HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

China Dongxiang (3818 HK): Another Play on the Market Rally

China Dongxiang (3818 HK): Investment Gain Remains the Driver

China Dongxiang (3818 HK): More than Just BABA

Equity Bottom-Up

<ul>
<li>While the 2H FY25 result of <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang (3818 HK)</a> does not look exciting, there are meaningful operating and financial improvements deep inside. </li>
<li>The HSI change is a good proxy for its investment gains, and the 5.9% gain since end-FY25 (Mar) should positively reflect on CNDX's 1H FY26 results. </li>
<li>The sports goods business is not expected to be a drag in FY26. Trading at a steep 76.5% discount, the stock stays highly undervalued.</li>
</ul>


While the 2H FY25 result of China Dongxiang (3818 HK) does not look exciting, there are meaningful operating and financial improvements deep inside. 
The HSI change is a good proxy for its investment gains, and the 5.9% gain since end-FY25 (Mar) should positively reflect on CNDX's 1H FY26 results. 
The sports goods business is not expected to be a drag in FY26. Trading at a steep 76.5% discount, the stock stays highly undervalued.


Topsports International Holdings (6110 HK)

China Dongxiang (3818 HK): Better than It Appears