Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>HSTECH sees one ADD, one DELETE and several capping and re-capping actions. One of the re-caps is already an un-recap (i.e. a new capping), to be updated.</li>
<li>The ADD is <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>, as expected, with significant ADV impact to buy. The DELETE is <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a>, also a big sell.</li>
<li>Across the three major indices, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> is the big dollar sell and HSTECH changes are the biggies in terms of ADV impact.</li>
</ul>


HSTECH sees one ADD, one DELETE and several capping and re-capping actions. One of the re-caps is already an un-recap (i.e. a new capping), to be updated.
The ADD is ASM Pacific Technology (522 HK), as expected, with significant ADV impact to buy. The DELETE is Ping An Healthcare and Technol (1833 HK), also a big sell.
Across the three major indices, Alibaba Group Holding (9988 HK) is the big dollar sell and HSTECH changes are the biggies in terms of ADV impact.


Sep24 HSTECH Index Rebal - ASMPT (522 HK) ADDed as Expected, After Post-Earnings Fall

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>Gold breaks above MONTHLY bull flag suggesting possible move to 3000.</li>
<li>Is China ready to duplicate prior move we witnessed in Nikkei?</li>
<li>BABA looks technically attractive and could reach par by year-end.</li>
</ul>


Gold breaks above MONTHLY bull flag suggesting possible move to 3000.
Is China ready to duplicate prior move we witnessed in Nikkei?
BABA looks technically attractive and could reach par by year-end.


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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>In a surprise (maybe should not have been!), there are no constituent changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> in September. However, there are float and capping changes.</li>
<li>Estimated one-way turnover is 1% and estimated round-trip trade is HK$3.73bn (US$478m). There are no stocks with over +/-0.5x ADV to trade but flows could add to/offset other index flows.</li>
<li>We remain at 82 index constituents and the road to 100 constituents appears to be a long drawn out torturous one. At this glacial pace, could be an eternity away.</li>
</ul>


In a surprise (maybe should not have been!), there are no constituent changes for the Hang Seng Index (HSI INDEX) in September. However, there are float and capping changes.
Estimated one-way turnover is 1% and estimated round-trip trade is HK$3.73bn (US$478m). There are no stocks with over +/-0.5x ADV to trade but flows could add to/offset other index flows.
We remain at 82 index constituents and the road to 100 constituents appears to be a long drawn out torturous one. At this glacial pace, could be an eternity away.


Hang Seng Index (HSI) Rebalance: Meh (Or Will We Ever Get to 100 Stocks?)

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>BABA reported C1Q24 top line, adjusted EBITA and non-GAAP net profit (2.7%), 5.5% and in-line vs. consensus. </li>
<li>E-Commerce GMV recovery is the most positive of all. TTG ad-revenues (CMR) trailed GMV growth but we see the two closing the gap in C2H24</li>
<li>Besides stabilizing e-commerce, BABA is on track of transforming itself from China's eBay to China's Microsoft. AI-related cloud revenue grew 100% YoY. </li>
</ul>


BABA reported C1Q24 top line, adjusted EBITA and non-GAAP net profit (2.7%), 5.5% and in-line vs. consensus. 
E-Commerce GMV recovery is the most positive of all. TTG ad-revenues (CMR) trailed GMV growth but we see the two closing the gap in C2H24
Besides stabilizing e-commerce, BABA is on track of transforming itself from China's eBay to China's Microsoft. AI-related cloud revenue grew 100% YoY. 


[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

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 Aug 9th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 9th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent.


HK Short Interest Weekly: Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent

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

Alibaba (BABA US)

Sep24 HSTECH Index Rebal - ASMPT (522 HK) ADDed as Expected, After Post-Earnings Fall

The HSTECH Index Rebalance is as expected - one ADD and one DELETE. Both are big in terms of ADV at 10+ days to buy and sell, respectively.

Travis Lundy

Time To Buy China/Gold

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

Hang Seng Index (HSI) Rebalance: Meh (Or Will We Ever Get to 100 Stocks?)

No constituent changes so we stay at 82 stocks. Reaching 100 stocks is few years away. FAF/capping changes lead to 1-way turnover of 1% and round...

Brian Freitas

[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent

We analyzed the latest HK SFC report for aggregate short position as of Aug 9th and highlight short interest changes in Baba, HSBC, Ntes, AIA,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sep24 HSTECH Index Rebal - ASMPT (522 HK) ADDed as Expected, After Post-Earnings Fall

The HSTECH Index Rebalance is as expected - one ADD and one DELETE. Both are big in terms of ADV at 10+ days to buy and sell, respectively.

Travis Lundy

Time To Buy China/Gold

​Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

Hang Seng Index (HSI) Rebalance: Meh (Or Will We Ever Get to 100 Stocks?)

No constituent changes so we stay at 82 stocks. Reaching 100 stocks is few years away. FAF/capping changes lead to 1-way turnover of 1% and round...

Brian Freitas

[Alibaba (BABA US, BUY, TP US$100) TP Change]: On Track for the Great Turnaround…Reiterate BUY

​BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent

We analyzed the latest HK SFC report for aggregate short position as of Aug 9th and highlight short interest changes in Baba, HSBC, Ntes, AIA,...

Ke Yan, CFA, FRM

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

BABA's Q1 results show strong performance, with e-commerce GMV leading the way and AI-related cloud revenue doubling year-over-year. Transitioning...