Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first two weeks in April were HK$145bn. </li>
<li>The first two weeks in April were HK$145bn as what appeared to be national team, or equally patriotic buyers, showed up droves to buy financials, energy, telecoms, and big techs.</li>
<li>Included is a summary of important China Stocks-relevant news as I saw it this week, but frankly, the only thing that matters is the back and forth by the Donald.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first two weeks in April were HK$145bn. 
The first two weeks in April were HK$145bn as what appeared to be national team, or equally patriotic buyers, showed up droves to buy financials, energy, telecoms, and big techs.
Included is a summary of important China Stocks-relevant news as I saw it this week, but frankly, the only thing that matters is the back and forth by the Donald.


HK Connect SOUTHBOUND Flows (To 11 Apr 2025); Record Net Buying

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 Apr 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tracker Fund, Pop Mart, Beigene, Hscei Etf, Xiaomi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tracker Fund, Pop Mart, Beigene, Hscei Etf, Xiaomi.


HK Short Interest Weekly: Pop Mart, Beigene, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.</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 Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.


HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>A challenging week for HK single stocks, with weak breadth and sharp losses punctuated by a gap lower to start the week.</li>
<li>Monday marked the highest options volume day of the year, with a spike in the Put/Call ratio and unusual ETF option activity.</li>
<li>Implied vols surged, with the average implied vol percentile at very elevated levels.</li>
</ul>


A challenging week for HK single stocks, with weak breadth and sharp losses punctuated by a gap lower to start the week.
Monday marked the highest options volume day of the year, with a spike in the Put/Call ratio and unusual ETF option activity.
Implied vols surged, with the average implied vol percentile at very elevated levels.


Hong Kong Single Stock Options Weekly (Apr 07–11): Vol Spikes, Breadth Cracks & ETF Activity Surges

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).</li>
<li>This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.</li>
<li>Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.</li>
</ul>


Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).
This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.
Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.


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.

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Alibaba (BABA US)

HK Connect SOUTHBOUND Flows (To 11 Apr 2025); Record Net Buying

SOUTHBOUND saw a record week of net buying of HK at +82.25bn. Tech (including Consumer Disc name Alibaba) were the big net buys. SOE banks, tech,...

Travis Lundy

HK Short Interest Weekly: Pop Mart, Beigene, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Apr 3rd and highlight short interest changes in Tracker Fund, Pop Mart,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (Apr 07–11): Vol Spikes, Breadth Cracks & ETF Activity Surges

HK single stocks faced a tough week with sharp losses, high options volume, surging implied vols and very poor breadth.

John Ley

Semiconductors and AI Servers in China

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 11 Apr 2025); Record Net Buying

SOUTHBOUND saw a record week of net buying of HK at +82.25bn. Tech (including Consumer Disc name Alibaba) were the big net buys. SOE banks, tech,...

Travis Lundy

HK Short Interest Weekly: Pop Mart, Beigene, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Apr 3rd and highlight short interest changes in Tracker Fund, Pop Mart,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (Apr 07–11): Vol Spikes, Breadth Cracks & ETF Activity Surges

​HK single stocks faced a tough week with sharp losses, high options volume, surging implied vols and very poor breadth.

John Ley

Semiconductors and AI Servers in China

​Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

HK single stocks faced a tough week with sharp losses, high options volume, surging implied vols and very poor breadth.

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...