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 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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.</li>
<li>The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.</li>
<li>On 3/31/25 we sold <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> , <a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> , and <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a></li>
</ul>


The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.
The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.
On 3/31/25 we sold Shanghai Electric Group Company (2727 HK) , Citic Securities (H) (6030 HK) , Sands China (1928 HK) , and Sunny Optical Technology Group (2382 HK)


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Historical results as expected with a sales and profit decline</li>
<li>The first 2 months of the year show a positive trend</li>
<li>Market reaction to the results should highlight low investor expectations </li>
</ul>


Historical results as expected with a sales and profit decline
The first 2 months of the year show a positive trend
Market reaction to the results should highlight low investor expectations 


China Resources Beer Signals a Bottom in Consumption?

Budweiser Brewing Company APAC / Equity Bottom-Up

<ul>
<li>Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.</li>
<li>Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.</li>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a> shares bounce with the appointment of new CEO, pointing to increasing China revenue.  <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> reported strong earnings and increased its dividend.</li>
</ul>


Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.
Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.

Budweiser Brewing APAC (1876 HK) shares bounce with the appointment of new CEO, pointing to increasing China revenue.  Yum China Holdings (9987 HK) reported strong earnings and increased its dividend.


BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Hong Kong

Budweiser Brewing Company APAC is a leading beverage company that produces, imports, markets, distributes, and sells beer and other non-beer beverages across Asia-Pacific. It offers a portfolio of over 50 beer brands, including Budweiser, Stella Artois, Corona, Harbin, Hoegaarden, and Cass. The company is headquartered in Hong Kong and was founded in 1876.

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

Budweiser Brewing Company APAC (1876 HK)

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

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

China Resources Beer Signals a Bottom in Consumption?

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

HK is consolidating within its long term support/resistance levels of 22700 and 24000. Mainland buying is at historically high levels. Bud APAC...

David Mudd

MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO, which was well covered. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

China Resources Beer Signals a Bottom in Consumption?

​Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

HK is consolidating within its long term support/resistance levels of 22700 and 24000. Mainland buying is at historically high levels. Bud APAC...

David Mudd

MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO, which was well covered. In this note, we talk about the trading dynamics.

Sumeet Singh

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...