Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

CK Infrastructure Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener"><strong>CK Infrastructure Holdings (1038 HK)</strong></a>, 75.67%-held by <strong><a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a></strong>, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071100267.pdf" target="_blank" rel="noopener">announced</a> it is considering a second listing on an overseas stock exchange, such as London.</li>
<li>A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.</li>
<li>The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.</li>
</ul>



CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.


Travis Lundy

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$7.3bn this week, on smallish two-way volumes. Major buying was mostly SOEs.</li>
<li>The more I watch, the more I think the last few months have had serious national team buying of banks and energy, perhaps ahead of shareholder return policy changes.</li>
<li>But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$7.3bn this week, on smallish two-way volumes. Major buying was mostly SOEs.
The more I watch, the more I think the last few months have had serious national team buying of banks and energy, perhaps ahead of shareholder return policy changes.
But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.


HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs

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 Jul 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Petrochina (857 HK), Bosideng (3998 HK), Anta Sports (2020 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 5th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Petrochina (857 HK), Bosideng (3998 HK), Anta Sports (2020 HK).


HK Short Interest Weekly: Petrochina, Bosideng, Anta Sports

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ping An, Brilliance China, Meituan, AIA.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 28th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ping An, Brilliance China, Meituan, AIA.


HK Short Interest Weekly: Ping An, Brilliance, Meituan, AIA

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.</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 CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.


Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

CK Infra (1038 HK): London Calling

CKI announced it is considering a second listing on an overseas exchange such as London. But a dual primary listing, or a secondary listing? The...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs

SOUTHBOUND net flows this past week were lower than has been the case in past weeks, but were positive every day, and have been positive 23 weeks...

Travis Lundy

HK Short Interest Weekly: Petrochina, Bosideng, Anta Sports

We analyzed the latest HK SFC report for aggregate short position as of Jul 5th and highlight short interest changes in Petrochina, Bosideng, Anta...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Ping An, Brilliance, Meituan, AIA

We analyzed the latest HK SFC report for aggregate short position as of Jun 28th and highlight short interest changes in Ping An, Tracker Fund,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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