Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

<ul>
<li>HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

David Blennerhassett

TOYOTA INDUSTRIES CORPORATION, a member of the Toyota Motor Group, assembles motor vehicles and manufactures automotive parts such as engines and air conditioner compressors.  The Company also produces industrial equipment and textile machinery as well as electronic devices such as computer modems and power inverters.

<ul>
<li>The process in the <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.</li>
<li>There's been a lot of enthusiasm for HK spin-offs of late (<a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining (2899 HK)</a> and <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a>). I'm not convinced <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> deserves similar accolades.  </li>
<li>If you've the ability to borrow <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>, this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.</li>
</ul>


The process in the Toyota Industries (6201 JP) transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.
There's been a lot of enthusiasm for HK spin-offs of late (Zijin Mining (2899 HK) and MINISO (9896 HK)). I'm not convinced Dongfeng Motor (489 HK) deserves similar accolades.  
If you've the ability to borrow Aeon (8267 JP), this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.


Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.</li><li>That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.</li><li>Resilient industry growth despite subsidy cuts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.Resilient industry growth despite subsidy cuts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 2026 Outlook: Second half of the NEV match

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to capitalize on the under-penetrated and fast-growing Indian eyewear market.</li>
 <li>The company has demonstrated strong revenue growth and improving profitability, driven by its unique blend of online and offline sales channels, in-house manufacturing, and a strong brand recall.</li>
 <li>While the company's high valuation at IPO and dependence on the Indian market present risks, its aggressive expansion plans, both domestically and internationally, coupled with a technology-driven approach, offer a compelling long-term growth story.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to capitalize on the under-penetrated and fast-growing Indian eyewear market.
  The company has demonstrated strong revenue growth and improving profitability, driven by its unique blend of online and offline sales channels, in-house manufacturing, and a strong brand recall.
  While the company's high valuation at IPO and dependence on the Indian market present risks, its aggressive expansion plans, both domestically and internationally, coupled with a technology-driven approach, offer a compelling long-term growth story.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Lenskart Solutions (0370405Z IN) - Dec 2025

Insights in the Consumer Discretionary Space

Consumer Discretionary
Insights in the Consumer Discretionary Space

HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

SOUTHBOUND volumes and net are winding down - lower consecutively, but nets still positive - into year-end. I await RMB Counters in Southbound. SB...

Travis Lundy

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Auto - 2026 Outlook: Second half of the NEV match

Resilient industry growth despite subsidy cuts. We project China’s PV retail sales volume to be largely flat YoY and wholesale volume to rise 2.9%...

CMB International

Primer: Lenskart Solutions (0370405Z IN) - Dec 2025

Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to...

αSK