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 Aug 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.


HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.</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 Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.


HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.</li>
<li>Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.</li>
<li>Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.</li>
</ul>


Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.
Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.
Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.


Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>In this China banks screen, we focus on the credit quality headwinds going forward, as well as the returns trends that can absorb potentially worsening cost of risk charges</li>
<li>China bank shares continue to be poor performers; yet we see selective contrarian buy opportunities, for those banks with deeply discounted valuations and strong balance sheets including credit quality metrics</li>
<li>We stick with Industrial Bank and CCB as buys, adding Ping An Bank to the buys both of which have attractive valuations; Minsheng remains our fundamental sell</li>
</ul>


In this China banks screen, we focus on the credit quality headwinds going forward, as well as the returns trends that can absorb potentially worsening cost of risk charges
China bank shares continue to be poor performers; yet we see selective contrarian buy opportunities, for those banks with deeply discounted valuations and strong balance sheets including credit quality metrics
We stick with Industrial Bank and CCB as buys, adding Ping An Bank to the buys both of which have attractive valuations; Minsheng remains our fundamental sell


China Banks; Deep Value Despite the Rising Credit Quality Risks

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

<ul>
<li>Fund exposure to China &amp; HK Banks closes in on lowest levels on record</li>
<li>Asia Ex-Japan investors prefer Indian and Indonesian Banks, whilst Tech/Internet industry groups dominate portfolios.</li>
<li>China &amp; HK Banks stand as the largest industry underweight, with 87% of funds positioned below the benchmark. Underperformance is expected.</li>
</ul>


Fund exposure to China &amp; HK Banks closes in on lowest levels on record
Asia Ex-Japan investors prefer Indian and Indonesian Banks, whilst Tech/Internet industry groups dominate portfolios.
China &amp; HK Banks stand as the largest industry underweight, with 87% of funds positioned below the benchmark. Underperformance is expected.


China

China Construction Bank is a leading commercial bank offering comprehensive financial services including personal and corporate banking, wealth management, and treasury operations. Its products and services encompass infrastructure loans, residential mortgages, bank cards, fund management, and financial leasing. The bank is headquartered in Beijing, China, and was founded in 1954.

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 (939 HK)

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Earnings-driven stock moves, rising option activity and renewed interest in Health Care shaped a stronger week across Hong Kong single stocks.

John Ley

China Banks; Deep Value Despite the Rising Credit Quality Risks

China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...

Victor Galliano

China Banks: Depressed Positioning

China and HK Banks stand as the largest industry underweight, with 87% of Asia Ex-Japan funds positioned below the benchmark. Underperformance is...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Earnings-driven stock moves, rising option activity and renewed interest in Health Care shaped a stronger week across Hong Kong single stocks.

John Ley

China Banks; Deep Value Despite the Rising Credit Quality Risks

​China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...

Victor Galliano

China Banks: Depressed Positioning

China and HK Banks stand as the largest industry underweight, with 87% of Asia Ex-Japan funds positioned below the benchmark. Underperformance is...

Steven Holden

China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...