Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back below US$12bn a day this past week, but net buying was nearly US$700mm a day, which was decent.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20. Again.</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 <strong><a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> </strong> and <strong><a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a></strong> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes back below US$12bn a day this past week, but net buying was nearly US$700mm a day, which was decent.
Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20. Again.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor  and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

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 analyse the changes of A-H premium on 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.</li>
<li>The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.</li>
</ul>


We analyse the changes of A-H premium on 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.
The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.
We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.


A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.</li>
<li>Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.</li>
<li>Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.</li>
</ul>


Onshore Chinese investors’ purchases of HK equity through the Southbound Connect accelerated rapidly after China's September stimulus. Despite net selling in early May, the onshore bullishness seems sustainable for now.
Onshore investors prefer internet platforms (Tencent, Alibaba), technology and consumer discretionaries (Xiaomi, SMIC, China Mobile), and lately EVs (Li Auto, XPeng). High dividend SOE banks were bought earlier, not recently.
Our "China Twelve" stocks and focus themes closely align with onshore investors' preferences. 6 out of 12 figure in the "top bought" Southbound list - reaffirming our bullishness on them.


Asian Equities: Southbound Trades Re-Affirm Our China Preferences

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>Corruption / In Depth: Court sounds alarm about corruption in big tech.</li>
<li>It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.</li>
<li>The district hosts many internet companies’ offices, both headquarters and local branches.</li>
</ul>


Corruption / In Depth: Court sounds alarm about corruption in big tech.
It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.
The district hosts many internet companies’ offices, both headquarters and local branches.


CX Daily: Court Sounds Alarm About Corruption in Big Tech 

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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

Thematic (Sector/Industry)

<ul>
<li>XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)</li>
<li>LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)</li>
<li>New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)</li>
</ul>


XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)


[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

Price Gauge
52-week Range	0.00 - 0.00
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BYD (002594 CH)

HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

Lots more news between the US and China this week. Most of it on the US side. Within China-specific news, the government reaction to lower auto...

Travis Lundy

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

Lots more news between the US and China this week. Most of it on the US side. Within China-specific news, the government reaction to lower auto...

Travis Lundy

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

In May, net buying of HK-listed stocks cratered to $5.8bn from the previous 3 month’s $20-21bn range. Avg daily turnover dropped to $12bn from the...

Manishi Raychaudhuri

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

​XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.