Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

<p>In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions.  Domestic consumption has decelerated meaningfully since Q2.  Rising household debt and the crackdown in shadow banking activities are hurting consumer sentiment in ways that should not be ignored by investors.    </p>

In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions.  Domestic consumption has decelerated meaningfully since Q2.  Rising household debt and the crackdown in shadow banking activities are hurting consumer sentiment in ways that should not be ignored by investors.    

China's Consumer Credit Crunch, Slowing Consumption, & Stock Implications

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>Inspired by helping my son review for his first Accounting Final, I went and screened for names in Asia that have a less than strong balance sheet. We started with Debt to Equity and then continued to narrow the screen by Current, then Quick and finally Cash Ratios. The largest names to make the screen was <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">Advanced Info Service Pcl (ADVANC TB)</a> with a 460% debt to Equity ratio and a .42x current ratio. Other current liabilities is almost as big as total current assets.</p><h2>Screen Criteria</h2><ol><li>Debt to…</li></ol>

Inspired by helping my son review for his first Accounting Final, I went and screened for names in Asia that have a less than strong balance sheet. We started with Debt to Equity and then continued to narrow the screen by Current, then Quick and finally Cash Ratios. The largest names to make the screen was Advanced Info Service Pcl (ADVANC TB) with a 460% debt to Equity ratio and a .42x current ratio. Other current liabilities is almost as big as total current assets.Screen CriteriaDebt to…

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

DZT Research

DZT 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.

Event-Driven

<ul>
<li>We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.</li>
<li>Two stocks stand out as high-conviction candidates for index inclusion this cycle.</li>
<li>The rest of the shortlist looks more marginal and more dependent on committee discretion.</li>
</ul>


We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.
Two stocks stand out as high-conviction candidates for index inclusion this cycle.
The rest of the shortlist looks more marginal and more dependent on committee discretion.


Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.


HSI Index Earning Revision (Mar): Oil and Tech

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>On 5 March 2026, we published a quantitative event study covering 12 completed HSI rebalance events ahead of implementation on 9 March.</li>
<li>We are following up with a post-event wrap-up now that the March-2026 cycle has moved into WI3. This note assesses how the current event played out against the historical framework.</li>
<li>Scorecard: 2/4 clean matches, 2/4 partial. CATL delivered strong post-implementation performance, driven by earnings rather than rebalance flow. DELETE selling concentrated in WI3 rather than WI0-4.</li>
</ul>


On 5 March 2026, we published a quantitative event study covering 12 completed HSI rebalance events ahead of implementation on 9 March.
We are following up with a post-event wrap-up now that the March-2026 cycle has moved into WI3. This note assesses how the current event played out against the historical framework.
Scorecard: 2/4 clean matches, 2/4 partial. CATL delivered strong post-implementation performance, driven by earnings rather than rebalance flow. DELETE selling concentrated in WI3 rather than WI0-4.


HSI Index Rebalance: March 2026 Post-Event Review

China

Zhongsheng Group is a leading national automobile dealership group in China, specializing in the sale of new and used luxury and mid-to-high-end automobiles, including brands like Mercedes-Benz, Lexus, and Audi. The company also provides comprehensive after-sales services, such as repair, maintenance, spare parts, accessories, and related auto finance and insurance services. It was founded in 1998 and is headquartered in Dalian, China.

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Zhongsheng (881 HK)

China's Consumer Credit Crunch, Slowing Consumption, & Stock Implications

In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions. Domestic...

JL Warren Capital

Bad Balance Sheets in Asia....

Inspired by helping my son review for his first Accounting Final, I went and screened for names in Asia that have a less than strong balance sheet....

Custom Products Group

HSI May 2026 Index Review Forecast

HSI May 2026 forecast: we expect BeOne and Zijin Gold to enter, no delete, with Healthcare and EMIC still the clearest sector gaps.

Ke Yan, CFA, FRM

HSI Index Earning Revision (Mar): Oil and Tech

We analyzed HSI's consensus for Mar 2026 and highlighted changes of EPS in ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.

Ke Yan, CFA, FRM

HSI Index Rebalance: March 2026 Post-Event Review

March 2026 HSI rebalance wrap-up: 3 ADDs, 1 DELETE. Framework scored 2/4 match, 2/4 partial. Record dispersion, delayed DELETE selling, and an...

Ke Yan, CFA, FRM

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