Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 11th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Bilibili (9626 HK), Tencent (700 HK), Bidu (9888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 11th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Bilibili (9626 HK), Tencent (700 HK), Bidu (9888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


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

<ul>
<li>Active EM Funds delivered an average return of +6.85% in Q3, underperforming the iShares MSCI Emerging Markets ETF by 0.83%, with 38.8% of funds beating the index.</li>
<li>Morgan Stanley Developing Opportunity and Aikya Emerging Markets topped the performance charts for the quarter.</li>
<li>Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.</li>
</ul>


Active EM Funds delivered an average return of +6.85% in Q3, underperforming the iShares MSCI Emerging Markets ETF by 0.83%, with 38.8% of funds beating the index.
Morgan Stanley Developing Opportunity and Aikya Emerging Markets topped the performance charts for the quarter.
Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.


<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 28th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.


HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

Hong Kong

AIA Group Limited is a Hong Kong-based multinational insurance and finance corporation, and the largest publicly traded life insurance group in the Asia-Pacific region. It offers a wide range of products and services including life insurance, accident and health insurance, savings plans, employee benefits, and wealth management. The company was founded in Shanghai in 1919 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
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AIA (1299 HK)

Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Bilibili (9626 HK),...

Ke Yan, CFA, FRM

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

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

GEM Funds Underperform in Q3.

GEM Funds Underperform in Q3: Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.

Steven Holden

HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

We analyzed the latest HK SFC report for aggregate short position as of Aug 28th and highlight short interest changes in Alibaba (9988 HK), Wuxi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Bilibili (9626 HK),...

Ke Yan, CFA, FRM

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

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

GEM Funds Underperform in Q3.

GEM Funds Underperform in Q3: Underweights in Alibaba Group Holding and Meituan, and overweights in SK Hynix and cash holdings hurt performance.

Steven Holden

HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

We analyzed the latest HK SFC report for aggregate short position as of Aug 28th and highlight short interest changes in Alibaba (9988 HK), Wuxi...

Ke Yan, CFA, FRM

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...