Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>ETF flows showed subdued activity during the week although the Southbound Connect platform had a minor outflow.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> and <a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a> both had positive news sentiment helping their share prices rally on better earnings announcements.
</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> announced a major asset impairment write-down sending its stock to historic lows.  <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">China Tourism Group Duty Free (1880 HK)</a> disappointed on 2Q24 sales and profits.
</li>
</ul>


ETF flows showed subdued activity during the week although the Southbound Connect platform had a minor outflow.

Great Wall Motor (2333 HK) and China Feihe (6186 HK) both had positive news sentiment helping their share prices rally on better earnings announcements.


New World Development (17 HK) announced a major asset impairment write-down sending its stock to historic lows.  China Tourism Group Duty Free (1880 HK) disappointed on 2Q24 sales and profits.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 7)

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 weekly Hong Kong Connect flows with our data engine for holding position as of August 23rd.</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 (700 HK), China Mobile (941 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 23rd.
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 (700 HK), China Mobile (941 HK).


Hong Kong Connect Flows (Aug 23rd): Tencent, China Mobile

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a> disclosed that Mr Bi Hua Jeff (CEO) and Mr Hong Gang (co-founder) are contemplating a possible voluntary conditional offer. The terms and conditions were not disclosed.</li>
<li>Due to the recent AGM protest votes, management needed to provide a credible alternative to shareholders to ensure that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a>’s offer failed.   </li>
<li>Shandong Xinjufeng's likely game plan is to wait for a binding counteroffer, focus on satisfying the preconditions, and requisition an EGM again to get Board representation.</li>
</ul>



Greatview Aseptic Packaging (468 HK) disclosed that Mr Bi Hua Jeff (CEO) and Mr Hong Gang (co-founder) are contemplating a possible voluntary conditional offer. The terms and conditions were not disclosed.
Due to the recent AGM protest votes, management needed to provide a credible alternative to shareholders to ensure that Shandong Xinjufeng Technology Packaging (301296 CH)’s offer failed.   
Shandong Xinjufeng's likely game plan is to wait for a binding counteroffer, focus on satisfying the preconditions, and requisition an EGM again to get Board representation.


GA Pack (468 HK): Stalemate Broken as Management Considers a Possible Counteroffer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>To say <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>'s management and <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng (301296 CH)</a> (XJF) don't get along is an understatement. GAPack has labelled XJF's pre-conditional Offer hostile and unwelcome.</li>
<li>Last night (6th August), co-founders Jeff Bi and Gang Hong<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0806/2024080601644.pdf" target="_blank" rel="noopener"> tabled a non-binding Offer</a>. No price was mentioned. Collectively they hold 14.72% of shares out compared to XJF's 26.8%.</li>
<li>A firm Offer (and price) would have been welcome, and this probably reflects on-going funding negotiations. But the announcement will give minorities pause if/when tendering into XJF's Offer.</li>
</ul>


To say Greatview Aseptic Packaging (468 HK)'s management and Shandong Xinjufeng (301296 CH) (XJF) don't get along is an understatement. GAPack has labelled XJF's pre-conditional Offer hostile and unwelcome.
Last night (6th August), co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. No price was mentioned. Collectively they hold 14.72% of shares out compared to XJF's 26.8%.
A firm Offer (and price) would have been welcome, and this probably reflects on-going funding negotiations. But the announcement will give minorities pause if/when tendering into XJF's Offer.


GAPack (468 HK)'s Co-Founders (Almost) Walk The Walk

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.</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 (700 HK) , China Mobile (941 HK) .</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.
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 (700 HK) , China Mobile (941 HK) .


Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

China

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures and distributes quality dairy products in China. The principal products are liquid milk products, ice cream, and other dairy products, such as milk powder. The Company markets its products under its primary MENGNIU core brand.

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China Mengniu Dairy Co (2319 HK)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 7)

China Feihe beat estmates for 2Q with higher profits and GW Motor substantially increased international sales of EV's. NWD will take a large asset...

David Mudd

Hong Kong Connect Flows (Aug 23rd): Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), China Mobile (941 HK).

Ke Yan, CFA, FRM

GA Pack (468 HK): Stalemate Broken as Management Considers a Possible Counteroffer

As expected, Shandong Xinjufeng has resubmitted an EGM requisition for appointing two director nominees, this time with the correct entity. The...

Arun George

GAPack (468 HK)'s Co-Founders (Almost) Walk The Walk

Technical difficulties resolved, as the EGM requisitioned by Jingfeng Holding is now back on. Jingfeng is an indirect wholly-owned subsidiary of...

David Blennerhassett

Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK) , China Mobile (941 HK) .

Ke Yan, CFA, FRM

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52-week Range

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