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 flows were small positive and NORTHBOUND flows a decent buy. AH premia stopped rising. Chinese shares bounced. SOEs being bought. Tech being sold. Tencent seeing SB outflows, still. </li>
<li>New article in China Securities Journal hints at new measures on SOEs. Watch this space. Wouldn't be short SOEs vs Privates on H/A basis. </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 small positive and NORTHBOUND flows a decent buy. AH premia stopped rising. Chinese shares bounced. SOEs being bought. Tech being sold. Tencent seeing SB outflows, still. 
New article in China Securities Journal hints at new measures on SOEs. Watch this space. Wouldn't be short SOEs vs Privates on H/A basis. 


A/H Premium Tracker (To 26 Jan 2024):  AH Premia Still Near Multi-Yr Wides, SOEs May See New Action

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 128.5% as of Jan 26th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by energy, industrials, health care and offset by real estate, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering, Tianqi Lithium Corporation.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 128.5% as of Jan 26th.
The average A-H premium changed by -0.6ppt week-on-week, led by energy, industrials, health care and offset by real estate, communication services, information technology.
We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering, Tianqi Lithium Corporation.


A-H Premium Weekly (Jan 26th): Haier Smart, China Tourism, Conch Cement, Tsingtao Brew, GWM

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in HSBC, China Mobile, Shk Ppt, Wuxi Bio, Kuaishou, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 19th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in HSBC, China Mobile, Shk Ppt, Wuxi Bio, Kuaishou, Li Auto.


HK Short Interest Weekly: HSBC, China Mobile, Shk Ppt, Wuxi Bio, Kuaishou, Li Auto

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

<ul>
<li>Short notional in Hong Kong is HK$335bn and has been falling over the last 12 months due to a drop in the market.</li>
<li>In terms of short notional to marketcap, the Materials, Consumer Staples, Health Care, Utilities, Real Estate sectors are most shorted while the least shorted are Information Technology, Communication Services, Energy.</li>
<li>The largest shorts have been built on <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211)</a>, <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868)</a>, <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (1398)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810)</a>, <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618)</a>, <a href="https://www.smartkarma.com/entities/wharf-holdings-ltd" target="_blank" data-smartkarma-citation="entities:51:1" rel="noopener">Wharf Holdings (4)</a> and <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17)</a>. </li>
</ul>


Short notional in Hong Kong is HK$335bn and has been falling over the last 12 months due to a drop in the market.
In terms of short notional to marketcap, the Materials, Consumer Staples, Health Care, Utilities, Real Estate sectors are most shorted while the least shorted are Information Technology, Communication Services, Energy.
The largest shorts have been built on BYD (1211), XPeng (9868), ICBC (1398), Xiaomi (1810), Link REIT (823), JD.com (9618), Wharf Holdings (4) and New World Development (17). 


Hong Kong: Where Could Shorts Be Covered?

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.2% as of Jan 19th.</li>
<li>The average A-H premium changed by 7.1ppt week-on-week, led by financials, materials, health care and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart H, ICBC, China Vanke, ZTE, China Rail Gr, China Com Cons, SMIC, 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 129.2% as of Jan 19th.
The average A-H premium changed by 7.1ppt week-on-week, led by financials, materials, health care and offset by information technology.
We highlight weekly changes in A-H premium for Haier Smart H, ICBC, China Vanke, ZTE, China Rail Gr, China Com Cons, SMIC, China Longyuan.


A-H Premium Weekly (Jan 19th): Haier Smart, ICBC, China Vanke, ZTE, CR Group, CCCC

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (2359 HK)

A/H Premium Tracker (To 26 Jan 2024): AH Premia Still Near Multi-Yr Wides, SOEs May See New Action

AH Premia down slightly from multi-year wides a week ago. Chinese shares bounced in HK and mainland. SOEs still seeing SB inflow. Banks & SOEs NB...

Travis Lundy

A-H Premium Weekly (Jan 26th): Haier Smart, China Tourism, Conch Cement, Tsingtao Brew, GWM

We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: HSBC, China Mobile, Shk Ppt, Wuxi Bio, Kuaishou, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jan 19th and highlight short interest changes in HSBC, China Mobile, Shk...

Ke Yan, CFA, FRM

Hong Kong: Where Could Shorts Be Covered?

HK Short notional HK$335bn and has been falling over the last year due to a drop in the market. There are stocks where shorts have risen over the...

Brian Freitas

A-H Premium Weekly (Jan 19th): Haier Smart, ICBC, China Vanke, ZTE, CR Group, CCCC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart H, ICBC, China Vanke, ZTE, China Rail Gr, China...

Ke Yan, CFA, FRM

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52-week Range

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