Monday morning links
Chinese taxes: Xi Jinping vowed to “adjust excessive incomes” as part of his “common prosperity” agenda. Exactly what that means is unclear. It could presage higher corporate tax for high-tech companies (currently 15%), direct gifts such as the one announced by Tencent, a more progressive personal income tax system or a higher inheritance tax rate.
China & COVID-19: China reported zero new COVID-19 cases for the first time since July. Data reliability is in question, but it may signal that the outbreak is now increasingly under control directionally.
Malaysia politics: Ismail Sabri Yaakob has become president of Malaysia. He is a Malay centric politician that has been controversial in the past. But other than for certain politically sensitive stocks, many believe there will be business as usual.
Singapore's border reopening: Singapore removed quarantine for travellers from Hong Kong & Macau. All that’s needed is a negative PCR test; you don’t even have to be vaccinated. A vaccinated travel lane will open up with Germany soon.
I wrote a deep-dive on Chinese travel technology stock TravelSky (SEHK: 696 — US$4.8 billion)
Searching 4 Value Blog on Hong Kong-listed L’Occitane (SEHK: 973 — US$4.9 billion)
A few comments from Pembridgecap on Taiwanese online classifieds company AddCN (TPEX: 5287 — US$361 million)
(estimated reading time) ($ = behind a paywall)
I wrote an introductory report to the Asian tobacco industry (18 mins) ($)
I interviewed Japanese tech experts nipponNuggets (8 mins)
GMO’s James Montier on the prospects for higher inflation (15 mins)
Open Insights: supply & demand suggests higher prices for oil (8 mins)
A brief history of Asia’s stock markets (7 mins)
Bloomberg: Contrarian investors should love emerging markets (9 mins) ($)
George Magnus: Why a China-centered future is still uncertain (6 mins)
Katsuji Nakazawa: China sends signals that Xi is here to stay (6 mins) ($)
Wall Street Journal: China’s economic recovery is losing steam (5 mins) ($)
Jordan Nel on China’s semiconductor supply chain (26 mins)
How will China seek to profit from the Taliban’s takeover in Afghanistan? (4 mins)
Nikkei: How Indonesia is pushing forward with reforms (4 mins) ($)
Podcasts and videos
Michael Pettis: China’s regulatory environment is confusing (8 mins)
Louis Gave on China, Afghanistan and de-dollarization (35 mins)
Jens Nordvig on the risk of adopting zero-tolerance COVID-19 policies (24 mins)
Historian Jason Kelly discussing his book Market Maoists: The Communist Origins of China's Capitalist Ascent (32 mins)
Asia Tech Strategy podcast: What worries me about Alibaba long-term (40 mins)
Chart of the week – Shorting China stocks is now perceived to be one of the most crowded trades
Thanks for reading, and I wish you a great week ahead!
If you enjoyed this post, consider joining 131 Asian Century Stocks subscribers by pressing the button below. You will then have immediate access to the archive of past articles, 20+ deep-dives per year, thematic industry reports and access to our subscriber chat group on Telegram.