Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>China ETF flows in June continued to show positive momentum while other categories remained flat.  Southbound Connect Flows were positive while Northbound Connect recorded a Net Sell.</li>
<li>Midea Real Estate Holdings jumped on plans to privatize its property development business</li>
<li>Shanghai Microport fell after launching a share placement at a 15% discount.  The share price  is hitting all time lows.</li>
</ul>


China ETF flows in June continued to show positive momentum while other categories remained flat.  Southbound Connect Flows were positive while Northbound Connect recorded a Net Sell.
Midea Real Estate Holdings jumped on plans to privatize its property development business
Shanghai Microport fell after launching a share placement at a 15% discount.  The share price  is hitting all time lows.


The Heat Is On: News Flow and Sentiment in HONG KONG

<ul>
<li>The bad news is that Hong Kong will not have a V-Shaped recovery which will keep market sentiment subdued</li>
<li>The good news is that Hong Kong will not have a V-Shaped recovery which will contribute to a reduction in overall market volatility</li>
<li>After an epic bear market, Hong Kong will enter a secular bull market this year</li>
</ul>


The bad news is that Hong Kong will not have a V-Shaped recovery which will keep market sentiment subdued
The good news is that Hong Kong will not have a V-Shaped recovery which will contribute to a reduction in overall market volatility
After an epic bear market, Hong Kong will enter a secular bull market this year


Hong Kong: A Tale of Two Markets and When to Re-Enter

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Orient Overseas International / Index Rebalance

<ul>
<li>There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.</li>
<li>Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.</li>
<li>Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.</li>
</ul>


There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.
Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.
Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.


HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect

<ul>
<li>The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.</li>
<li>SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.</li>
<li>Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.</li>
</ul>


The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.
SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.
Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.


HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

Hong Kong

Stella International Holdings Limited develops and manufactures footwear products for casual and fashion footwear companies worldwide.

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

Stella International (1836 HK)

The Heat Is On: News Flow and Sentiment in HONG KONG

China had positive flows into equity ETF's for June and mainland investors continued to direct money to Hong Kong stocks through the Stock Connect...

David Mudd

Hong Kong: A Tale of Two Markets and When to Re-Enter

HSI has now broken key resistance levels or 17k (Bear Market Trend Channel), 17,300 (200 Day Moving Average) and 17,500 (Upper Bollinger Band). ...

David Mudd

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect

There are 29 adds & 12 deletes for the HSCI at the March rebal. 26 of the inclusions will join Southbound Stock Connect while all the deletes will...

Brian Freitas

HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

There could be up to 34 adds and 22 deletes for the HSCI in March based on market cap, liquidity and prolonged suspensions. A lot of new listings,...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)