31 July, 2025

CHINESE AUTOMAKERS

Late payment and subjective profits

Nigel Stevenson

nigel-stevenson byd-company-limited-1211-hk-002594-ch geely-automobile-holdings-ltd-0175-hk great-wall-motor-co-ltd-2333-hk guangzhou-automobile-group-co-ltd-2238-hk-601238-ch nio-inc-nio-us-9866-hk byd-electronic-0285-hk xpeng-inc-xpev-us-9868-hk seres-group-co-ltd-601127-ch-9927-hk li-auto-inc-li-us-2015-hk automobiles chongqing-changan-automobile-co-ltd-000625-ch-200625-ch saic-motor-corp-ltd-600104-ch zhejiang-leapmotor-technology-co-ltd-9863-hk

Insights

NEWSLETTER: GDS HOLDINGS

Do Data Centres Earn Their Keep?

GDS Holdings is a reminder that an appealing industry can struggle to generate an appealing return. Data centres are one of the market’s favourite infrastructure themes: cloud demand, artificial intelligence, digitalisation, outsourcing, and the endless growth in data consumption all point in the same direction. On paper, that sounds like a very attractive place to be. The question, though, is...

1 December, 2023

NEWSLETTER: EVERGRANDE (3333 HK)

Never profitable

Fredrik Oeqvist

Evergrande’s much delayed and recently published 2021 annual report makes clear that it significantly overstated revenue and earnings – most likely for many years. Contrary to what some people think, Evergrande was not so much a victim of tightened liquidity or a COVID-induced property market downturn; its problems were far more fundamental – there were never any profits....