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: Are China’s Futuristic EV Designs Sacrificing Safety for Style?</li><li>Former IPO Gatekeeper Unreachable Amid China’s Corruption Crackdown</li><li>Analysis: China’s New Five-Year Plan Aims to Fix Its Spending Problem</li></ul>

In Depth: Are China’s Futuristic EV Designs Sacrificing Safety for Style?Former IPO Gatekeeper Unreachable Amid China’s Corruption CrackdownAnalysis: China’s New Five-Year Plan Aims to Fix Its Spending Problem

CX Daily: Are China’s Futuristic EV Designs Sacrificing Safety for Style? 

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The management of <a href="https://www.smartkarma.com/entities/tongda-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:18625:1" rel="noopener">Tongda Group (698 HK)</a> has decided to focus on the growth of its subsidiary, Tongda smart tech, thus less dependant on smart phone replacement cycle. </li>
<li>The subsidiary generated ~30% of the parent's revenue but contributed to most of the parent's operating profit. </li>
<li>Although the valuation gap presents a real arbitrage opportunity with the HK listed present a deep discount, the key lies in the not-so-difficult monetization potential to realize the gap. </li>
</ul>


The management of Tongda Group (698 HK) has decided to focus on the growth of its subsidiary, Tongda smart tech, thus less dependant on smart phone replacement cycle. 
The subsidiary generated ~30% of the parent's revenue but contributed to most of the parent's operating profit. 
Although the valuation gap presents a real arbitrage opportunity with the HK listed present a deep discount, the key lies in the not-so-difficult monetization potential to realize the gap. 


Tongda (698): Real Monetization Potential

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

Shenton Research

Shenton 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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.</li><li>The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Weak breadth and uneven daily price action kept the tone heavy as Hong Kong equities continued to struggle for momentum in the shadow of Xi-Trump.</li>
<li>Hong Kong’s implied volatility divergence mirrors a broader pattern also appearing across other major indexes and their constituents.</li>
<li>Call participation remained unusually strong through most of the week as overall single stock option activity edged higher.</li>
</ul>


Weak breadth and uneven daily price action kept the tone heavy as Hong Kong equities continued to struggle for momentum in the shadow of Xi-Trump.
Hong Kong’s implied volatility divergence mirrors a broader pattern also appearing across other major indexes and their constituents.
Call participation remained unusually strong through most of the week as overall single stock option activity edged higher.


Hong Kong Single Stock Options Weekly Sept 21–25: Volatility Divergence Deepens Across the Market

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

CX Daily: Are China’s Futuristic EV Designs Sacrificing Safety for Style?

TOP STORY In Depth: Are China’s Futuristic EV Designs Sacrificing Safety for Style? As Chinese automakers race to define the look of the...

Caixin Global

Tongda (698): Real Monetization Potential

Although the HK entity trades at a 80% discount to its A share listed entity, the real key is to monetize the gap by share buybacks, special...

Henry Soediarko

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units...

Topline Securities

Hong Kong Single Stock Options Weekly Sept 21–25: Volatility Divergence Deepens Across the Market

Weak breadth and soft price action kept the market tone heavy, while diverging index and single stock volatility trends remained a defining feature

John Ley

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