Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cambricon Technologies  Lt / Event-Driven

<ul>
<li><em>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</em></li>
<li>Last week saw NORTHBOUND net SELL RMB 11.4bn of A-shares. NORTHBOUND sold everything. Seemed somewhat cap-weighted. Not a pretty flow picture. </li>
<li>A-Shares sharply underperformed HK indices, but AH spreads didn't recover the prior week's disaster. That said, there WAS dip-buying this week on the worst hit, which is unusual recently.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 11.4bn of A-shares. NORTHBOUND sold everything. Seemed somewhat cap-weighted. Not a pretty flow picture. 
A-Shares sharply underperformed HK indices, but AH spreads didn't recover the prior week's disaster. That said, there WAS dip-buying this week on the worst hit, which is unusual recently.


Mainland Connect NORTHBOUND Flows (To 19 July 2024): A Big Broad Sell in Third Plenum Week

<ul>
<li><em>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</em></li>
<li>Last week saw NORTHBOUND net SELL RMB +19.3bn of A-shares. NORTHBOUND sold everything. Consumer, Finance, and Energy hit hardest.</li>
<li>Net flows as a percentage of value traded are clearly "short gamma", but the net buys this week were of stocks previously a net sell. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB +19.3bn of A-shares. NORTHBOUND sold everything. Consumer, Finance, and Energy hit hardest.
Net flows as a percentage of value traded are clearly "short gamma", but the net buys this week were of stocks previously a net sell. 


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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 19th.</li>
<li>We estimate the weekly outflows to be US$2,388.5 million, led by consumer discretionary, industrials, financials.</li>
<li>We highlight flows for Midea (000333 CH), Zhongji Innolight (300308 CH), Mindray (300760 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 19th.
We estimate the weekly outflows to be US$2,388.5 million, led by consumer discretionary, industrials, financials.
We highlight flows for Midea (000333 CH), Zhongji Innolight (300308 CH), Mindray (300760 CH).


Northbound Flows (Jul 19th): Midea, Zhongji Innolight, Mindray

Luxshare Precision Industry / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, sector outperformers being bought.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, sector outperformers being bought.


Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 12th.</li>
<li>We estimate the weekly inflows to be US$2,168.8 million, led by financials, information technology, utilities sectors, and offset by health care, communication services, energy.</li>
<li>We highlight flows for Moutai, Yangtze Power, Ping An Insurance, Cosco Shipping, CNNP.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 12th.
We estimate the weekly inflows to be US$2,168.8 million, led by financials, information technology, utilities sectors, and offset by health care, communication services, energy.
We highlight flows for Moutai, Yangtze Power, Ping An Insurance, Cosco Shipping, CNNP.


Northbound Flows (Jul 12th): Moutai, Yangtze Power, Ping An Insurance, Cosco Shipping, CNNP

China

China Yangtze Power Company Ltd. owns the Gezhouba Power Station and the Three Gorges Power Station. The Company generates hydroelectric power, which is supplied to central China, east China, Guangdong province, Chongqing city, and other areas.

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China Yangtze Power Co, Ltd. (600900 CH)

Mainland Connect NORTHBOUND Flows (To 19 July 2024): A Big Broad Sell in Third Plenum Week

NORTHBOUND saw selling again, making the strong buying blip two weeks ago just that. Selling across the heavyweights as A-shares underperformed HK....

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 19 July 2024): A Big Broad Sell in Third Plenum Week

NORTHBOUND's net buy the previous week was a one-off perhaps. This week saw heavy net selling across the board. Not index-weighted.

Travis Lundy

Northbound Flows (Jul 19th): Midea, Zhongji Innolight, Mindray

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Zhongji Innolight, Mindray.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

NORTHBOUND saw net buying. Significant volume spread across a LOT of names, not index-weighted. The weights indicate some short-covering ahead of...

Travis Lundy

Northbound Flows (Jul 12th): Moutai, Yangtze Power, Ping An Insurance, Cosco Shipping, CNNP

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Yangtze Power, Ping An Insurance, Cosco...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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