Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>LKNCY: Luckin Coffee will launch Moutai flavored chocolate milk on next Monday, purposing at destocking(+)</li>
<li>MNSO: Takeaways from Miniso Investor Day, “IP” is the key term(+)</li>
<li>300750 CH: CATL's Shenxing Long Life took marke share from SVOLT to win NETA L series of Hozon(+)</li>
</ul>


LKNCY: Luckin Coffee will launch Moutai flavored chocolate milk on next Monday, purposing at destocking(+)
MNSO: Takeaways from Miniso Investor Day, “IP” is the key term(+)
300750 CH: CATL's Shenxing Long Life took marke share from SVOLT to win NETA L series of Hozon(+)


[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Contemporary Amperex Technology (CATL) / 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 SELL RMB 23.5bn of A-shares on strong average activity. Big net selling on Weds. National Team stepped in Thurs. NORTHBOUND stepped in to sell Friday.</li>
<li>Renewables were a bit more mixed this week but still a net sell by NORTHBOUND. It is not clear what stops persistent net selling. </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 23.5bn of A-shares on strong average activity. Big net selling on Weds. National Team stepped in Thurs. NORTHBOUND stepped in to sell Friday.
Renewables were a bit more mixed this week but still a net sell by NORTHBOUND. It is not clear what stops persistent net selling. 


Mainland Connect NORTHBOUND Flows (To 19 Jan 2024): BIG Net Sells, Again, Before National Team Buys

<ul>
<li>The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND flows were net negative (ETFs negative, high-div SOEs positive) and NORTHBOUND flows a small net sell. AH premia rose slightly on average. Especially at narrow premia.</li>
<li>STILL time to go long Hs vs As for the new year. 52wk wide discounts were just four weeks ago. Wide A/H premia in renewables space look vulnerable.</li>
</ul>


The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND flows were net negative (ETFs negative, high-div SOEs positive) and NORTHBOUND flows a small net sell. AH premia rose slightly on average. Especially at narrow premia.
STILL time to go long Hs vs As for the new year. 52wk wide discounts were just four weeks ago. Wide A/H premia in renewables space look vulnerable.


A/H Premium Tracker (To 12 Jan 2024):  STAY Long Hs Vs As: Premia Still Wide, Huge High-Div SOE Perf

<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 SELL RMB 2.4bn of A-shares on decent average activity. </li>
<li>Renewables and <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> were the big net sells on the week.</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 2.4bn of A-shares on decent average activity. 
Renewables and Kweichow Moutai (600519 CH) were the big net sells on the week.


Mainland Connect NORTHBOUND Flows (To 12 Jan 2024): Renewable Energy-Related Names Sold

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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 12th.</li>
<li>We estimate the weekly outflows to be US$374.5 million, led by financials, consumer staples, and offset by consumer discretionary, information technology, industrials.</li>
<li>We highlight northbound connect flows for Moutai and Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 12th.
We estimate the weekly outflows to be US$374.5 million, led by financials, consumer staples, and offset by consumer discretionary, information technology, industrials.
We highlight northbound connect flows for Moutai and Longi Green.


Northbound Flows (Jan 12th): Moutai, Longi Green

Hong Kong

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (3750 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Contemporary Amperex Technology (CATL) (3750 HK)

[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...

Blue Lotus Research Institute

Mainland Connect NORTHBOUND Flows (To 19 Jan 2024): BIG Net Sells, Again, Before National Team Buys

Mainland NORTHBOUND Connect saw large net selling this past week, reaching a crescendo on Wednesday, pausing on Thursday, then resuming on Friday...

Travis Lundy

A/H Premium Tracker (To 12 Jan 2024): STAY Long Hs Vs As: Premia Still Wide, Huge High-Div SOE Perf

Hs vs As saw A premia widen at the narrow premia category, and generally narrow in all spreads where A is more than 120% of H. On average, H -11bp...

Travis Lundy

Northbound Flows (Jan 12th): Moutai, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight northbound connect flows for Moutai, Longi Green.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

​Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...

Blue Lotus Research Institute

Mainland Connect NORTHBOUND Flows (To 19 Jan 2024): BIG Net Sells, Again, Before National Team Buys

Mainland NORTHBOUND Connect saw large net selling this past week, reaching a crescendo on Wednesday, pausing on Thursday, then resuming on Friday...

Travis Lundy

A/H Premium Tracker (To 12 Jan 2024): STAY Long Hs Vs As: Premia Still Wide, Huge High-Div SOE Perf

Hs vs As saw A premia widen at the narrow premia category, and generally narrow in all spreads where A is more than 120% of H. On average, H -11bp...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 12 Jan 2024): Renewable Energy-Related Names Sold

NORTHBOUND saw net selling. Again. This past week it was Kweichow Moutai tops and then a host of renewables names following.

Travis Lundy

Northbound Flows (Jan 12th): Moutai, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight northbound connect flows for Moutai, Longi Green.

Ke Yan, CFA, FRM

Luckin Coffee will release Moutai flavored chocolate milk to reduce stock; Miniso emphasizes the importance of "IP" at Investor Day; CATL's...