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>Cover Story: Sichuan power crunch sparks calls for rethink of coal in China’s energy mix</li><li>Suspects arrested as Hong Kong police crack down on cross-border job scam</li><li>Exclusive: Regulator moves to help struggling private developers with bond guarantees</li></ul>

Cover Story: Sichuan power crunch sparks calls for rethink of coal in China’s energy mixSuspects arrested as Hong Kong police crack down on cross-border job scamExclusive: Regulator moves to help struggling private developers with bond guarantees

CX Daily: Sichuan Power Crunch Sparks Calls for Rethink of Coal in China’s Energy Mix

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>According to Bloomberg, India is considering imposing restriction on low-end smartphone (ASP &lt; US$150) from China. Chinese brands dominate India and, among the top-5 players, Chinese brands combined had a market share of 65% in 6M22.</li><li>If we use 1Q22 data, which has more detailed breakdown for smaller players, Chinese brands captured 74% of the market in India.</li><li>The policy, if implemented, would hit Xiaomi (1810 HK, NR) as India was the second largest smartphone market for the company in both 2021 and 6M2022, when the company was also the market leader in India in both periods.</li></ul>

According to Bloomberg, India is considering imposing restriction on low-end smartphone (ASP &lt; US$150) from China. Chinese brands dominate India and, among the top-5 players, Chinese brands combined had a market share of 65% in 6M22.If we use 1Q22 data, which has more detailed breakdown for smaller players, Chinese brands captured 74% of the market in India.The policy, if implemented, would hit Xiaomi (1810 HK, NR) as India was the second largest smartphone market for the company in both 2021 and 6M2022, when the company was also the market leader in India in both periods.

Tactical Trade Ideas - India May Restrict Low-End Chinese Smartphones

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The Hong Kong Indices have been much weaker than Taiwan &amp; China due to liquidity and open capital account.</li><li>It is a canary for global indices and should be analyzed accordingly.</li><li>There is no change in views of real estate and technology sector stocks mentioned in previous updates on Hang Seng constituents.</li></ul>

The Hong Kong Indices have been much weaker than Taiwan &amp; China due to liquidity and open capital account.It is a canary for global indices and should be analyzed accordingly.There is no change in views of real estate and technology sector stocks mentioned in previous updates on Hang Seng constituents.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<div><ul><li>Smartphone: 2Q22 weakness despite strong performance in 618 festival.</li><li>AIoT/internet: weaker AIoT revenue and better internet margin.</li><li>New product launches in 2H22E to boost demand after recent destocking.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Smartphone: 2Q22 weakness despite strong performance in 618 festival.AIoT/internet: weaker AIoT revenue and better internet margin.New product launches in 2H22E to boost demand after recent destocking.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

<ul>
<li>India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)</li>
<li>India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees</li>
<li>
The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.
</li>
</ul>


India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)
India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees

The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.



India Accuses China’s Oppo of Evading $551 Million of Taxes

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

CX Daily: Sichuan Power Crunch Sparks Calls for Rethink of Coal in China’s Energy Mix

Cover Story: Sichuan power crunch sparks calls for rethink of coal in China’s energy mix. Suspects arrested as Hong Kong police crack down on cross...

Caixin Global

Tactical Trade Ideas - India May Restrict Low-End Chinese Smartphones

India’s Potential Restriction on Low-End Chinese Smartphones Could Hit 3-4% of Total Revenue. According to Bloomberg, India is considering imposing...

Quam Securities

Xiaomi, China Unicom, and Bank Of China

There is no change in views of real estate and technology sector stocks mentioned in previous updates on Hang Seng constituents.

Untying The Gordian Knot

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

We estimate 2Q22E revenue/adj. net profit of RMB69.5bn/1.92bn (-21%/-70% YoY), due to smartphone demand slowdown, inventory destocking, inflation...

CMB International

India Accuses China’s Oppo of Evading $551 Million of Taxes

India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)

Caixin Global

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