Macro strategy
One Asia Monthly Wrap-up - December 2021
> HK/China - uninspiring tech results affected broader markets

In November, uninspiring results from the technology sector negatively affected broader Hong Kong/China markets. For example, Meituan reported a CNY10bn loss after getting hit with an antitrust fine, Alibaba missed revenue and earnings expectations, and Xiaomi suffered a 5.8% YoY decline in smartphone shipments caused by component shortages. In addition, toward the end of the month, global market jitters emerged due to the discovery of the new Omicron variant (with imported cases detected in Hong Kong).

Stocks to watch:


For 3Q21, LONGi Green Energy Technology (601012 CH) reported revenue of CNY21.1bn (+54% YoY) and net profit attributable to owners of the parent of CNY2.56bn (+14% YoY). While near-term uncertainties exist, we believe the company is better positioned than peers to withstand challenges given its superior cost advantages and vertically integrated model. We continue to have a bullish outlook on the global solar PV industry and believe LONGi will be the biggest beneficiary of the market’s growth.

One Asia Research Team

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