Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

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.

<ul>
<li>Asian buybacks, dominated by HK, China and Korea, are skyrocketing.  In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea. </li>
<li>We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).</li>
<li>Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.</li>
</ul>


Asian buybacks, dominated by HK, China and Korea, are skyrocketing.  In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea. 
We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).
Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.


Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back above US$13bn a day this past 4-day week. Net buying back below US$500mm/day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is INFO TECH again. 8 weeks in a row negative.</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>


Gross SOUTHBOUND volumes back above US$13bn a day this past 4-day week. Net buying back below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is INFO TECH again. 8 weeks in a row negative.
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 6 June 2025); Volumes Up, Tech Down, ENERGY Bought Big

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongan-online-p-c-insurance-c" target="_blank" data-smartkarma-citation="entities:23681:1" rel="noopener">ZhongAn Online P&amp;C Insurance C (6060 HK)</a> is benefiting from the cross-selling opportunities  generated through the eco-systems of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, its parent companies</li>
<li>Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.</li>
<li>Expertise and cross-selling from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> , another parent company with a jointly run auto insurance business.</li>
</ul>



ZhongAn Online P&amp;C Insurance C (6060 HK) is benefiting from the cross-selling opportunities  generated through the eco-systems of Alibaba Group Holding (9988 HK) and Tencent (700 HK), its parent companies
Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.
Expertise and cross-selling from Ping An Insurance (H) (2318 HK) , another parent company with a jointly run auto insurance business.


Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform <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>. </li>
<li>Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. </li>
<li>More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. </li>
</ul>



Tongcheng Travel Holdings (780 HK)'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform Trip.com Group (9961 HK). 
Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. 
More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. 


Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

China

Tencent Holdings Ltd. is a Chinese multinational technology and entertainment conglomerate. It provides a wide range of internet-related services and products, including social communication platforms like Weixin/WeChat and QQ, online games, digital content, and fintech services. The company was founded in 1998 and is headquartered in Shenzhen, China.

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Tencent (700 HK)

Robosense Technology, Driving in the Fast Lane While No One Is Looking

In June Robosense became the first company in the world to achieve the production of its 1,000,000th solid state LiDAR unit. The company announces...

David Mudd

HK Connect SOUTHBOUND Flows (To 6 June 2025); Volumes Up, Tech Down, ENERGY Bought Big

SOUTHBOUND bought another HK$14bn+ last week in the four-day week. ENERGY was big again, as was CONSUMER DISC though some of the latter was index...

Travis Lundy

Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

HK Legco approved the Stablecoins Bill and the first batch of stablecoin issuers will be beneficiaries of fund flow momentum of virtual assets in...

David Mudd

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

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Robosense Technology, Driving in the Fast Lane While No One Is Looking

In June Robosense became the first company in the world to achieve the production of its 1,000,000th solid state LiDAR unit. The company announces...

David Mudd

Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

​Asian buybacks, led by HK, CN, KR, are surging. Buybacks more than doubled in H125 relative to full year 24 levels. Top consistent repurchasers:...

Manishi Raychaudhuri

HK Connect SOUTHBOUND Flows (To 6 June 2025); Volumes Up, Tech Down, ENERGY Bought Big

SOUTHBOUND bought another HK$14bn+ last week in the four-day week. ENERGY was big again, as was CONSUMER DISC though some of the latter was index...

Travis Lundy

Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

HK Legco approved the Stablecoins Bill and the first batch of stablecoin issuers will be beneficiaries of fund flow momentum of virtual assets in...

David Mudd

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

​Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

Asian buybacks, led by HK, CN, KR, are surging. Buybacks more than doubled in H125 relative to full year 24 levels. Top consistent repurchasers:...

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...