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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>China eases Covid-19 test rules for air travelers from more countries</li><li>Global investors continue to dump yuan bonds as Treasurys, dollar rise</li><li>Chinese President Xi Jinping pledges to open door wider to world</li></ul>

China eases Covid-19 test rules for air travelers from more countriesGlobal investors continue to dump yuan bonds as Treasurys, dollar riseChinese President Xi Jinping pledges to open door wider to world

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry. </li>
<li>Overall, the total value increased US$12.5bn in the past week, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is the dominant holding across both programs</li>
<li>
<a href="https://www.smartkarma.com/entities/glory-sun-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:17758:1" rel="noopener">Glory Sun Financial Group Limited (1282 HK)</a> saw the biggest upward movement as the chairman sold to pay off debt. <a href="https://www.smartkarma.com/entities/china-south-city-holdings" target="_blank" data-smartkarma-citation="entities:8205:1" rel="noopener">China South City (1668 HK)</a> was reduced by both programs. </li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry. 
Overall, the total value increased US$12.5bn in the past week, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Tencent (700 HK) is the dominant holding across both programs

Glory Sun Financial Group Limited (1282 HK) saw the biggest upward movement as the chairman sold to pay off debt. China South City (1668 HK) was reduced by both programs. 


Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> reported 1Q2022 results. IFRS revenue increased 6% YoY to $228m (vs consensus $142m) and negative adjusted EBITDA of $287m ( consensus $291m) compared to $111m in 1Q2021.</li>
<li>The company’s deliveries biz saw a strong recovery in revenues post disappointing performance in 4Q2021 and the acquisition of Jaya Grocers partially contributed to this growth.</li>
<li>Grab’s Mobilities biz has not yet recovered to pre-pandemic levels due to Omicron-related restrictions in the first two months of the quarter, but set to benefit from recovery in travel.</li>
</ul>



Grab (GRAB US) reported 1Q2022 results. IFRS revenue increased 6% YoY to $228m (vs consensus $142m) and negative adjusted EBITDA of $287m ( consensus $291m) compared to $111m in 1Q2021.
The company’s deliveries biz saw a strong recovery in revenues post disappointing performance in 4Q2021 and the acquisition of Jaya Grocers partially contributed to this growth.
Grab’s Mobilities biz has not yet recovered to pre-pandemic levels due to Omicron-related restrictions in the first two months of the quarter, but set to benefit from recovery in travel.


Grab 1Q2022: On a Path to Recovery but Still Has a Long Way To Go

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Tencent bear/short call from 395 remains valid with risk we pierce the 310-320 support. Bear triangulation stands out as the key bear driver.</li>
<li>Flat/Triangulation in price and the RSI rising wedge is a set up for a major new chart low.</li>
<li>This wave 4 triangle will be followed by a hard wave 5 decline into a terminal low this summer.</li>
</ul>


Tencent bear/short call from 395 remains valid with risk we pierce the 310-320 support. Bear triangulation stands out as the key bear driver.
Flat/Triangulation in price and the RSI rising wedge is a set up for a major new chart low.
This wave 4 triangle will be followed by a hard wave 5 decline into a terminal low this summer.


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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
In this note, we talk about the not so positive aspects of the deal.


Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

China eases Covid-19 test rules for air travelers from more countries. Global investors continue to dump yuan bonds as Treasurys, dollar rise

Caixin Global

Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

Overall, the total value increased US$12.5bn, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Glory Sun saw the biggest upward...

David Blennerhassett

Grab 1Q2022: On a Path to Recovery but Still Has a Long Way To Go

Grab’s 1Q2022 results show that the company’s earnings are recovering with easing of pandemic conditions in the Southeast Asian region after its...

Shifara Samsudeen, FCMA, CGMA

Tencent Short Poses Risk of 320 Break

Tencent bear/short call from 395 remains valid with risk we pierce the 310-320 support. Bear triangulation stands out as the key bear driver.

Thomas Schroeder

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52-week Range

Market Cap (USDm)

P/E

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CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

China eases Covid-19 test rules for air travelers from more countries. Global investors continue to dump yuan bonds as Treasurys, dollar rise

Caixin Global

Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

Overall, the total value increased US$12.5bn, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Glory Sun saw the biggest upward...

David Blennerhassett

Grab 1Q2022: On a Path to Recovery but Still Has a Long Way To Go

Grab’s 1Q2022 results show that the company’s earnings are recovering with easing of pandemic conditions in the Southeast Asian region after its...

Shifara Samsudeen, FCMA, CGMA

Tencent Short Poses Risk of 320 Break

Tencent bear/short call from 395 remains valid with risk we pierce the 310-320 support. Bear triangulation stands out as the key bear driver.

Thomas Schroeder

Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh