Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire</li><li>A new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.</li><li>The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.</li></ul>

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could BackfireA new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders.The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire 

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.

Thematic (Sector/Industry)

<ul><li>Our view on China telecom sector is unchanged. We think this sector is a defensive play amid macro-economic pressure.</li><li>We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo opportunities.</li><li>China Mobile and China Telecom’s (941 HK/ 728 HK, not rated) share prices grew 25.5%/23.8% YTD.</li></ul><p><em>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.</em></p>

Our view on China telecom sector is unchanged. We think this sector is a defensive play amid macro-economic pressure.We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo opportunities.China Mobile and China Telecom’s (941 HK/ 728 HK, not rated) share prices grew 25.5%/23.8% YTD.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.

China 5G Sector – China telecom sector remains as a defensive play

<ul><li><p>Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1）</p></li><li><p>Guangzhou spares homebound from mass Covid testing</p></li><li><p>Cold snap in Northwest China leaves livestock trapped and herdsmen missing</p></li></ul>

Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1）Guangzhou spares homebound from mass Covid testingCold snap in Northwest China leaves livestock trapped and herdsmen missing

CX Daily: China Lines Up Yet More Aid for the Property Sector, But Will It Be Enough? (Part 1）

<div><div><div><div><ul><li>We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.</li><li>We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.</li><li>China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” </li></ul></div></div></div></div><p><em>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.</em></p>

We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” 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.

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

<ul>
<li>India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)</li>
<li>India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees</li>
<li>
<p>The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.</p>
</li>
</ul>


India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)
India’s Directorate of Revenue Intelligence, part of the Ministry of Finance, said it found evidence that Oppo’s India unit willfully and wrongly described imported components used to make phones to get duty exemptions of 29.81 billion rupees

The directorate also said Oppo failed to include 14.08 billion rupees of licensing fees paid to overseas companies when calculating the value of imported goods.



India Accuses China’s Oppo of Evading $551 Million of Taxes

China

ZTE Corporation develops and markets switches, access servers, videoconferencing systems, mobile communication systems, data communication devices, and optical communication devices.  The Company also offers networking solutions for setup, refurbishment and optimization of networks.

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Zte Corp A (000063 CH)

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire

In Depth: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire A new player has emerged in the boardrooms of China’s major...

Caixin Global

China 5G Sector – China telecom sector remains as a defensive play

We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo...

CMB International

CX Daily: China Lines Up Yet More Aid for the Property Sector, But Will It Be Enough? (Part 1）

Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1). Guangzhou spares homebound from mass Covid testing

Caixin Global

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.

CMB International

India Accuses China’s Oppo of Evading $551 Million of Taxes

India’s tax authorities accused Chinese smartphone maker Oppo of evading customs duties totaling 43.89 billion rupees ($551 million)

Caixin Global

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