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Home Appliance Cautious Buy
Sector Research | China Home Appliance THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 October 16, 2012 Home Appliance Cautious Buy Cherry pick home-appliance names amid the price corrections Investment highlights Analyst Wang Nianchun We expect home-appliance y-o-y sales volume growth to rebound moderately +755-82130407 in 4Q 2012. Based on our channel checks and data already released for Jul-Aug [email protected] S0980510120027 2012, 3Q sales volume of various sub-sectors was in line with expectations, and the profitability of the TV sub-sector slightly beat expectations. The subsidies for energy efficient home-appliance products introduced in June are unlikely to materially boost sales until three to six months after their launch. We expect the 4Q y-o-y sales Sales Contact volume growth of air conditioners, refrigerators, washing machines and LCD TVs will be 7.5%, 5.8%, 5.0% and 0.8% respectively, representing a modest rebound from the Roger Chiman Managing Director first three quarters. +852 2248 3598 [email protected] Divergence within the sector intensifies, and we suggest waiting for buying Chris Berney opportunities amid price pullbacks. The overall industry sentiment has been tepid Managing Director +852 2248 3568 since the beginning of 2012, but product-mix upgrade and lower material costs could lead [email protected] to an improvement in profitability this year. Based on our estimates, subsidy policies for Andrew Collier energy efficient home-appliance products will have more significant effects in 2013 than Director +852 2248 3528 this year. -
China Equity Strategy
June 5, 2019 09:40 AM GMT MORGAN STANLEY ASIA LIMITED+ China Equity Strategy | Asia Pacific Jonathan F Garner EQUITY STRATEGIST [email protected] +852 2848-7288 The Rubio "Equitable Act" - Our Laura Wang EQUITY STRATEGIST [email protected] +852 2848-6853 First Thoughts Corey Ng, CFA EQUITY STRATEGIST [email protected] +852 2848-5523 Fran Chen, CFA A new bill sponsored by US Senator Marco Rubio has the EQUITY STRATEGIST potential to cause significant change in the listing domains of [email protected] +852 2848-7135 Chinese firms. After the market close in the US yesterday 4th June the Wall Street Journal published an Op-Ed by US Senator Marco Rubio in which he announced that he intends to sponsor the “Equitable Act” – an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges. At this time the text of the bill has not been published and we are seeking additional information about its contents and likelihood of passing. However, our early reaction is that this has the potential to cause significant changes in the domain for listings of Chinese firms going forward with the potential for de- listing of Chinese firms on US exchanges and re-listing elsewhere (most likely Hong Kong). More generally we see this development as part of an increased escalation of tensions between China and the US on multiple fronts which should cap the valuation multiple for China equities, in particular in the offshore index constituents and US-listed parts of the universe. We provide a list of the potentially impacted China / HK names with either primary or secondary listings on Amex, NYSE or Nasdaq. -
2020 Interim Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (incorporated in Hong Kong under the Companies Ordinance with limited liability) (Stock code: 285) 2020 INTERIM RESULTS ANNOUNCEMENT The Board of Directors of the Company (the “Board”) is pleased to announce the unaudited results of the Company and its subsidiaries for the six months period ended 30 June 2020. This announcement, containing the full text of the 2020 Interim Report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcements of interim results. Printed version of the Company’s 2020 Interim Report will be delivered to the Company’s shareholders and is also available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at http://www.hkex.com.hk and of the Company at http://www.byd-electronics.com. By Order of the Board of BYD Electronic (International) Company Limited WANG Nian-qiang Director Hong Kong, 28 August 2020 As at the date of this announcement, the executive Directors of the Company are Mr. WANG Nian- qiang and Mr. JIANG Xiang-rong; the non-executive Directors are Mr. WANG Chuan-fu and Mr. WANG Bo; and the independent non-executive Directors are Mr. -
Haier Electronics
