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.

Lonking (3339 HK): A Real Gem, Net Cash = 69% Market Cap

Asian Equities: Small Caps with Strong Growth, Reasonable Valuations, and Strong Balance Sheets

Lonking (3339 HK): A (Massive) Positive Profit Alert

China Heavy Machinery Sector: Anticipating More Upside

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Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>, as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.</li>
<li>Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. </li>
<li>Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. </li>
</ul>



Lonking Holdings (3339 HK), as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.
Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. 
Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. 


XCMG Construction Machinery A (000425 CH)

Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash