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Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

<ul><li>After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first in-house 3-nanometer system-on-chip (SoC), the Surge Xuanjie O1, along with its first self-developed 4G baseband chip, the Xuanjie T1.</li><li>The announcement came during the company’s product launch event in Beijing on Thursday, where Xiaomi also introduced its new flagship phone 15s Pro and 7Ultra tablet — both powered by the Xuanjie O1— as well as a smartwatch using the T1 chip.</li><li>The Xuanjie O1 is built using TSMC’s second-generation 3nm N3E process the same advanced node used in Apple’s A18 chips and Qualcomm’s Snapdragon 8 Elite.</li></ul>

After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first in-house 3-nanometer system-on-chip (SoC), the Surge Xuanjie O1, along with its first self-developed 4G baseband chip, the Xuanjie T1.The announcement came during the company’s product launch event in Beijing on Thursday, where Xiaomi also introduced its new flagship phone 15s Pro and 7Ultra tablet — both powered by the Xuanjie O1— as well as a smartwatch using the T1 chip.The Xuanjie O1 is built using TSMC’s second-generation 3nm N3E process the same advanced node used in Apple’s A18 chips and Qualcomm’s Snapdragon 8 Elite.

Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro 

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: Xiaomi Corp, China Hongqiao</li>
<li>Treasury yields ended lower yesterday, after recovering from a bear-steepening move earlier in the day that pushed the 30Y yield to as high as 5.15%.</li>
<li>The recovery could be driven by dip buyers, after the US Congress narrowly passed President Donald Trump’s signature tax bill.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao
Treasury yields ended lower yesterday, after recovering from a bear-steepening move earlier in the day that pushed the 30Y yield to as high as 5.15%.
The recovery could be driven by dip buyers, after the US Congress narrowly passed President Donald Trump’s signature tax bill.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results.</li>
<li>We believe vehicle production will bring Xiaomi a revenue of RMB90 billion maximum.</li>
<li>The sum-of-the-parts valuation suggests significant downside for the next twelve months.</li>
</ul>


Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results.
We believe vehicle production will bring Xiaomi a revenue of RMB90 billion maximum.
The sum-of-the-parts valuation suggests significant downside for the next twelve months.


Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

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

Contemporary Amperex Technology (CATL) / Index Rebalance

<ul>
<li>As forecast, there will be 3 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI US)</a> at the close of trading on 19 December.</li>
<li>Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> add at the close tomorrow.</li>
<li>The HA premiums for <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.</li>
</ul>


As forecast, there will be 3 constituent changes for the iShares China Large-Cap (FXI US) at the close of trading on 19 December.
Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an HSCEI INDEX add at the close tomorrow.
The HA premiums for CATL (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.


FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi's (1810 HK)</a> one-month implied volatility has decreased from recent peaks but remains above the 90th percentile, while realized volatility is exceptionally high, exceeding 100% (100th percentile).</li>
<li>The options market exhibits an inverted term structure (backwardation) favoring calendar or diagonal spreads, with a slightly negatively sloped skew supporting put and call spreads.</li>
<li>Open interest extends to March 2026, with balanced call and put interest across most expiries, except for March 2026, which is heavily call-dominated.</li>
</ul>



Xiaomi's (1810 HK) one-month implied volatility has decreased from recent peaks but remains above the 90th percentile, while realized volatility is exceptionally high, exceeding 100% (100th percentile).
The options market exhibits an inverted term structure (backwardation) favoring calendar or diagonal spreads, with a slightly negatively sloped skew supporting put and call spreads.
Open interest extends to March 2026, with balanced call and put interest across most expiries, except for March 2026, which is heavily call-dominated.


Xiaomi Corp (1810 HK): Volatility Insights and Analysis Identify Spread Opportunities

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)

Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro

After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first...

Caixin Global

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao

Lucror Analytics

Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results. The sum-of-the-parts valuation suggests significant downside for next...

Ming Lu

FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus

There are 3 changes for the FXI in Dec. 2 adds will also be added to a global index at the same time while the other is an HSCEI add at the close...

Brian Freitas

Xiaomi Corp (1810 HK): Volatility Insights and Analysis Identify Spread Opportunities

Xiaomi's implied and realized volatility remains high with the options market showing opportunities for calendar spreads and diagonal spreads.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro

After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first...

Caixin Global

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao

Lucror Analytics

Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results. The sum-of-the-parts valuation suggests significant downside for next...

Ming Lu

FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus

There are 3 changes for the FXI in Dec. 2 adds will also be added to a global index at the same time while the other is an HSCEI add at the close...

Brian Freitas

Xiaomi Corp (1810 HK): Volatility Insights and Analysis Identify Spread Opportunities

​Xiaomi's implied and realized volatility remains high with the options market showing opportunities for calendar spreads and diagonal spreads.

Gaudenz Schneider

Xiaomi's implied and realized volatility remains high with the options market showing opportunities for calendar spreads and diagonal spreads.