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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Donald Trump’s victory in the presidential election could be a boon for TikTok, potentially offering the Chinese-owned short-video app a reprieve from the impending federal ban that would cost it one of its biggest markets.</li><li>President Joe Biden signed a bill into law this April that gave a choice to ByteDance Ltd., the Chinese parent company of TikTok — sell the app by January next year or face a ban from the country’s app stores.</li><li>The reason given for the bill was concern that Beijing could access U.S. users’ information and use TikTok to influence citizens — although TikTok denied both claims.</li></ul>

Donald Trump’s victory in the presidential election could be a boon for TikTok, potentially offering the Chinese-owned short-video app a reprieve from the impending federal ban that would cost it one of its biggest markets.President Joe Biden signed a bill into law this April that gave a choice to ByteDance Ltd., the Chinese parent company of TikTok — sell the app by January next year or face a ban from the country’s app stores.The reason given for the bill was concern that Beijing could access U.S. users’ information and use TikTok to influence citizens — although TikTok denied both claims.

CX Daily: How Trump’s Return Might Be a Boon for TikTok 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.</li>
<li>
<a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-securities-co-4f5d644c-0051-426f-9706-eaa74b0ba280" target="_blank" data-smartkarma-citation="entities:22738:1" rel="noopener">China Merchants Securities Co Ltd (H) (6099 HK)</a> benefits from increased market turnover.   <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> beat consensus for 3Q24 earnings and will continue its buyback program.</li>
</ul>


Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.

XPeng (9868 HK) announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.

China Merchants Securities Co Ltd (H) (6099 HK) benefits from increased market turnover.   Yum China Holdings (9987 HK) beat consensus for 3Q24 earnings and will continue its buyback program.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

Thematic (Sector/Industry)

<ul>
<li>The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation concluded that state subsidies are enabling Chinese automakers to unfairly undercut their European rivals.</li>
<li>In a statement on Tuesday, the commission said that it has fixed the definitive countervailing duties, which will range from a 7.8% levy for Tesla Inc. cars manufactured in China to up to 35.3% for vehicles made by state-owned SAIC Motor Corp.</li>
<li>The tariffs — which only apply to battery EVs, also known as “pure” EVs — will be in place for five years and will be levied in addition to the EU’s existing import duties of 10% for cars.</li>
</ul>


The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation concluded that state subsidies are enabling Chinese automakers to unfairly undercut their European rivals.
In a statement on Tuesday, the commission said that it has fixed the definitive countervailing duties, which will range from a 7.8% levy for Tesla Inc. cars manufactured in China to up to 35.3% for vehicles made by state-owned SAIC Motor Corp.
The tariffs — which only apply to battery EVs, also known as “pure” EVs — will be in place for five years and will be levied in addition to the EU’s existing import duties of 10% for cars.


EU Tariffs on Chinese EV Imports Get Final Nod 

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, raised around US$440m in its US listing. Its IPO lockup will expire soon.</li>
<li>ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.
ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.
In this note, we will talk about the lockup dynamics and possible placement.


ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.</li>
<li>The IPO was discussed in <strong><em><a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:157572" rel="noopener">CR Beverage IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:158613" rel="noopener">CR Beverage IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:161273" rel="noopener">CR Beverage IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-2460-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:162418" rel="noopener">CR Beverage (2460 HK) IPO: Valuation Insights</a></em></strong>. </li>
<li>The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.</li>
</ul>



China Resources Beverage (2460 HK) priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.
The IPO was discussed in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case, CR Beverage IPO: The Investment Case, CR Beverage (2460 HK) IPO: Valuation Insights. 
The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.


China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

CX Daily: How Trump’s Return Might Be a Boon for TikTok

China-U. S. / Analysis: How Trump’s return might be a boon for TikTok Donald Trump’s victory in the presidential election could be a boon for...

Caixin Global

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

Hong Kong markets are among the top performers this year. Short selling has declined as Southbound buying increases. Xpeng introduced a new hybrid...

David Mudd

EU Tariffs on Chinese EV Imports Get Final Nod

The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation...

Caixin Global

ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.

Sumeet Singh

CR Beverage (2460 HK) IPO: Trading Debut

The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.

Arun George

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