6/22/26)

The HK market continued its downtrend over the last month. The technology, materials, consumer, and healthcare sectors have declined in 2026, with...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (April 2026)

The Hong Kong market has bounced on the back of the "risk-on" trade in Asia following the Iran ceasefire. The energy sector has pulled back hard,...

David Mudd

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