Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.</li>
<li>
<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 HK)</a> announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-securities-co-4f5d644c-0051-426f-9706-eaa74b0ba280" target="_blank" data-smartkarma-citation="entities:22738:1" rel="noopener">China Merchants Securities Co Ltd (H) (6099 HK)</a> benefits from increased market turnover.   <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> beat consensus for 3Q24 earnings and will continue its buyback program.</li>
</ul>


Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.

XPeng (9868 HK) announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.

China Merchants Securities Co Ltd (H) (6099 HK) benefits from increased market turnover.   Yum China Holdings (9987 HK) beat consensus for 3Q24 earnings and will continue its buyback program.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

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 Oct 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Auto, Xiaomi, Xinyi Solar, Geely Auto, Trip.Com.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 25th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Auto, Xiaomi, Xinyi Solar, Geely Auto, Trip.Com.


HK Short Interest Weekly: Li Auto, Xiaomi, Xinyi Solar, Geely Auto, Trip.Com

<ul>
<li>HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.
</li>
<li>
<a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Technology (9901 HK).</a>
</li>
</ul>


HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.

Pop Mart International Group L (9992 HK) announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.


Citic Securities (H) (6030 HK) was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on New Oriental Education &amp; Technology (9901 HK).



BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 18th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in China Overseas, Cspc Pharma, Anta Sports, Kuaishou, Jd.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 18th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in China Overseas, Cspc Pharma, Anta Sports, Kuaishou, Jd.


HK Short Interest Weekly: China Overseas, Cspc Pharma, Anta Sports, Kuaishou, Jd

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>A cyclical bull market in Chinese stocks provide a good opportunity in the sector</li>
<li>Similar upside potential as the brokers but with less volatility</li>
<li>Insurance products still have a low level of penetration in China</li>
</ul>


A cyclical bull market in Chinese stocks provide a good opportunity in the sector
Similar upside potential as the brokers but with less volatility
Insurance products still have a low level of penetration in China


Insurance Sector as a Leveraged Play on the Chinese Revival

China

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

Price Gauge
52-week Range	0.00 - 0.00
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Citic Securities (H) (6030 HK)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

Hong Kong markets are among the top performers this year. Short selling has declined as Southbound buying increases. Xpeng introduced a new hybrid...

David Mudd

HK Short Interest Weekly: Li Auto, Xiaomi, Xinyi Solar, Geely Auto, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Oct 25th and highlight short interest changes in Li Auto, Xiaomi, Xinyi...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

HK Short Interest Weekly: China Overseas, Cspc Pharma, Anta Sports, Kuaishou, Jd

We analyzed the latest HK SFC report for aggregate short position as of Oct 18th and highlight short interest changes in China Overseas, Cspc...

Ke Yan, CFA, FRM

Insurance Sector as a Leveraged Play on the Chinese Revival

Chinese stocks in a cyclical bull market offer a promising opportunity especially in the insurance sector due to a reversal of trends and a low...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

Hong Kong markets are among the top performers this year. Short selling has declined as Southbound buying increases. Xpeng introduced a new hybrid...

David Mudd

HK Short Interest Weekly: Li Auto, Xiaomi, Xinyi Solar, Geely Auto, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Oct 25th and highlight short interest changes in Li Auto, Xiaomi, Xinyi...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

HK Short Interest Weekly: China Overseas, Cspc Pharma, Anta Sports, Kuaishou, Jd

We analyzed the latest HK SFC report for aggregate short position as of Oct 18th and highlight short interest changes in China Overseas, Cspc...

Ke Yan, CFA, FRM

Insurance Sector as a Leveraged Play on the Chinese Revival

​Chinese stocks in a cyclical bull market offer a promising opportunity especially in the insurance sector due to a reversal of trends and a low...

Rikki Malik

Chinese stocks in a cyclical bull market offer a promising opportunity especially in the insurance sector due to a reversal of trends and a low...