Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.</li>
<li>Last week's reco <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week's reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July.  The portfolio achieved these results while increasing its Sharpe ratio and reducing beta and volatility.</li>
<li>The shift to the healthcare and materials sectors since Liberation Day in April has aided the portfolio's performance.  The consumer staples sector lost momentum, and we exited some positions there.</li>
<li>The HSI now trades above its long-term resistance levels for the first time since 2022.  This signals a good time to rotate back into market leaders in tech.</li>
</ul>


The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July.  The portfolio achieved these results while increasing its Sharpe ratio and reducing beta and volatility.
The shift to the healthcare and materials sectors since Liberation Day in April has aided the portfolio's performance.  The consumer staples sector lost momentum, and we exited some positions there.
The HSI now trades above its long-term resistance levels for the first time since 2022.  This signals a good time to rotate back into market leaders in tech.


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>
<a href="https://www.smartkarma.com/entities/eve-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:14769:1" rel="noopener">EVE Energy (300014 CH)</a> (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.</li>
<li>EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.</li>
<li>
Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.</li>
<li>
Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.</li>
</ul>



Context: Tencent (700 HK)is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.

Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.

Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.


Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a> , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m in its H-share listing.</li>
<li>In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m in its H-share listing.
In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


SICC A/H Listing - Needs a Very Deep Discount

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 (9988 HK)

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

SOUTHBOUND Connect volumes were quite large again this week at nearly $100bn USD. The big flows on the buy side were in ETFs suggesting allocation...

Travis Lundy

HONG KONG ALPHA PORTFOLIO (July 2025)

The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in July. The portfolio achieved these results while increasing...

David Mudd

Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

Tencent (700 HK) reports tomorrow, Wednesday, 13 August 2025, 8:00pm HK. The stock traded sideways over the past four days. Historic move on...

Gaudenz Schneider

SICC A/H Listing - Needs a Very Deep Discount

SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$xxm in its H-share listing. In this note, we talk about...

Sumeet Singh

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