Latest news for CITIC Securities (OTC:CIIHF) Stock

CITIC Securities Co Ltd is a brokerage and investment group that provides brokerage, underwriting and sponsoring, proprietary trading, investment banking, asset management, investment advisory, Margin financing and securities lending, Stock option market-making and other services. The company has five reportable segments namely Investment banking, Brokerage, Trading, Assets management and Other. It derives maximum revenue from Trading segment.

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Alibaba Group Holding Ltd (NYSE: BABA)-backed Megvii Technology Ltd is set to become the first major Chinese artificial intelligence (AI) st

Alibaba-Backed Chinese AI Startup Megvii Sets For Shanghai IPO: Bloomberg

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Texas-headquartered electric battery maker Microvast Inc’s merger talks with the blank check company Tuscan Holdings Corp (NASDAQ: THCB) has progressed to advanced levels, 

EV Battery Maker Microvast In Advanced Talks With Tuscan To Go Public Via SPAC Merger: Report

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CITIC Securities Co (HK:6030) has released an update. CITIC Securities Co. has announced the resignation of Mr. YANG Minghui from multiple roles in...

CITIC Securities Announces Executive Reshuffle

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Company Limited has announced the composition of its Board of Directors, lis...

CITIC Securities Reveals Board Structure and Committees

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Co has unanimously passed a resolution for the 2024 interim profit distribut...

CITIC Securities Plans Interim Profit Distribution

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Co has announced the re-authorisation of its corporate debt financing instru...

CITIC Securities Readies for Debt Instrument Issuance

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Company Limited has announced a final ordinary dividend of RMB 4.75 per 10 s...

CITIC Securities Declares Year-End Dividend

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Company Limited has announced its Annual General Meeting to be held in Beiji...

CITIC Securities Sets Date for 2024 AGM

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Company Limited has announced an update to its final dividend for the year e...

CITIC Securities Updates Final Dividend Details

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Co. has successfully conducted its 2023 Annual General Meeting (AGM) with st...

CITIC Securities Co. Concludes 2023 AGM, Announces Dividend

CITIC Securities Co (HK:6030) has released an update. CITIC Securities Co announces an ambitious 2024 action plan aimed at reinforcing its position...

CITIC Securities Unveils Strategic 2024 Vision

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CITIC Securities

Alibaba Group Holding Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/baba#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">BABA</a>)-backed&nbsp;Megvii Technology Ltd&nbsp;is set to become the first major Chinese artificial intelligence (AI) start-up to go public after filing for a Chinese Depositary Receipt (CDR) offering on the Shanghai&rsquo;s Star board on Friday,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-03-12/alibaba-backed-chinese-ai-startup-megvii-files-for-shanghai-ipo?srnd=technology-vp&amp;sref=TBDibEcD" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg reports</a>.

<ul>
	<li>The start-up plans to issue up to 253 million Class B shares to raise at least $925 million (6 billion yuan) after fees, which would be utilized to fund R&amp;D in robotics, visual IoT, and infuse capital.&nbsp;CITIC Securities Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ciihf#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">CIIHF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ciihy#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">CIIHY</a>) is the listing sponsor.</li>
	<li>Megvii specialized in facial recognition. China&rsquo;s security fixation led to a major boost to the eight-year-old firm by triggering a nationwide video surveillance boom.</li>
	<li>The company recorded a loss of $160 million (1.03 billion yuan), excluding one-time items, in the first nine months of 2020.</li>
	<li>The company&rsquo;s application for a Hong Kong listing about two years ago failed after being blacklisted by the Trump administration over alleged involvement in human rights violations against Muslim minorities in China.</li>
	<li>Megvii&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/01/19162878/lenovo-makes-its-star-market-debut" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">joined the likes</a>&nbsp;of&nbsp;Lenovo Group Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lnvgf#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">LNVGF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lnvgy#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">LNVGY</a>), capitalizing on the CDR program kicked off by Beijing three years back to attract capable start-ups and big names.</li>
	<li>Price action:&nbsp;BABA stock was down 3.84% at $231.55 on the last check Friday.</li>
</ul>

Texas-headquartered electric battery maker Microvast Inc&rsquo;s merger talks with the blank check company Tuscan Holdings Corp (NASDAQ:<a class="ticker" href="/stock/THCB#NASDAQ">THCB</a>) has progressed to advanced levels, <a href="https://www.bloomberg.com/news/articles/2020-11-12/microvast-is-said-in-talks-to-go-public-via-tuscan-spac-merger?utm_source=google&amp;utm_medium=bd&amp;cmpId=google&amp;sref=TBDibEcD">Bloomberg</a> reports.

