Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND and NORTHBOUND flows net positive. NB 5 weeks in a row. AH premia rebounded slightly. AH Premia are still wide on average. Premia curves should still shift flatter.</li>
<li>Two Sessions seems like a good place to make positive public statements but recent speeches from the very top seem more oriented towards "The People Must Endure."</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND and NORTHBOUND flows net positive. NB 5 weeks in a row. AH premia rebounded slightly. AH Premia are still wide on average. Premia curves should still shift flatter.
Two Sessions seems like a good place to make positive public statements but recent speeches from the very top seem more oriented towards "The People Must Endure."


A/H Premium Tracker (To 1 Mar 2024):  Liquid AH Premia Still Wide

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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.</li>
<li>The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.</li>
<li>We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.
The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.
We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.


A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 9th.</li>
<li>We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.</li>
<li>We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 9th.
We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.
We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.


Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.</li>
<li>The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.
The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.
We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND flows were net negative and NORTHBOUND flows a decent buy. AH premia on average fell, but liquid pairs saw AH premia rise. Chinese/HK shares shellacked.</li>
<li>Watch the SOE stock price KPI space. Wouldn't be short SOEs vs Privates on H/A basis. Low-hanging fruit with some SOEs having large cash balances.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND flows were net negative and NORTHBOUND flows a decent buy. AH premia on average fell, but liquid pairs saw AH premia rise. Chinese/HK shares shellacked.
Watch the SOE stock price KPI space. Wouldn't be short SOEs vs Privates on H/A basis. Low-hanging fruit with some SOEs having large cash balances.


A/H Premium Tracker (To 2 Feb 2024):  Liquid AH Premia Near Multi-Yr Wides, Wide Spreads Narrowing

China

Bank of China Limited provides banking services. The Company offers deposits, loans, foreign currency transaction, fund settlement, and other services. Bank of China provides its services to individuals, enterprises, and other clients.

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Bank of China (601988 CH)

A/H Premium Tracker (To 1 Mar 2024): Liquid AH Premia Still Wide

The Quiddity AH Monitor shows A/H Pair discount/premia and their history, as well as the SB and NB flows and position/history, and a recommended...

Travis Lundy

A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong...

Ke Yan, CFA, FRM

Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 2 Feb 2024): Liquid AH Premia Near Multi-Yr Wides, Wide Spreads Narrowing

AH Premia remain near their wides on a trading-value-wtd basis. HK+China stocks shellacked last week. Limited National Team buying perhaps ahead of...

Travis Lundy

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