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

DZT Research

DZT 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 analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.</li>
<li>The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.
The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.
We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.


A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.</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 Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.


HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

<p><strong><em>*Document 15: </em></strong>Recently the China Bank and Insurance Regulatory Commission (CBIRC) issued guidance to both banks and insurers on implicit debt of local government financing vehicles (LGFV) via Document 15 – tightening the screws even further; and</p><p><strong><em>*Clarification Was Necessary: </em></strong><span class="leadin">Uncertainties surrounding the definition of local state-owned entity (SOE) with implicit financing support from the government has already led to an aggressive impact on lending.</span> Numerous local infrastructure SOEs have subsidiaries with some form of implicit local government debt support, and without financing Document 15 would have had even more significant consequences. Still over 50% of LGFVs remain affected.</p>

*Document 15: Recently the China Bank and Insurance Regulatory Commission (CBIRC) issued guidance to both banks and insurers on implicit debt of local government financing vehicles (LGFV) via Document 15 – tightening the screws even further; and*Clarification Was Necessary: Uncertainties surrounding the definition of local state-owned entity (SOE) with implicit financing support from the government has already led to an aggressive impact on lending. Numerous local infrastructure SOEs have subsidiaries with some form of implicit local government debt support, and without financing Document 15 would have had even more significant consequences. Still over 50% of LGFVs remain affected.

China Banks – Some Clarity On LGFV Financing

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Webinar, we welcome Insight Provider <a href="https://www.smartkarma.com/profiles/stanley-tsai-cfa" target="_blank" data-smartkarma-citation="accounts:1116" rel="noopener">Stanley Tsai, CFA</a>, who will present his views on positioning in China financials for the remainder of 2021 in the face of a slowing economy, renewed concerns over Covid-19, and asset quality challenges.</p><div><div><h3>The webinar will be hosted on Wednesday, 18 August 2021, 17:00 SGT/HKT.</h3></div></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=82322164524" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Stanley Tsai has over two decades' experience as a financials specialist across equities and fixed income. He is currently an advisor to a private investment fund and a non-executive director of a US VC fund.</p>
</div></div>

For our next Webinar, we welcome Insight Provider Stanley Tsai, CFA, who will present his views on positioning in China financials for the remainder of 2021 in the face of a slowing economy, renewed concerns over Covid-19, and asset quality challenges.The webinar will be hosted on Wednesday, 18 August 2021, 17:00 SGT/HKT.
Register for the Webinar here
Stanley Tsai has over two decades' experience as a financials specialist across equities and fixed income. He is currently an advisor to a private investment fund and a non-executive director of a US VC fund.


Smartkarma Webinar | China Banks: Silver Linings Playbook

<p><strong><em>*Document 15: </em></strong><span class="leadin">Recently the China Bank and Insurance Regulatory Commission (CBIRC) </span>issued guidance to both banks and insurers on implicit debt of local government financing vehicles (LGFV) via Document 15 – tightening the screws even further;  and</p><p><strong><em>*No Let Up In Sight: </em></strong>Coupled with the structural reforms of an increase in risk-based capital minimums for certain state banks, the partial bank Wealth Management Product (WMP) resolution, and the recent reserve requirement ratio (RRR) reduction, these tightening measures should act to contain some of the out of control financial risk within the mainland Chinese financial system.</p>

*Document 15: Recently the China Bank and Insurance Regulatory Commission (CBIRC) issued guidance to both banks and insurers on implicit debt of local government financing vehicles (LGFV) via Document 15 – tightening the screws even further;  and*No Let Up In Sight: Coupled with the structural reforms of an increase in risk-based capital minimums for certain state banks, the partial bank Wealth Management Product (WMP) resolution, and the recent reserve requirement ratio (RRR) reduction, these tightening measures should act to contain some of the out of control financial risk within the mainland Chinese financial system.

China

China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Co (Adr) (LFC US)

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), Alibaba (9988 HK), Ntes (9999...

Ke Yan, CFA, FRM

China Banks – Some Clarity On LGFV Financing

CHINA BANKS: Recently the CBIRC issued guidance to both banks and insurers on implicit debt of LGFV via Document 15. Clarification was needed given...

Thomas J. Monaco

Smartkarma Webinar | China Banks: Silver Linings Playbook

Join us on 18 August, 5pm SGT, as we welcome Stanley Tsai, CFA, who will present his views on positioning in China financials in the face of a...

Smartkarma Research

China Banks – Screws Tighten On LGFVs

CHINA BANKS: Recently the CBIRC issued guidance on implicit LGFV debt via Document 15 – further tightening the screws on mainland China's financial...

Thomas J. Monaco

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52-week Range

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