HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>YTD, the Rmb has appreciated by 1.3% against the USD, reversing the 2.8% depreciation in 2024. The gainers in FY24 may now turn to losers, and vice versa.</li>
<li>The top 5 gainers in FY24 are <a href="https://www.smartkarma.com/entities/shangri-la-asia-ltd" target="_blank" data-smartkarma-citation="entities:19690:1" rel="noopener">Shangri-La Asia (69 HK)</a>, <a href="https://www.smartkarma.com/entities/singamas-container-holdings" target="_blank" data-smartkarma-citation="entities:13602:1" rel="noopener">Singamas Container (716 HK)</a>, <a href="https://www.smartkarma.com/entities/china-everbright-environment-group-limited" target="_blank" data-smartkarma-citation="entities:15946:1" rel="noopener">China Everbright Env (257 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a>. </li>
<li>The FY24 losers, and potential FY25 gainers, are <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China (753 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, <a href="https://www.smartkarma.com/entities/china-eastern-airlines-co-h" target="_blank" data-smartkarma-citation="entities:1079:1" rel="noopener">China Eastern Airlines (670 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">CNBM (3323 HK)</a>, and <a href="https://www.smartkarma.com/entities/h-world-group-ltd" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">H World (1179 HK)</a>. </li>
</ul>


YTD, the Rmb has appreciated by 1.3% against the USD, reversing the 2.8% depreciation in 2024. The gainers in FY24 may now turn to losers, and vice versa.
The top 5 gainers in FY24 are Shangri-La Asia (69 HK), Singamas Container (716 HK), China Everbright Env (257 HK), BYD Electronics (285 HK), and China Education Group (839 HK). 
The FY24 losers, and potential FY25 gainers, are Air China (753 HK), China Southern Airlines (1055 HK), China Eastern Airlines (670 HK), CNBM (3323 HK), and H World (1179 HK). 


HK & China Strategy: Potential Gainers of Rmb Appreciation Against USD

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>As expected, a SAMR investigation depressed top-line growth and profitability in Q226 </li>
<li>Management offered no forward guidance on earnings call, but hinted at headwinds to come</li>
<li>We believe it may take a few quarters for Trip.com to regain momentum</li>
</ul>


As expected, a SAMR investigation depressed top-line growth and profitability in Q226 
Management offered no forward guidance on earnings call, but hinted at headwinds to come
We believe it may take a few quarters for Trip.com to regain momentum


Trip.com Q226 Results | Slow Top-Line & Adj EBITDA Met Low Expectations | No Quick Fix, in Our View

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

Shenton Research

Shenton 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 Sep 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Cathay Pacific Airways, Kingdee, Meituan, Ntes, Knowledge Atlas, ABC, Shandong Gold Mining Co Lt, Sinotruk.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 4th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Cathay Pacific Airways, Kingdee, Meituan, Ntes, Knowledge Atlas, ABC, Shandong Gold Mining Co Lt, Sinotruk.


HK Short Interest Weekly: Tencent, Cathay Pacific Airways, Kingdee, Meituan, Ntes, Knowledge Atlas

<ul>
<li>Trip.com will finally report Q2 results after the US close on Tuesday, September 15</li>
<li>Earlier investigation, now concluded, was likely a drag on growth &amp; earnings in period</li>
<li>Management commentary could indicate pace of recovery from Trip.com's latest stumble</li>
</ul>


Trip.com will finally report Q2 results after the US close on Tuesday, September 15
Earlier investigation, now concluded, was likely a drag on growth &amp; earnings in period
Management commentary could indicate pace of recovery from Trip.com's latest stumble


Trip.com Q226 Earnings Preview | Impact of Investigation | Accommodation Segment | Q3 Guidance Key

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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/mech-mind-robotics-technologies" target="_blank" data-smartkarma-citation="entities:55473:1" rel="noopener">Mech-Mind Robotics Technologies</a>  failed to do much.</li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Hong Kong

Cathay Pacific is a premium travel lifestyle brand offering scheduled passenger and cargo air transportation, along with low-cost travel and various lifestyle products and services. The airline connects Hong Kong, mainland China, and the world through its hub at Hong Kong International Airport. It was founded in Hong Kong in 1946.

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Cathay Pacific (293 HK)

HK & China Strategy: Potential Gainers of Rmb Appreciation Against USD

With the further appreciation of the Rmb against the USD, especially following the phone conversation between Chairman Xi and President Trump, it...

Osbert Tang, CFA

Trip.com Q226 Results | Slow Top-Line & Adj EBITDA Met Low Expectations | No Quick Fix, in Our View

Trip.com reported Q226 results that mostly met lowered expectations after SAMR's investigation into the platform's anti-competitive practices. We...

Tracking Traffic

HK Short Interest Weekly: Tencent, Cathay Pacific Airways, Kingdee, Meituan, Ntes, Knowledge Atlas

We analyzed the latest HK SFC report for aggregate short position as of Sep 4th and highlight short interest changes in Tencent (700 HK), Cathay...

Ke Yan, CFA, FRM

Trip.com Q226 Earnings Preview | Impact of Investigation | Accommodation Segment | Q3 Guidance Key

Trip.com will finally report Q2 results on Tuesday evening (US time). Expectations for Q2 are low but forward guidance could indicate how quickly...

Tracking Traffic

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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