Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Suntien Green Energy / Event-Driven

China Suntien Green Energy Corporation Limited engages in new energy and natural gas businesses in Mainland China. The company is involved in wind farm construction and operation, electricity sales, natural gas purchasing and distribution, and LNG terminal services. It was incorporated in 2010 and is headquartered in Shijiazhuang City, the People's Republic of China.

<ul>
<li>AH Premia continues to trend slightly higher on average (see first chart below). Bumpy, but AH premia are up 3 of last four trading weeks. Quiddity Portfolio Alpha continues positive.</li>
<li>There continue to be some really big moves on pairs. This past week it was <a href="https://www.smartkarma.com/entities/china-suntien-green-energy-corp" target="_blank" data-smartkarma-citation="entities:17269:1" rel="noopener">China Suntien Green Energy (956 HK)</a> and <a href="https://www.smartkarma.com/entities/datang-international-power-generation-company-h" target="_blank" data-smartkarma-citation="entities:3664:1" rel="noopener">Datang International (991 HK)</a> - both widened sharply.</li>
<li>The data tables below update daily 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. Recently used tools are now sticky.</li>
</ul>


AH Premia continues to trend slightly higher on average (see first chart below). Bumpy, but AH premia are up 3 of last four trading weeks. Quiddity Portfolio Alpha continues positive.
There continue to be some really big moves on pairs. This past week it was China Suntien Green Energy (956 HK) and Datang International (991 HK) - both widened sharply.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used tools are now sticky.


A/H Premium Tracker (2 Wks to 13 Mar 26); AH Wider Again - Pharmas & Tech Too Wide

JOINN Laboratories is a specialized drug development outsourcing company (CRO) that provides non-clinical pharmacology and toxicology research and evaluation services, including drug safety assessment, pharmacodynamic, and pharmacokinetic studies. The company also offers clinical trial services and the production and sale of experimental models. Headquartered in Beijing, China, it was founded in 1995.

<ul>
<li>AH Premia continues to trend slightly higher on average. The week before Spring Festival saw Hs outperform. Last week saw the rebound. </li>
<li>There continue to be some really big moves on pairs. This past week it was <a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre And H (6869 HK)</a> </li>
<li>The data tables below update daily 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. Recently used are now sticky.</li>
</ul>


AH Premia continues to trend slightly higher on average. The week before Spring Festival saw Hs outperform. Last week saw the rebound. 
There continue to be some really big moves on pairs. This past week it was Yangtze Optical Fibre And H (6869 HK) 
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


A/H Premium Tracker (Weeks Spanning Spring Festival to 27 Feb 2026)

BYD Company is a Chinese multinational manufacturing conglomerate specializing in new energy technologies. It develops and produces electric vehicles, rechargeable batteries for various applications, mobile handset components, and rail transit systems. The company was founded in February 1995 and is headquartered in Shenzhen, Guangdong, China.

<ul>
<li>AH Premia dropped slightly in the week to 30 Jan on average for liquid pairs. Then rose sharply las week. Energy and Communications Services saw Hs outperform.</li>
<li>The Quiddity Portfolio is +0.54% in 5 weeks on 10% H/A beta.</li>
<li>The data tables below update daily 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. Recently used are now sticky.</li>
</ul>


AH Premia dropped slightly in the week to 30 Jan on average for liquid pairs. Then rose sharply las week. Energy and Communications Services saw Hs outperform.
The Quiddity Portfolio is +0.54% in 5 weeks on 10% H/A beta.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


A/H Premium Tracker (2 Weeks to 6 Feb 2026):  Slight H/A Under-Perf

Yangtze Optical Fibre and Cable / Event-Driven

Yangtze Optical Fibre and Cable is a global leader in the research, development, production, and sale of optical fiber preforms, optical fibers, optical cables, and related optical communication products and solutions. The company offers a wide range of products including specialty optical fibers, submarine cables, and optical transceivers, along with system integration and communication engineering design services. Headquartered in Wuhan, Hubei, China, the company was founded in May 1988.

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>AH Premia dropped slightly this past week on average for liquid pairs. Tech and Communications Services saw Hs outperform. </li>
<li>The Quiddity AH Portfolio is up 62+bp in 3wks on 12% "beta".</li>
<li>The data tables below update daily 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. Recently used are now sticky.</li>
</ul>


AH Premia dropped slightly this past week on average for liquid pairs. Tech and Communications Services saw Hs outperform. 
The Quiddity AH Portfolio is up 62+bp in 3wks on 12% "beta".
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


A/H Premium Tracker (Week to 23 Jan 2026):  Slight H/A Outperf, Quiddity Port Still Better

COSCO SHIPPING Development / Event-Driven

COSCO SHIPPING Development is a financial services company focused on shipping logistics. Its core businesses include container manufacturing, shipping leasing, and container leasing, alongside investment management and marine insurance brokerage. The company was founded in 1997 and is headquartered in Shanghai, China.

<ul>
<li>Hs within the liquid AH pair universe OUT-performed As on average by 0.14% in two weeks. Beautiful Skew was mixed. Spreads all over. Early doors</li>
<li>Quiddity H/A Portfolio performance +43bp of which +41bp was alpha, +2bp was H/A "beta." I am staying the course of Beautiful Skew.</li>
<li>The data tables below update daily 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. Recently used are now sticky.</li>
</ul>


Hs within the liquid AH pair universe OUT-performed As on average by 0.14% in two weeks. Beautiful Skew was mixed. Spreads all over. Early doors
Quiddity H/A Portfolio performance +43bp of which +41bp was alpha, +2bp was H/A "beta." I am staying the course of Beautiful Skew.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


A/H Premium Tracker (2Wks to 16 Jan 2026):  Spreads Bouncy but ~Flat on Net, Quiddity Port 👍

H/A Share Monitor Insights
Track A/H Premium Positioning

A/H Premium Tracker (2 Wks to 13 Mar 26); AH Wider Again - Pharmas & Tech Too Wide

AH Premia continue to drift gently higher. Overall, spreads are middle of the last 52wk range but some are getting very wide again.

Travis Lundy

A/H Premium Tracker (Weeks Spanning Spring Festival to 27 Feb 2026)

AH spreads appear to be climbing, gently, still, continuing a months-long trend. But it isn't violent even if some specific AH premium spreads are.

Travis Lundy

A/H Premium Tracker (2 Weeks to 6 Feb 2026): Slight H/A Under-Perf

AH premia were down two weeks ago, and back up last week. Hs have underperformed ytd but the Quiddity Portfolio is up. I suggest staying long...

Travis Lundy

A/H Premium Tracker (Week to 23 Jan 2026): Slight H/A Outperf, Quiddity Port Still Better

Hs outperformed As last week so are just up on the year on average for liquid pairs. Quiddity Portfolio doing better. Beautiful skew is absent...

Travis Lundy

A/H Premium Tracker (2Wks to 16 Jan 2026): Spreads Bouncy but ~Flat on Net, Quiddity Port 👍

A/H pairs saw Hs underperform in the first full week and outperform in the second full week. AH Premia slightly down ytd. Quiddity Port even better...

Travis Lundy