Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. </li>
<li>That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."</li>
<li>This should cause people to get excited short-term about property developers.</li>
</ul>


RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. 
That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."
This should cause people to get excited short-term about property developers.


Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.</li>
<li>Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.</li>
<li>Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.</li>
</ul>


Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.
Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.
Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.


David Blennerhassett

<ul>
<li>There is no shortage of opinions on whether FIRB will back/oppose the Santos Offer, as Australia seeks to balance attracting foreign investment with the need to protect national interests.</li>
<li>The key question is how Australia benefits from Santos becoming a foreign-owned national oil/gas company? Can ADNOC accelerated/bolster existing projects/operations? Can ADNOC better negotiate native title rights for domestic supply? </li>
<li>And should Australia readily sell 100% in a critical infrastructure complex; yet if the roles were reversed, foreigners are capped at 49% ownership in UAE's similar critical assets? </li>
</ul>


There is no shortage of opinions on whether FIRB will back/oppose the Santos Offer, as Australia seeks to balance attracting foreign investment with the need to protect national interests.
The key question is how Australia benefits from Santos becoming a foreign-owned national oil/gas company? Can ADNOC accelerated/bolster existing projects/operations? Can ADNOC better negotiate native title rights for domestic supply? 
And should Australia readily sell 100% in a critical infrastructure complex; yet if the roles were reversed, foreigners are capped at 49% ownership in UAE's similar critical assets? 


Santos (STO AU): Why FIRB Should Block ADNOC's Takeover

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).


Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.


HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

Hong Kong

CK Asset Holdings Limited operates real estate businesses. The Company provides real estate development, leasing, marketing, property management, and hotel serviced suite services domestically and internationally. CK Asset Holdings also operates real estate investment trust, aircraft leasing, and assets management businesses.

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CK Asset Holdings (1113 HK)

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

China & HK: Underowned?

Over 3/4 of Global equity managers are underweight China. Average weights sit at the bottom of the 10 year range, with 18% of funds holding no...

Steven Holden

Santos (STO AU): Why FIRB Should Block ADNOC's Takeover

Santos Ltd (STO AU) dives ~11% after Abu Dhabi walks away, two days before a formal deadline. "Sensationally ended", as The Australian words it? I...

David Blennerhassett

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

We analyzed HSI's consensus for Oct 2025 and highlighted changes of EPS in Pop Mart Intl (9992 HK), WUXI APPTEC (2359 HK), MEITUAN (3690 HK), PING...

Ke Yan, CFA, FRM

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