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Caixin Global

Articles from Caixin Global

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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 

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> 's  stock is down 40% from its mid-May high triggered by public spat with rival <a href="https://www.smartkarma.com/entities/bloomage-biotechnology-corp-lt" target="_blank" data-smartkarma-citation="entities:30390:1" rel="noopener">Bloomage Biotechnology</a> over collagen content labelling in its skincare line.</li>
<li>Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.</li>
<li>Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.</li>
</ul>



Giant Biogene (2367 HK) 's  stock is down 40% from its mid-May high triggered by public spat with rival Bloomage Biotechnology over collagen content labelling in its skincare line.
Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.
Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.


Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

Thematic (Sector/Industry)

In this Smartkarma Original Series report, we scan the Asia Direct-to-Consumer (D2C) channel space for Consumer Packaged Goods to identify the verticals that have gained wider consumer acceptance and witnessed steady growth in each of the key geographies - China, South East Asia, and India. We look into the factors that enabled notable D2C brands in the Beauty, Fashion, and Food verticals to make steady inroads and disrupt the sector within a short period. We discuss the D2C ecosystem, brand journey and key challenges. 2020 has been the year that fast-tracked online retail penetration in most parts of Asia. In this context, we profile D2C brands with either a dominant segment presence or unique business model to gain a deeper understanding of the Asia D2C landscape.
What is original about this report? Insights and takeaways for Investors in Asia D2C branded players in consumer space based on our comparative study of the segment across three key geographies - China, SE Asia, and India. China's early march in digital transformation and D2C market space offers valuable lessons to players/investors in early-stage digital markets like India which is witnessing aggressive traction in this space. Insights discussed in the report have mostly been weaned from the startup experiences shared by founders of reputed D2C brands. The report also analyses investment outlook for select digitally native D2C brands with lead segment presence and/or unique business models.

 In this Smartkarma Original Series report, we scan the Asia Direct-to-Consumer (D2C) channel space for Consumer Packaged Goods to identify the verticals that have gained wider consumer acceptance and witnessed steady growth in each of the key geographies - China, South East Asia, and India. We look into the factors that enabled notable D2C brands in the Beauty, Fashion, and Food verticals to make steady inroads and disrupt the sector within a short period. We discuss the D2C ecosystem, brand journey and key challenges. 2020 has been the year that fast-tracked online retail penetration in most parts of Asia. In this context, we profile D2C brands with either a dominant segment presence or unique business model to gain a deeper understanding of the Asia D2C landscape.
What is original about this report? Insights and takeaways for Investors in Asia D2C branded players in consumer space based on our comparative study of the segment across three key geographies - China, SE Asia, and India. China's early march in digital transformation and D2C market space offers valuable lessons to players/investors in early-stage digital markets like India which is witnessing aggressive traction in this space. Insights discussed in the report have mostly been weaned from the startup experiences shared by founders of reputed D2C brands. The report also analyses investment outlook for select digitally native D2C brands with lead segment presence and/or unique business models.

D2C Brands in Asia: Disruption Potential in Consumer Space

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

Chando Global Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a> (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Chando Global Limited  (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Chando Global Pre-IPO - The Negatives-  Inconsistent Growth and Margins

Chando Global Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a>(CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the positive aspects of the deal.


Chando Global Pre-IPO - The Positives - Well Known Brand

China

Yatsen Holding Limited operates as a holding company. The Company, through its subsidiaries, retails cosmetics, skincare, and other beauty products. Yatsen Holding serves customers worldwide.

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Yatsen Holding Ltd (YSG US)

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

Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

Powered by strong tailwinds - ingredient innovation and Guochao appeal, Biogene's functional beauty is well placed for growth. Recent sentiment-led...

Devi Subhakesan

D2C Brands in Asia: Disruption Potential in Consumer Space

Insights for investors based on comparative study of Asia D2C landscape across India, SE Asia & China.Analysis of relative segment attractiveness....

Devi Subhakesan

Aequitas: Chando Global Pre-IPO - The Negatives- Inconsistent Growth and Margins

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positve...

Sumeet Singh

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

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