Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.</li>
<li>Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.</li>
<li>Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.</li>
</ul>


Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.
Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.
Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.


Asian Equities: Southbound Trades Re-Affirm Our China Preferences

<ul>
<li>The recent spike in Asian currencies is driving foreign institutional flows into Asian equities. Currency appreciation is usually a lead indicator of FII flows, implying that this enthusiasm may continue. </li>
<li>The markets that were sold down the most are attracting the most flows and could continue to do so. India, Taiwan and to a lesser extent, Korea qualify.</li>
<li>Domestic sectors like Chinese internet, restaurant chains, athleisure; Indian private banks, consumer discretionary, hospital chains could gain. So could defensives with high dividend yields, e.g. Korea and Chinese utilities, telecom.</li>
</ul>


The recent spike in Asian currencies is driving foreign institutional flows into Asian equities. Currency appreciation is usually a lead indicator of FII flows, implying that this enthusiasm may continue. 
The markets that were sold down the most are attracting the most flows and could continue to do so. India, Taiwan and to a lesser extent, Korea qualify.
Domestic sectors like Chinese internet, restaurant chains, athleisure; Indian private banks, consumer discretionary, hospital chains could gain. So could defensives with high dividend yields, e.g. Korea and Chinese utilities, telecom.


Asian Equities: Currency Strength Driving FII Flows – Winners and Losers

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Meituan (3690 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Meituan (3690 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 16th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in AIA, Sinopec, Bilibili, Jd, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 16th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in AIA, Sinopec, Bilibili, Jd, HSBC.


HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

Asian Equities: Currency Strength Driving FII Flows – Winners and Losers

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC

We analyzed the latest HK SFC report for aggregate short position as of May 16th and highlight short interest changes in AIA, Sinopec, Bilibili,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

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52-week Range

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