The role of the Belt and Road Initiative on Chinese multinational enterprise strategy: a multiple case study A Master Thesis Presented to the Faculty of Economics and Business by Justin Brandsma S2734818 Supervisor: H.U. Haq Co-assessor: J.R. de Wit WC: 16484 June 2020 Groningen, The Netherlands The role of the BRI on Chinese MNE strategy 2 The role of the BRI on Chinese MNE strategy Foreword In front of you lies my master thesis on: “the Role of the Belt and Road Initiative on Chinese multinational strategy: a multiple case study“, written as part of the master’s degree in International Business and Management at the University of Groningen. I consider this thesis to be the culmination of 6 beautiful student years in the even more beautiful city of Groningen, a wonderful period of my life! My choice for this thesis topic dates back to my late middle-school and early high-school years where I developed a big interest in the ancient Greek history and mythology. Especially the tales of Alexander the Great who managed to expand the Macedonian empire all the way to northeast India were intriguing to me. This Greek venture East in 334BC led to the establishment of the earliest version of a trade route between Constantinople (Turkey) and Xi’an (China), known as the Silkroad. 1600 years later Marco Polo would travel this route from Venice to China and work as the personal advisor of the Mongolian ruler: Kublai Khan. The accumulation of his experiences and adventures in the East came together in the brilliant travel memoire written by Rusticello da Pisa named ‘il Milione’ or commonly known as the ‘the travels of Marco Polo’. -
TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED TCL 多媒體科技控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 01070)
THIS DOCUMENT AND THE ACCOMPANYING DOCUMENTS (IF ANY) ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this Prospectus or as to the action to be taken, you should consult your stockbroker or other licensed securities dealer, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your Shares, you should at once hand the Prospectus Documents to the purchaser(s) or the transferee(s) or to the bank, the licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). A copy of each of the Prospectus Documents, together with a copy of the documents specified in the section headed “Documents delivered to the Registrar of Companies” in Appendix III to this Prospectus, has been registered with the Registrar of Companies in Hong Kong as required by Section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. The Registrar of Companies in Hong Kong, the Stock Exchange and the SFC take no responsibility as to the contents of any of these documents. You should read the whole of this Prospectus including the discussions of certain risks and other factors as set out in the section headed “WARNING OF THE RISKS OF DEALING IN SHARES AND NIL PAID RIGHTS” of this Prospectus. Subject to the granting of approval for the listing of, and permission to deal in, the Rights Shares in both nil-paid and fully-paid forms on the Stock Exchange as well as compliance with the stock admission requirements of HKSCC, the Rights Shares in both nil-paid and fully-paid forms will be accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the respective commencement dates of dealings in the Rights Shares in their nil-paid and fully-paid forms on the Stock Exchange. -
Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD
VIP Exhibitors of the 114th Session of Canton Fair Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD. Electronic and Electrical Products 5.1A09-22 1 SICHUAN JIUZHOU ELECTRIC GROUP CO., LTD. Consumer Electronics 11.3C35-46 1 Guangzhou Midea Hualing Refrigerator Co., Ltd. Household Electrical Appliances 3.2A77-92 1 GREE ELECTRIC APPLIANCES,INC.OF ZHUHAI Household Electrical Appliances 4.2A51-78 1 MIDEA GROUP CO.,LTD. Household Electrical Appliances 3.2A09-60 1 HAIER GROUP Household Electrical Appliances 3.2B01-54 1 GUANGDONG XINBAO APPLIANCES HOLDINGS CO.,LTD. Household Electrical Appliances 4.2F31-47 1 NO.168 HUANCHENG EAST RD.ZHOUXIANG CIXI,NINGBO P.R.C. Household Electrical Appliances 4.2F19-30 1 NINGBO AUX IMP.& EXP CO.,LTD. Household Electrical Appliances 4.2D13-46 1 XINGXING GROUP CO.,LTD Household Electrical Appliances 4.2I07-21 1 TCL CORPORATION Household Electrical Appliances 3.2G41-60 1 GUANGDONG GALANZ ENTERPRISE CO., LTD. Household Electrical Appliances 4.2A06-45 1 Guangzhou Wanbao Group Co.,Ltd. Household Electrical Appliances 3.2E50-67 1 GUANGDONG CHIGO AIR CONDITIONING CO.LTD Household Electrical Appliances 4.2D51-71 1 Homa Appliances Co., Ltd Household Electrical Appliances 3.2C01-12 1 NINGBO KAIBO GROUP CO.,LTD. Household Electrical Appliances 2.2D37-42,2.2E07-12 1 NINGBO XINLE HOUSEHOLD APPLIANCES CO., LTD. Household Electrical Appliances 3.2C85-96 1 SICHUAN CHANGHONG ELECTRIC CO.,LTD. Household Electrical Appliances 3.2E20-35 1 NINGBO LAMO ELECTRIC APPLIANCE CO.,LTD. Household Electrical Appliances 3.2G29-40 1 HEFEI MEILING COMPANY LIMITED Household Electrical Appliances 3.2E36-49 1 CUORI ELECTRICAL APPLICANAES GROUP CO.,LTD. -
