Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongan-online-p-c-insurance-c" target="_blank" data-smartkarma-citation="entities:23681:1" rel="noopener">ZhongAn Online P&amp;C Insurance C (6060 HK)</a> is benefiting from the cross-selling opportunities  generated through the eco-systems of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, its parent companies</li>
<li>Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.</li>
<li>Expertise and cross-selling from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> , another parent company with a jointly run auto insurance business.</li>
</ul>



ZhongAn Online P&amp;C Insurance C (6060 HK) is benefiting from the cross-selling opportunities  generated through the eco-systems of Alibaba Group Holding (9988 HK) and Tencent (700 HK), its parent companies
Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.
Expertise and cross-selling from Ping An Insurance (H) (2318 HK) , another parent company with a jointly run auto insurance business.


Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

Shanghai Electric Group / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>
<a href="https://smartkarma.zoom.us/rec/share/greN_IcTNbNIKfXkLUrkLPlmSXvDzuNh6Oad7iFT39LMx6BL5WsQXTLHfLErBwPT.Xt9FLCjm5WkeCCsj" target="_blank" data-smartkarma-citation="insights:131779" rel="noopener">A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player</a> introduced one of the few Fintech players in Asia that has been making profits since 2011.</li>
<li>The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. </li>
<li>IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). </li>
</ul>
This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.



A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). 

This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.

IFast: A Profitable Fintech Player that Deserves More Investor Attention

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.

Event-Driven

<ul>
<li>Mr Yaping Ou's offer for <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a> is HK$6.60 and is final. The scheme document is now due on 30 October, and the gross spread is 35%.</li>
<li>The offer undervalues Z Fin. The ZA Global stake alone is worth about HK$10.2–10.5 per share. That means the offer values the rest of Z Fin at below zero.</li>
<li>Vote risk and payoff: If minority turnout matches the last AGM, about 5.3m votes against could block the scheme. That's less than past AGM dissent. The risk/reward is not compelling.</li>
</ul>


Mr Yaping Ou's offer for Z Fin (1168 HK) is HK$6.60 and is final. The scheme document is now due on 30 October, and the gross spread is 35%.
The offer undervalues Z Fin. The ZA Global stake alone is worth about HK$10.2–10.5 per share. That means the offer values the rest of Z Fin at below zero.
Vote risk and payoff: If minority turnout matches the last AGM, about 5.3m votes against could block the scheme. That's less than past AGM dissent. The risk/reward is not compelling.


Z Fin (1168 HK): A High Spread That Reflects Real Vote Risk

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.

<ul><li>ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).</li><li>The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.</li><li>CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. </li></ul>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.

ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. 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.

ZhongAn (6060 HK) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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ZhongAn Online (6060 HK)

Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

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David Mudd

IFast: A Profitable Fintech Player that Deserves More Investor Attention

iFast Corporation is one of the few Fintech players in Asia that has been consistently making net profits since as early as 2011. It operates in...

Alec Tseung

Z Fin (1168 HK): A High Spread That Reflects Real Vote Risk

HK$6.60 final offer values Z Fin ex-ZA Global below zero. Scheme document due 30 Oct, gross spread 35%. The scheme vote is riskier than it looks;...

Arun George

ZhongAn (6060 HK) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit

ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings...

CMB International

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