Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

ZhongAn Online P&C Insurance C / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.
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 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

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 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.
The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.


A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 20th.</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 CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi, CNOOC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi, CNOOC, HKEx.


HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

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>From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.</li>
<li>Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).</li>
<li>Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.</li>
</ul>


From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).
Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.


Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 13th.</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 BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent, Xiaomi, Alibaba, Kuaishou, Xpeng.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent, Xiaomi, Alibaba, Kuaishou, Xpeng.


HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

China

China Construction Bank Corporation provides banking services. The Company offers deposits, loans, fund management, foreign exchange, and other services. China Construction Bank provides its services to individuals, enterprises, and other clients.

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

China Construction Bank (601939 CH)

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi,...

Ke Yan, CFA, FRM

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...

Manishi Raychaudhuri

HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi,...

Ke Yan, CFA, FRM

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

​Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...

Manishi Raychaudhuri

HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent,...

Ke Yan, CFA, FRM

Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...