Hisense Kelon Electrical Holdings Company Limited 海信科龍電器股份有限公司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HISENSE KELON ELECTRICAL HOLDINGS COMPANY LIMITED 海信科龍電器股份有限公司 (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 00921) DISCLOSEABLE TRANSACTIONS SUBSCRIPTION OF WEALTH MANAGEMENT PRODUCTS Reference is made to the announcements of the Company dated 1 September 2016 and 7 September 2016 in respect of the August Wealth Management Agreement, the First September Wealth Management Agreement and the Second September Wealth Management Agreement, pursuant to which Hisense Refrigerator (as subscriber) subscribed for the wealth management products in the aggregate subscription amount of RMB900,000,000 (equivalent to approximately HK$1,045,504,145Note 1) from the Agricultural Bank of China (as issuer). The Board is pleased to announce that apart from the August Wealth Management Agreement, the First September Wealth Management Agreement and the Second September Wealth Management Agreement, on 26 September 2016, Hisense Refrigerator entered into the Third September Wealth Management Agreement with the Agricultural Bank of China to subscribe for the 75-day Wealth Management Product in the subscription amount of RMB200,000,000 (equivalent to approximately HK$232,660,943Note 2). The Third September Wealth Management Agreement by itself does not constitute discloseable transaction of the Company under Rule 14.06 of the Listing Rules. -
Technology 6 November 2017
INDUSTRY NOTE China | Technology 6 November 2017 Technology EQUITY RESEARCH China Summit Takeaway: AI, Semi, Smartphone Value Chain Key Takeaway We hosted several experts and 24 A/H corporates at our China Summit and Digital Disruption tour last week. Key takeaways: 1) AI shifting from central cloud to the edge (end devices), driving GPU/FPGA demand in near term, 2) AI leaders in China rolling out own ASICs in the next 2~3 years, 3) China's new role in semi, forging ahead in design and catching up in foundry. In smartphone value chain, maintain AAC as top pick for lens opportunity and Xiaomi strength. CHINA Artificial Intelligence - From cloud to edge computing: The rise of AI on the edge (terminal devices, like surveillance cameras, smartphones) from central cloud, can solve one key weakness of AI: the brains are located thousands of miles away from the applications. The benefits of AI on the edge include: 1) better analysis based on non-compressed raw data, which contains more information, 2) lower requirement on bandwidth, as transmitted data has been pre-processed, 3) faster response. This will keep driving the demands for GPUs and FPGAs in near term. Meanwhile, China's leading AI companies including Hikvision (002415 CH) and Unisound (private, leader in voice recognition) also noted they may develop own ASICs in the next 2~3 years, for better efficiency and low power. While machines getting smarter, we notice increasing concerns on data privacy. Governments are not only implementing Big Data laws and policies, also starts investing AI leaders, like Face ++ (computer vision) in China. -
AQR TM Emerging Multi-Style Fund June 30, 2021
AQR TM Emerging Multi-Style Fund June 30, 2021 Portfolio Exposures NAV: $685,149,993 Asset Class Security Description Exposure Quantity Equity A-Living Services Ord Shs H 2,001,965 402,250 Equity Absa Group Ord Shs 492,551 51,820 Equity Abu Dhabi Commercial Bank Ord Shs 180,427 96,468 Equity Accton Technology Ord Shs 1,292,939 109,000 Equity Acer Ord Shs 320,736 305,000 Equity Adani Enterprises Ord Shs 1,397,318 68,895 Equity Adaro Energy Tbk Ord Shs 2,003,142 24,104,200 Equity Advanced Info Service Non-Voting DR 199,011 37,300 Equity Advanced Petrochemical Ord Shs 419,931 21,783 Equity Agricultural Bank of China Ord Shs A 288,187 614,500 Equity Agricultural Bank Of China Ord Shs H 482,574 1,388,000 Equity Al Rajhi Bank Ord Shs 6,291,578 212,576 Equity Alibaba Group Holding ADR Representing 8 Ord Shs 33,044,794 145,713 Equity Alinma Bank Ord Shs 1,480,452 263,892 Equity Ambuja Cements Ord Shs 305,517 66,664 Equity Anglo American Platinum Ord Shs 174,890 1,514 Equity Anhui Conch Cement Ord Shs A 307,028 48,323 Equity Anhui Conch Cement Ord Shs H 1,382,025 260,500 Equity Arab National Bank Ord Shs 485,970 80,290 Equity ASE Technology Holding Ord Shs 2,982,647 742,000 Equity Asia Cement Ord Shs 231,096 127,000 Equity Aspen Pharmacare Ord Shs 565,696 49,833 Equity Asustek Computer Ord Shs 1,320,000 99,000 Equity Au Optronics Ord Shs 2,623,295 3,227,000 Equity Aurobindo Pharma Ord Shs 3,970,513 305,769 Equity Autohome ADS Representing 4 Ord Shs Class A 395,017 6,176 Equity Axis Bank GDR 710,789 14,131 Equity Ayala Land Ord Shs 254,266 344,300 -
BYD Electronic | 285.HK
