Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 5.3bn of A-shares on lower gross volumes. NORTHBOUND bought utilities, renewables, and semiconductors, and sold Kweichow Moutai, Midea, Bk Jiangsu, and Wuliangye Yibin.</li>
<li>Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 5.3bn of A-shares on lower gross volumes. NORTHBOUND bought utilities, renewables, and semiconductors, and sold Kweichow Moutai, Midea, Bk Jiangsu, and Wuliangye Yibin.
Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.


Mainland Connect NORTHBOUND Flows (To 7 June 2024): Large Renewables Buying Drive Small Net Buying

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 analyzed the latest HK SFC report for aggregate short position as of May 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 31st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.


HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 7th.</li>
<li>We estimate the weekly inflows to be US$946.1 million, led by information technology, health care, utilities sectors, and offset by consumer staples, financials, energy.</li>
<li>We highlight flows for China Yangtze Power, Jinko Solar, Naura Technology, Will Semiconductor, China National Nuclear Power, Midea, Moutai, Bank Of Jiangsu, Wuliangye, Inovance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 7th.
We estimate the weekly inflows to be US$946.1 million, led by information technology, health care, utilities sectors, and offset by consumer staples, financials, energy.
We highlight flows for China Yangtze Power, Jinko Solar, Naura Technology, Will Semiconductor, China National Nuclear Power, Midea, Moutai, Bank Of Jiangsu, Wuliangye, Inovance.


Northbound Flows (Jun 7th): China Yangtze Power, Jinko Solar, Naura Technology, CNNP

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>Based on the close of 24 May, there could be three changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a> in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/cosco-shipping-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:27590:1" rel="noopener">COSCO SHIPPING (601919 CH)</a>, <a href="https://www.smartkarma.com/entities/crrc-corp-ltd" target="_blank" data-smartkarma-citation="entities:122:1" rel="noopener">CRRC (601766 CH)</a> and <a href="https://www.smartkarma.com/entities/china-national-nuclear-power-c" target="_blank" data-smartkarma-citation="entities:25348:1" rel="noopener">China National NuclearPower (601985 CH)</a> could replace <a href="https://www.smartkarma.com/entities/longi-green-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">LONGi GreenEnergy (601012 CH)</a>, <a href="https://www.smartkarma.com/entities/csc-financial-co-ltd" target="_blank" data-smartkarma-citation="entities:27823:1" rel="noopener">CSC Financial (601066 CH)</a> and <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group DutyFree (601888 CH)</a>. </li>
<li>There are a couple of stocks that are close adds and could become adds if they outperform higher ranked stocks in trading today.</li>
</ul>


Based on the close of 24 May, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK) in June.

COSCO SHIPPING (601919 CH), CRRC (601766 CH) and China National NuclearPower (601985 CH) could replace LONGi GreenEnergy (601012 CH), CSC Financial (601066 CH) and China Tourism Group DutyFree (601888 CH). 
There are a couple of stocks that are close adds and could become adds if they outperform higher ranked stocks in trading today.


Offshore China ETFs Rebalance Preview: Three Changes in June; Cutoff Today

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.</li>
<li>The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.
The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.


A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

China

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

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COSCO Shipping Holdings (1919 HK)

Mainland Connect NORTHBOUND Flows (To 7 June 2024): Large Renewables Buying Drive Small Net Buying

NORTHBOUND saw net buying this week. Large caps saw net selling but semiconductor names see ongoing buying. I expect semicaps will continue to see...

Travis Lundy

HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

We analyzed the latest HK SFC report for aggregate short position as of May 31st and highlight short interest changes in Akeso, China Longyuan,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 7th): China Yangtze Power, Jinko Solar, Naura Technology, CNNP

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Yangtze Power, Jinko Solar, Naura Technology,...

Ke Yan, CFA, FRM

Offshore China ETFs Rebalance Preview: Three Changes in June; Cutoff Today

There could be 3 changes for 2823HK/2822HK in June. Today is the price cutoff and there are a couple of close adds. Impact is not very large but...

Brian Freitas

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)