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

DZT Research

DZT 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 the monthly Hong Kong Connect flows with our data engine for the month ended May 29th.</li>
<li>We estimate that the net southbound flows in May were $0.6bn Outflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended May 29th.
We estimate that the net southbound flows in May were $0.6bn Outflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.


Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward.  In additional to highlighting important technical levels across major markets, we reiterate our recommendation to add exposure to global financials, and highlight a number of attractive Financial stocks, with an emphasis on UK and European names.

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward.  In additional to highlighting important technical levels across major markets, we reiterate our recommendation to add exposure to global financials, and highlight a number of attractive Financial stocks, with an emphasis on UK and European names. 

Global Equity Strategy: EU and UK Financial Stocks Are Attractive

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.</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 Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land, AIA.


HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.


HSCEI Index Earning Revision (May): ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou

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

We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have selected the 6 largest banks by total assets, as defined by the S&amp;P Global Market Intelligence Report, 2018.We find that overall, holdings in these banks are on the decline, and in some cases, investor flight has been acute.  Only 2 of the 18 banks are held overweight by global investors, with <a href="https://www.smartkarma.com/entities/279" target="_blank" data-smartkarma-citation="entities:279:1">Citigroup Inc (C US)</a> and <a href="https://www.smartkarma.com/entities/525" target="_blank" data-smartkarma-citation="entities:525:1">Bnp Paribas (BNP FP)</a> seeing the biggest exodus through 2018.

We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have selected the 6 largest banks by total assets, as defined by the S&amp;P Global Market Intelligence Report, 2018.We find that overall, holdings in these banks are on the decline, and in some cases, investor flight has been acute.  Only 2 of the 18 banks are held overweight by global investors, with Citigroup Inc (C US) and Bnp Paribas (BNP FP) seeing the biggest exodus through 2018.

Big Banks - A Crisis of Investor Confidence

China

Bank of China Limited provides banking services. The Company offers deposits, loans, foreign currency transaction, fund settlement, and other services. Bank of China provides its services to individuals, enterprises, and other clients.

Price Gauge
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Bank of China (601988 CH)

Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

We estimate outflows to be $0.6bn from mainland investors to HK stocks in May. We highlight flows for SMIC, Alibaba, Tencent, China Mobile,...

Ke Yan, CFA, FRM

Global Equity Strategy: EU and UK Financial Stocks Are Attractive

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. ...

Vermilion Research

HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (May): ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou

We analyzed HSCEI's consensus for May 2026 and highlighted changes of EPS in ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.

Ke Yan, CFA, FRM

Big Banks - A Crisis of Investor Confidence

We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)