BYD Electronic | 285.HK Rating Neutral Maintain Assembly service dragged on margin Target Price HKD 10.15 Current price HKD 11.40 Upside -10.9% % 1H19 result missed on metal casing margin deterioration and 26 August 2019 increased assembly service BYDE 1H19 net profit with revenue and net profit attributable to Hayman Chiu shareholders +19.3%/-49.3% to RMB23,280mn and RMB575mn [email protected] respectively. Though sales was ~9% ahead of market consensus, (852) 2235 7677 EPS was 50% of market consensus due to the GM shortfall which came in at 6.7% (vs. 1H19 consensus at ~9.3%), and GM deteriorated to 5.5% in 2Q19. The increase in sales was driven by Trading data both glass casing and plastic casings, while IoT (new intelligent 52-Week Range (HK$) 14.92/7.88 product) and assembly service grew 30%/38% Yoy respectively. 3 Mth Avg Daily Vol (m) 10.24 However, the plunge in metal casing GM more than offset the No of Shares (m) 2,253.2 positives, the blended GM miss was driven by i) weak demand Market Cap (HK$m) 25,686.5 for metal casing from Chinese OEMS, especially in May and Major Shareholders (%) BYD (65.6%) June when US government placed Huawei on its restricted Auditors Ernst & Young entity list and led to order disruption, ii) Increased sales Result Due FY19: Mar 2020 contribution from low margin assembly business (1H19: 51% of sales vs. 44% in 1H18), as FLEX has been eliminated from Huawei’s supplly chain and BYDE would gain market share as a Company description result. -
Generic Internationalization Strategies of Emerging Market Multinationals: the Case of Chinese Firms
Advances in Economics and Business 5(2): 83-94, 2017 http://www.hrpub.org DOI: 10.13189/aeb.2017.050205 Generic Internationalization Strategies of Emerging Market Multinationals: The Case of Chinese Firms Kun Tan Newhuadu Business School, Minjiang University, China Copyright©2017 by authors, all rights reserved. Authors agree that this article remains permanently open access under the terms of the Creative Commons Attribution License 4.0 International License Abstract This paper investigates how the choices of the early 1980s [2] [3] [4], attention to this topic became an strategic directions by Chinese multinational enterprises import research in international business in the 2000s [5] [6] have led them to adopt distinct strategies in [7] [8] [9] [10] [11], because emerging-market firms are internationalization. The study takes a multiple case study quickly catching up and internationalizing in recent years. approach. It was found that the generic strategies of Scholars are starting to take stock of what is actually known Chinese internationalization are local optimizer; low-cost about EMNEs and what is speculation [12]. supplier, advanced-market seeker, and global consolidator, Particularly, the rise of emerging economies such as China each of which depends on a multinational enterprise’s and India has generated a number of EMNEs, providing an preference in combination with its strategic directions e.g. opportunity for scholars to review the theories of MNEs’ target countries, value chain movement, branding, and internationalization in contemporary context [13]. For mode of entry. Finally the generic strategies as a common example, Paul and Mas [14] examined the common factors framework for studying the internationalization of emerging that had contributed to the emergence of Chinese and Indian market multinationals are proposed. -
Investment Daily
Investment Daily 31 March 2021 Major Market Indicators Market Overview 30 Mar 29 Mar 26 Mar Mkt. Turn.(mn) 169,300 190,300 183,900 Resistance at 20 Day SMA; Upcoming Focus will switch to macro Stock Advances 1,014 930 1,141 factor Stock Declines 719 824 628 Dow Jones Index hit new record. And China stock market rose. Hang Seng Index rose 239 HSI 28,578 28,338 28,336 points to 28,577 on Tuesday. H-share Index rose 77 points to 11,020. Tech Index rose 199 Change +239 +2 +437 points to 8,180. Market turnover was HK$169.3 billion. Health care sector performed well. HSI Turn.($bn) 66.52 78.36 76.55 Innovent Bio(1801) jumped 6.0% while JD Health(6618) surged 7.6%. Hong Kong HSCEI 11,021 10,943 10,966 property sector rose. SHK Property(16) gained 5.0% while New World Development(17) Change +78 -23 +222 advanced 5.2%. HSCEI Turn.($bn) 66.46 82.42 74.42 Consumer Confidence Index soared obviously in March and is much higher than expectation. President Biden will announce a sizable infrastructure investment plan on HSI Technical Indicators Wednesday. Together with progress on vaccination, it boosted the outlook for a broad economic recovery and rising inflation. 10-days MA 28,588 50-days MA 29,321 US stocks consolidated on Tuesday, with the three major US stock index fell 0.1-0.3% 250-days MA 25,901 respectively. On the other hand, 10 Year US treasury yield once rose to 1.77% but finally 14-days RSI 46.46 closed flat at 1.73%.