Monday morning links
China cut the subsidies for new energy vehicles by 30% and plans to scrap them entirely by the end of 2022. Lower subsidies will have severe ramifications for the battery industry and OEMs reliant on the Chinese market, including Tesla.
Asia’s Regional Comprehensive Economic Partnership (RCEP) became effective on 1 January 2022. Tariffs between the 15 member nations will drop significantly. However, unlike the TPP, there are no rules covering SOE subsidies, environmental regulation, product standards or cyber security in the RCEP. There will be a tendency for the cheapest products to win, and the member nations will therefore be incentivised to adopt lax regulation to compete.
Malaysian palm oil equipment maker CB Industrial continues to buy back shares, as you can see from the buyback screen below.
Smartkarma opened its paywall to discuss Hong Kong-listed micro-cap restaurant chain Taste Gourmet (8371 HK — US$46 million)
(Largest new programs as % of market cap; min market cap: US$50m)
Zeon (4.3%) (4205 JP — US$2.7 billion)
Poongsan (2.5%) (103140 KS — US$735 million)
Ajanta Pharma (1.5%) (AJP IN — US$2.6 billion)
Meilleure Health (0.2%) (2327 HK — US$259 million)
CB Industrial (0.1%) (CBP MK — US$135 million)
(Largest over past 7 days; min market cap: US$50m)
Xinyi Glass: US$3.0 million (868 HK — US$10 billion)
Ekachai Medical: US$1.0 million (EKH TB — US$132 million)
Zhongyu Gas: US$0.5 million (3633 HK — US$3.0 billion)
Symphony Holdings: US$0.5 million (1223 HK — US$959 million)
Samsung Fire & Marine: US$0.3 million (000810 KS — US$8.1 billion)
(estimated reading time) ($ = behind a paywall)
My summary of Richard Lawrence’s new book “The Model” (16 mins) ($)
My new predictions for 2022 (4 mins) ($)
A Twitter thread brainstorming ideas for COVID-19 recovery stocks (2 mins)
Vltava Fund: Why we like the Japanese stock market (4 mins)
Asianometry on Hollywood’s relationship with the Chinese government (11 mins)
A special report from Nikkei on China’s pharmaceutical sector (16 mins)
GaveKal’s Dan Wang’s annual letter for 2021 (1:07 hours)
(listening time)
FX specialist Jens Nordvig talks Omicron and the Chinese Renminbi (5 mins)
Ray Dalio on Investor’s Podcast Network discussing his new book (1:47 hours)
Louis-Vincent Gave gives his 2022 forecast on MacroVoices (56 mins)
Shai Oster, Asia Bureau Chief of The Information, discusses how China’s tech industry is coping with recent government intervention (40 mins)
The Skift Podcast provides an overview of the 11 largest global online travel agents, including Trip.com and MakeMyTrip (26 mins)
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