Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH premia down, bouncing back. "Beautiful Skew" continues generally, but curve skew less pronounced. Average AH moves remain volatile - often the sign of significant distribution changes.</li>
<li>The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. </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>


AH premia down, bouncing back. "Beautiful Skew" continues generally, but curve skew less pronounced. Average AH moves remain volatile - often the sign of significant distribution changes.
The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. 
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.


A/H Premium Tracker (To 8 Aug 2025):  Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

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 Aug 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.


HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

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.

Cross Asset Strategy

<ul>
<li>July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.</li>
<li>Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.</li>
<li>Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.</li>
</ul>


July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.
Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.
Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.


Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. </li>
<li>Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.</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>


AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. 
Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.
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.


A/H Premium Tracker (To 1 Aug 2025):  HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Construction Bank H (939 HK)

A/H Premium Tracker (To 8 Aug 2025): Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

Hs generally outperformed their As last week in volatile fashion. Super-liquid Hs trading at a premium to As lost. Second good week in a row for...

Travis Lundy

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 8 Aug 2025): Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

Hs generally outperformed their As last week in volatile fashion. Super-liquid Hs trading at a premium to As lost. Second good week in a row for...

Travis Lundy

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July ​Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...