Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. Five weeks into Q2 we are at HK$175bn.</li>
<li>3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. Five weeks into Q2 we are at HK$175bn.
3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>  targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.</li>
<li>Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.</li>
<li>Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.</li>
</ul>



Laopu Gold (6181 HK)  targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.
Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.
Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.


Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation

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 analyzed the latest HK SFC report for aggregate short position as of Apr 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.


HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, Sinopec, BOC, Petrochina, CNOOC, China Overseas, Ping An.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, Sinopec, BOC, Petrochina, CNOOC, China Overseas, Ping An.


HSCEI Earning Revision Analysis (Apr): CCB, Sinopec, BOC, Petrochina, CNOOC, China Overseas, Ping An

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).</li>
<li>There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> will have passives buying, while <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> switches to a sell.</li>
</ul>


Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.

NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.


Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

SOUTHBOUND flows still slow. Gross SOUTHBOUND trading is still moving at HK$80-100bn a day which is higher than the last years but half the peaks...

Travis Lundy

Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation

Laopu Gold's multiples are not too steep given strong earnings growth outlook. Investors however need to weigh its upside potential against...

Devi Subhakesan

HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Apr 25th and highlight short interest changes in BYD, Meituan, Jd,...

Ke Yan, CFA, FRM

HSCEI Earning Revision Analysis (Apr): CCB, Sinopec, BOC, Petrochina, CNOOC, China Overseas, Ping An

We analyzed HSCEI component's consensus for the past month and highlighted changes of EPS in CCB, Sinopec, BOC, Petrochina, CNOOC, China Overseas,...

Ke Yan, CFA, FRM

Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

ADR depositary holding changes alter FAFs and flows. Estimated round-trip trade is US$5.1bn now. NetEase has outperformed the HSCI by 15.5% since...

Brian Freitas

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