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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Continuing review of the sectors we like for the next phase of the HK/China bull market</li>
<li>In financials, insurers are a lower volatility way of playing the equity market revival</li>
<li>Watch for a reversal of bond yields as a signal to buy</li>
</ul>


Continuing review of the sectors we like for the next phase of the HK/China bull market
In financials, insurers are a lower volatility way of playing the equity market revival
Watch for a reversal of bond yields as a signal to buy


Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.</li>
<li>We continue to expect one change for the HSCEI index in March 2025.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.
We continue to expect one change for the HSCEI index in March 2025.


Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>In the post-CNY return, SOUTHBOUND gross trading activity was stronger per day than the previous several weeks, but SB Net Buying was not. </li>
<li>Tech ended up being a big net buy, but <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> a big net sell. </li>
<li>Lower-Than-Expected tariff rates against China meant foreigners are back to buying Chinese stocks for the time being which may lower SB net buys near-term.</li>
</ul>


In the post-CNY return, SOUTHBOUND gross trading activity was stronger per day than the previous several weeks, but SB Net Buying was not. 
Tech ended up being a big net buy, but Tencent (700 HK) a big net sell. 
Lower-Than-Expected tariff rates against China meant foreigners are back to buying Chinese stocks for the time being which may lower SB net buys near-term.


HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

International Business Machines / Equity Bottom-Up

<ul><li>Intel CEO position vacant; speculation rises after management shake-up at GF. </li><li>Alibaba's Qwen model outperforms DeepSeek V3 in new benchmark test. </li><li>Taiwan notebook market set for growth in 4th quarter of 2024; Global economic slowdown impacting Microchip sales.</li></ul>

Intel CEO position vacant; speculation rises after management shake-up at GF. Alibaba's Qwen model outperforms DeepSeek V3 in new benchmark test. Taiwan notebook market set for growth in 4th quarter of 2024; Global economic slowdown impacting Microchip sales.

Tech Supply Chain Tracker (08-Feb-2025): Intel CEO vacancy fuels speculation after GF shuffle.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

Price Gauge
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Alibaba (BABA US)

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

We expect China Resources Power (836 HK) to get added and Li Ning (2331 HK) to get deleted. Both names have more than 1x ADV to trade.

Janaghan Jeyakumar, CFA

HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Post Chinese New Year, SOUTHBOUND activity is heavy but with low net buying. Tech was net bought last week, and high div SOEs were sold. Foreigners...

Travis Lundy

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tech Supply Chain Tracker (08-Feb-2025): Intel CEO vacancy fuels speculation after GF shuffle.

Intel CEO position vacant; GF management shake-up fuels speculation. Alibaba's Qwen model outperforms DeepSeek V3 in new performance benchmark....

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

​Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

We expect China Resources Power (836 HK) to get added and Li Ning (2331 HK) to get deleted. Both names have more than 1x ADV to trade.

Janaghan Jeyakumar, CFA

HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Post Chinese New Year, SOUTHBOUND activity is heavy but with low net buying. Tech was net bought last week, and high div SOEs were sold. Foreigners...

Travis Lundy

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tech Supply Chain Tracker (08-Feb-2025): Intel CEO vacancy fuels speculation after GF shuffle.

Intel CEO position vacant; GF management shake-up fuels speculation. Alibaba's Qwen model outperforms DeepSeek V3 in new performance benchmark....

Tech Supply Chain Tracker

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...