What Happened: The Special Purpose Acquisition Company (SPAC) will fund the merger by raising $200 million from new equity issues,&nbsp;Bloomberg&rsquo;s sources suggested. Reportedly, the merger would create a new entity with a total valuation exceeding $2 billion.

Since its inception in 2006, Microvast has raised $450 million from two funding rounds. Chinese investment bank CITIC Securities Co. Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ciihf#OTC" style="font-size: 13px;">CIIHF</a>) is the lead investor. Microvast&rsquo;s recent investors include the National Venture Capital Association (NVCA) and Chinese alternative asset management firm CDH Investments,&nbsp;as per <a href="https://www.crunchbase.com/organization/microvast/company_financials" style="font-size: 13px;">Crunchbase</a>.

Tuscan disclosed in a <a href="https://www.sec.gov/Archives/edgar/data/1760689/000121390019003643/f424b40319_tuscan.htm">filing</a>&nbsp;with the U.S. Securities and Exchange Commission in March 2019&nbsp;that the initial focus was to spot acquisition targets from the Cannabis industry. However, it was also open to considering potential targets from other sectors and geographies.

Why Does It Matter: The battery maker tops the leaderboard in designing and manufacturing batteries for electric buses, with a long shelf life and ultra-fast charging capabilities, according to <a href="https://electrek.co/2020/03/26/ev-battery-makers-rush-into-europe-following-teslas-giga-berlin-project/">Electrek</a>. Microvast batteries are used in electric buses in Shangai and Auckland, including the winter Olympic games of 2018 in South Korea, Bloomberg noted.

The battery maker completed building a production facility in Ludwigsfelde, Germany in July, Inas reported by&nbsp;<a href="https://www.electrive.com/2020/07/03/microvast-completes-battery-factory-in-brandenburg/">Electrive</a>.&nbsp;Operations in this facility are expected to commence in March 2021.

Ludwigsfelde is close to Brandenburg &mdash; a state that is attracting electric carmakers and battery producers alike. Tesla Inc&rsquo;s (NASDAQ:<a class="ticker" href="/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/tech/20/09/17362681/germany-looks-all-in-on-tesla-after-musk-visits-gigafactory-berlin">is building</a> a technologically advanced and high-volume production unit. Whereas, the German multinational company BASF SE (OTC:<a class="ticker" href="/stock/BASFY#OTC">BASFY</a>) is also setting up a production site to make battery materials, as per <a href="file:///C:/Users/dell/Desktop/reuters.com/article/us-germany-electric-basf-se/basf-picks-german-state-of-brandenburg-as-battery-materials-production-site-idUSKBN2061T2">Reuters</a>.

Price Action: On Wednesday, Tuscan shares closed marginally higher at $10.18.

Investors are taking profits on their China A-shares ETF investments. For the week ended March 25, China A-shares ETFs saw an outflow of $2.37 billion, the largest outflow since December 2014. It does not come as a surprise, as the A-shares ETFs have performed quite well over a short period of time and the powerhouse Chinese economy is finally starting to wind down.
<h3>
	Overview</h3>

	The Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF (NYSE: <a class="ticker" href="/stock/ashr#NYSE">ASHR</a>) is up 10 percent year-to-date, while the Market Vectors China ETF (Market Vectors ETF Trust) (NYSE: <a class="ticker" href="/stock/pek#NYSE">PEK</a>) has gained 12 percent and the KraneShares Bosera MSCI China A Share ETF (KraneShares Trust) (NYSE: <a class="ticker" href="/stock/kba#NYSE">KBA</a>) has gained 12 percent in 2015. The A-shares have greatly outperformed their Chinese ETF peers, with the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>) only up 4 percent this year.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/earnings/15/03/5365635/china-eastern-2014-profit-surges">China Eastern 2014 Profit Surges</a></bzrelatedlink>

	Another reason for the outflow could be the high valuations of the A-share listed stocks that have become expensive relative to Hong Kong-listed Chinese stocks. The Shanghai A-shares are trading at 13.3 times forward earnings, while the MSCI China is trading at just 10 times.

