Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Allkem/Livent "merger of equals" discussed in <a href="https://www.smartkarma.com/insights/allkem-livent-ake-au-lthm-us-merger-of-lithium-equals-has-index-surprises" target="_blank" data-smartkarma-citation="insights:101879" rel="noopener">Allkem/Livent (AKE AU | LTHM US) Merger Of Lithium Equals Has Index Surprises</a> and <a href="https://www.smartkarma.com/insights/allkem-livent-enlarged-charging-unit" target="_blank" data-smartkarma-citation="insights:101914" rel="noopener">Allkem/​Livent: Enlarged Charging Unit</a> is on track.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20230928/pdf/05vdp2j4k6sqn9.pdf" target="_blank" rel="noopener">As of the end of last month</a>, all approvals are received or are expected to be received. The Scheme Booklet is expected next month. Deal is expected to close end-CY2023.</li>
<li>The deal STILL has interesting side issues with index. Even more interesting than Newcrest/Newmont. This is an update with more detail as we probably have 8-10 weeks left.</li>
</ul>


The Allkem/Livent "merger of equals" discussed in Allkem/Livent (AKE AU | LTHM US) Merger Of Lithium Equals Has Index Surprises and Allkem/​Livent: Enlarged Charging Unit is on track.

As of the end of last month, all approvals are received or are expected to be received. The Scheme Booklet is expected next month. Deal is expected to close end-CY2023.
The deal STILL has interesting side issues with index. Even more interesting than Newcrest/Newmont. This is an update with more detail as we probably have 8-10 weeks left.


Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.


Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Broad-Based strength across sectors pushed HSI higher despite late-week weakness.</li>
<li>Option trading accelerated into week’s end, with Calls showing a modest uptick.</li>
<li>The HKD pulled back from the top end of its trading range after prior interventions.</li>
</ul>


Broad-Based strength across sectors pushed HSI higher despite late-week weakness.
Option trading accelerated into week’s end, with Calls showing a modest uptick.
The HKD pulled back from the top end of its trading range after prior interventions.


Hong Kong Single Stock Options Weekly (Aug 11 – 15): Market Breadth Expands, Options Activity Grows

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July.  The portfolio achieved these results while increasing its Sharpe ratio and reducing beta and volatility.</li>
<li>The shift to the healthcare and materials sectors since Liberation Day in April has aided the portfolio's performance.  The consumer staples sector lost momentum, and we exited some positions there.</li>
<li>The HSI now trades above its long-term resistance levels for the first time since 2022.  This signals a good time to rotate back into market leaders in tech.</li>
</ul>


The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July.  The portfolio achieved these results while increasing its Sharpe ratio and reducing beta and volatility.
The shift to the healthcare and materials sectors since Liberation Day in April has aided the portfolio's performance.  The consumer staples sector lost momentum, and we exited some positions there.
The HSI now trades above its long-term resistance levels for the first time since 2022.  This signals a good time to rotate back into market leaders in tech.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.


CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

China

Ganfeng Lithium Co Ltd researches and produces lithium products. The Company produces and sells lithium metal, lithium aluminum hydride, lithium fluoride, lithium chloride, and other chemical products of lithium. Jiangxi Ganfeng Lithium also exports lithium products.

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Ganfeng Lithium (1772 HK)

Allkem/Livent (AKE AU | LTHM US) Merger Update: MUCH More Than Meets The Eye

The Allkem/Livent Shareholder Meetings take place 19 Dec. If agreed, this deal gets done quickly. Then we have index fun. The price of lithium...

Travis Lundy

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Hong Kong Single Stock Options Weekly (Aug 11 – 15): Market Breadth Expands, Options Activity Grows

A storong market across sectors with option trading increasing and heavier particpation in Calls,. HKD retreated from peak range after interventions.

John Ley

HONG KONG ALPHA PORTFOLIO (July 2025)

The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July. The portfolio achieved these results while increasing...

David Mudd

CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

We analyzed CSI 100's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Allkem/Livent (AKE AU | LTHM US) Merger Update: MUCH More Than Meets The Eye

The Allkem/Livent Shareholder Meetings take place 19 Dec. If agreed, this deal gets done quickly. Then we have index fun. The price of lithium...

Travis Lundy

Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Hong Kong Single Stock Options Weekly (Aug 11 – 15): Market Breadth Expands, Options Activity Grows

A storong market across sectors with option trading increasing and heavier particpation in Calls,. HKD retreated from peak range after interventions.

John Ley

HONG KONG ALPHA PORTFOLIO (July 2025)

The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July. The portfolio achieved these results while increasing...

David Mudd

CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

We analyzed CSI 100's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui...

Ke Yan, CFA, FRM

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation