Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

PICC Property & Casualty H / Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>The official index changes will be confirmed later this week on Friday 22nd November 2024.</li>
<li>In this insight, we take a look at our final index change expectations and updated flow estimates for the upcoming index rebal event.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
The official index changes will be confirmed later this week on Friday 22nd November 2024.
In this insight, we take a look at our final index change expectations and updated flow estimates for the upcoming index rebal event.


Quiddity Leaderboard HSCEI Dec 24: Time for a LONG-SHORT Trade

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NTES US: &lt;Eggy Party&gt; Launches on Nintendo Switch today (+)</li>
<li>JD US/BABA US/PDD US/VIPS US/3690 HK: NBS publishes social retail consumption data for October 2024 (+/+/////-)</li>
<li>JD US:JD.com Launches "On-Demand Delivery Flagship Stores" for Its On-Demand Retail Business (+)</li>
</ul>


NTES US: &lt;Eggy Party&gt; Launches on Nintendo Switch today (+)
JD US/BABA US/PDD US/VIPS US/3690 HK: NBS publishes social retail consumption data for October 2024 (+/+/////-)
JD US:JD.com Launches "On-Demand Delivery Flagship Stores" for Its On-Demand Retail Business (+)


[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.</li>
</ul>



S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.


SF Holdings A/H Listing - Lower End Looks Digestable

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Our 2024 High Conviction, the stock of Meituan has risen by 87% in one year.</li>
<li>We believe the market ignores TME because of its flat revenue.</li>
<li>However, we expect TME will significantly benefit from its dominant position in the Chinese music market.</li>
</ul>


Our 2024 High Conviction, the stock of Meituan has risen by 87% in one year.
We believe the market ignores TME because of its flat revenue.
However, we expect TME will significantly benefit from its dominant position in the Chinese music market.


2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
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Meituan (3690 HK)

Quiddity Leaderboard HSCEI Dec 24: Time for a LONG-SHORT Trade

Our high conviction ADD PICC Property (2328 HK) could outperform our high conviction DEL Longfor (960 HK) over the next few weeks.

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...

Blue Lotus Research Institute

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future

Our 2024 High Conviction, Meituan, has risen by 87% in one year. We believe the market ignores TME because of its flat revenue, but TME will...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard HSCEI Dec 24: Time for a LONG-SHORT Trade

Our high conviction ADD PICC Property (2328 HK) could outperform our high conviction DEL Longfor (960 HK) over the next few weeks.

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:NTES US/JD US/BABA US/PDD US/VIPS US/3690 HK/AMZN US

​New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...

Blue Lotus Research Institute

SF Holdings A/H Listing - Lower End Looks Digestable

S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong. In...

Sumeet Singh

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future

Our 2024 High Conviction, Meituan, has risen by 87% in one year. We believe the market ignores TME because of its flat revenue, but TME will...

Ming Lu

New game Eggy Party launches on Nintendo Switch, JD.com introduces On-Demand Delivery Flagship Stores for retail business, NBS releases social...