	Highlighted below are the three Chinese A-shares ETFs on the market.
<h3>
	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF</h3>

	ASHR is made up of 306 of the largest companies in the China A-shares market, an area historically only available to citizens of Mainland China. The holdings are distributed across nine sectors, with financials at 38 percent and industrials at 16 percent being the most heavily weighted sectors.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group Co (PING AN INS CO ADR) (OTC: <a class="ticker" href="/stock/pngay#OTC">PNGAY</a>) at 4.3 percent</li>
	<li>
		China Minsheng Banking Corp Ltd (OTC: <a class="ticker" href="/stock/cmaky#OTC">CMAKY</a>) making up 2.7 percent</li>
	<li>
		CITIC SECURITIES (OTC: <a class="ticker" href="/stock/ciihf#OTC">CIIHF</a>) coming in at 2.7 percent as well</li>
</ul>

	ASHR is up 86 percent over the last 12 months and 60 percent over the last six months. This niche ETF has an expense ratio of 0.80 percent.
<h3>
	Market Vectors ETF Trust</h3>

	PEK follows 301 A-share stocks that are distributed across 12 sectors. Financials at 40 percent and industrials at 15 percent are the largest sectors.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group at 4.1 percent</li>
	<li>
		China Minsheng Banking, making up 2.8 percent</li>
	<li>
		China Merchants Bank Co Ltd (OTC: <a class="ticker" href="/stock/cihky#OTC">CIHKY</a>), coming in at 2.7 percent</li>
</ul>

	PEK is up 89 percent over the last 12 months and up 60 percent over the last six months. The ETF has an expense ratio of 0.72 percent.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/pressreleases/15/03/n5367634/digital-china-announces-fy2014-annual-results">Digital China Announces FY2014 Annual Results</a></bzrelatedlink>
<h3>
	KraneShares Trust</h3>

	KBA provides exposure to 316 Chinese A-shares companies traded on the Shanghai and Shenzhen stock exchanges. The ETF is distributed across nine sectors, with financials at 38 percent and industrials at 19 percent.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance Group, with a 2 percent holding</li>
	<li>
		Industrial &amp; Coml Bank of China Ltd(ADR) (OTC: <a class="ticker" href="/stock/idcby#OTC">IDCBY</a>) making up 1.8 percent</li>
	<li>
		CITIC SECURITIES, coming in at 1.7 percent</li>
</ul>

	The A-shares ETF is up 79 percent over the last 12 months and up 55 percent over the last six months.

Another milestone was reached in the ETF industry Thursday as CSOP FTSE China A50 ETF (NYSE: <a class="ticker" href="/stock/afty#NYSE">AFTY</a>) became the first ETF to be listed in the U.S. by a Chinese asset management company.

	Similar A-share ETFs have been listed in the U.S. before, but most have been partnerships between U.S. or Europe-based ETF issuers and Chinese asset managers.
<h3>
	CSOP</h3>

	Chinese asset management company CSOP was founded in 2008 and was the first offshore asset manager set up by a regulated asset management company in China, according to <a href="http://www.csopasset.net/en">CSOP&#39;s website</a>.

	China A-shares products are becoming more popular, as an increasing number of U.S. investors are jumping at the opportunity to own physical Chinese A-shares.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/15/03/5321642/china-seeks-to-break-world-duopoly-on-commercial-aircraft">China Seeks To Break World &quot;Duopoly&quot; On Commercial Aircraft</a></bzrelatedlink>
<h3>
	Competitive Peers</h3>

	CSOP will be competing with the Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF (NYSE: <a class="ticker" href="/stock/ashr#NYSE">ASHR</a>), now with more than $1 billion in assets; KraneShares Bosera MSCI China A-Shares ETF (KraneShares Trust) (NYSE: <a class="ticker" href="/stock/kba#NYSE">KBA</a>) and the Market Vectors China AMC A-Share ETF (Market Vectors ETF Trust) (NYSE: <a class="ticker" href="/stock/pek#NYSE">PEK</a>).

	AFTY, however, is not joining the U.S listed A-shares race empty-handed. CSOP&#39;s listing took in the largest initial capital investment among all U.S.-listed equity ETFs since 2007. The initial investment totaled $237 million in assets equating to 13.96 million shares.
<h3>
	A Closer Look At AFTY</h3>

	In terms of the strategy and makeup of the ETF, AFTY comprises 50 of the largest companies in the China A-shares market across nine sectors. Financials make up 68 percent of the portfolio, followed by consumer staples at 5 percent.

	The top individual holdings include:
<ul>
	<li>
		Ping An Insurance (OTC: <a class="ticker" href="/stock/piaif#OTC">PIAIF</a>) at 9 percent</li>
	<li>
		Citic Securities (OTC: <a class="ticker" href="/stock/ciihf#OTC">CIIHF</a>) making up 6.1 percent</li>
	<li>
		China Merchants Bank (OTC: <a class="ticker" href="/stock/cihhf#OTC">CIHHF</a>) at 5.7 percent</li>
</ul>

	The ETF began trading on March 12 at $17.72 and has an expense ratio of 0.99 percent.

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