Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.</li>
<li>FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. </li>
<li>Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.</li>
</ul>


Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.
FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. 
Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.


HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.


Hong Kong Connect Flows (July): Near $15bn Inflows

<ul>
<li>Gross SOUTHBOUND volumes US$20+bn a day this past 5-day week. Best in months. Net buying strong at +US$800mm a day. </li>
<li>Among the top buys as a percentage of volume, Non-bank FINANCIALS stood out, dramatically. Tech-y CONSUMER DISCRETIONARY was sold. SOEs stand out on the sell side. 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 <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 US$20+bn a day this past 5-day week. Best in months. Net buying strong at +US$800mm a day. 
Among the top buys as a percentage of volume, Non-bank FINANCIALS stood out, dramatically. Tech-y CONSUMER DISCRETIONARY was sold. SOEs stand out on the sell side. 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 25 July 2025); Multi-Month High Volumes, Net Buying of Financials

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</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 China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

Hong Kong

China Energy Engineering Group Co. Ltd. (CEEC) provides infrastructure construction and investment for hydroelectrical works. The Company also offers power engineering, electric power equipment, technology, and human resources. CEEC provides its services in China and internationally.

Price Gauge
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China Energy Engineering (3996 HK)

HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

SOUTHBOUND net buying was HUGE as H-shares underperformed mainland shares reasonably dramatically over the week. Biggest week of net buying for...

Travis Lundy

Hong Kong Connect Flows (July): Near $15bn Inflows

We estimate inflows to the HK shares from mainland investors amount to US$14.5bn in July. We highlight flows for CCB, China Life, SMIC, Meituan,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 25 July 2025); Multi-Month High Volumes, Net Buying of Financials

The top week for SOUTHBOUND trading value in many months, and a decent week on a net basis. FINANCIALS remain very well bid but in terms of impact...

Travis Lundy

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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