Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Global Funds Flow Back to Hong Kong as Appetite for Chinese IPOs Grows</li><li>China Won’t Devalue Yuan for Trade Edge, Central Bank Official Says</li><li>China Regulator Vows to Prevent Financial ‘Blow-Ups’</li><li>CITIC Securities Posts Record Profit as China Stocks Soar</li></ul>

Global Funds Flow Back to Hong Kong as Appetite for Chinese IPOs GrowsChina Won’t Devalue Yuan for Trade Edge, Central Bank Official SaysChina Regulator Vows to Prevent Financial ‘Blow-Ups’CITIC Securities Posts Record Profit as China Stocks Soar

CX Daily : China Grapples With Its Own Epidemic of Deepfake Porn and Fraud 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.</li>
<li>The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.</li>
<li>We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.</li>
</ul>


The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.
The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.
We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.


HONG KONG ALPHA PORTFOLIO: (November 2025)

<ul><li>In Depth: China’s Pharma Pioneers in Africa Dig In for the Long Haul</li><li>AI and Data Offer China, EU Space to Cooperate as Trade Tensions Rise</li><li>China’s State-Owned Financial Institutions Brace for Pay Cuts</li></ul>

In Depth: China’s Pharma Pioneers in Africa Dig In for the Long HaulAI and Data Offer China, EU Space to Cooperate as Trade Tensions RiseChina’s State-Owned Financial Institutions Brace for Pay Cuts

CX Daily: China’s Pharma Pioneers in Africa Dig In for the Long Haul 

<ul>
<li>The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.</li>
<li>The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.</li>
<li>At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.</li>
</ul>


The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.
The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.
At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.


HONG KONG ALPHA PORTFOLIO: (October 2025)

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 changes in margin trading positions of A-share stocks as of Sep 24th. The aggregated net margin trading position is USD352,843m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in CHINA MINSHENG BANKING, BOE, FUJIAN STAR-NET COMMUNICATION, CATL, JIANGSU HENGRUI MEDICINE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Sep 24th. The aggregated net margin trading position is USD352,843m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in CHINA MINSHENG BANKING, BOE, FUJIAN STAR-NET COMMUNICATION, CATL, JIANGSU HENGRUI MEDICINE.


A-Share Margin Trading Weekly (Sep 24th): CHINA MINSHENG BANKING, BOE, FUJIAN STAR-NET COMMUNICATION

China

CITIC Securities Co., Ltd. provides securities services. The Company provides securities brokerage, securities trading, securities underwriting, and other services. CITIC Securities also provides investment banking, asset management, investment consulting, and other services.

Price Gauge
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Citic Securities (A) (600030 CH)

CX Daily : China Grapples With Its Own Epidemic of Deepfake Porn and Fraud

Global Funds Flow Back to Hong Kong as Appetite for Chinese IPOs Grows China Won’t Devalue Yuan for Trade Edge, Central Bank Official Says China...

Caixin Global

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

CX Daily: China’s Pharma Pioneers in Africa Dig In for the Long Haul

TOP STORIES In Depth: China’s Pharma Pioneers in Africa Dig In for the Long Haul For Bai Jinkun, setting up a factory in the heart of Africa felt...

Caixin Global

HONG KONG ALPHA PORTFOLIO: (October 2025)

We made mid-month adjustments to the portfolio due to sudden re-escalation of tensions with the US & concurrent sectoral de-rating. Several...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily : China Grapples With Its Own Epidemic of Deepfake Porn and Fraud

Global Funds Flow Back to Hong Kong as Appetite for Chinese IPOs Grows China Won’t Devalue Yuan for Trade Edge, Central Bank Official Says China...

Caixin Global

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

CX Daily: China’s Pharma Pioneers in Africa Dig In for the Long Haul

TOP STORIES In Depth: China’s Pharma Pioneers in Africa Dig In for the Long Haul For Bai Jinkun, setting up a factory in the heart of Africa felt...

Caixin Global

HONG KONG ALPHA PORTFOLIO: (October 2025)

We made mid-month adjustments to the portfolio due to sudden re-escalation of tensions with the US & concurrent sectoral de-rating. Several...

David Mudd

A-Share Margin Trading Weekly (Sep 24th): CHINA MINSHENG BANKING, BOE, FUJIAN STAR-NET COMMUNICATION

We analyzed A-share margin trading positions report for the past week and highlighted CHINA MINSHENG BANKING, BOE, FUJIAN STAR-NET COMMUNICATION,...

Ke Yan, CFA, FRM