HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK) </a>will suffer from a higher USD rate as Trump's massive deportation plan raises inflation.  High-cash companies will better position, however.</li>
<li>The surge in tariffs on US imports of goods from China will further accelerate supply chain diversification, boosting intra-Asia trade and driving <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC (883 HK)</a> may gain from a slowdown in the green transition in the US as oil prices are supported. <a href="https://www.smartkarma.com/entities/meitu-inc" target="_blank" data-smartkarma-citation="entities:23573:1" rel="noopener">Meitu Inc (1357 HK)</a>, given its crypto investments, will benefit. </li>
</ul>



China Southern Airlines (1055 HK) will suffer from a higher USD rate as Trump's massive deportation plan raises inflation.  High-cash companies will better position, however.
The surge in tariffs on US imports of goods from China will further accelerate supply chain diversification, boosting intra-Asia trade and driving SITC International (1308 HK). 

CNOOC (883 HK) may gain from a slowdown in the green transition in the US as oil prices are supported. Meitu Inc (1357 HK), given its crypto investments, will benefit. 


China & HK Strategy: Some Stocks for Trump Trade

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 4th 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), Link Reit (823 HK), Li Auto (2015 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 4th 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), Link Reit (823 HK), Li Auto (2015 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Sep 4th): Tencent, Link Reit, Li Auto, Geekplus, Sf, Wasion, Miniso

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 28th 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), Kuaishou (1024 HK), Link Reit (823 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 28th 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), Kuaishou (1024 HK), Link Reit (823 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

Equity Bottom-Up

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orient-overseas-international-limited" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas (International) (316 HK)</a>'s 23.7% decline in earnings in 1H26 is uninspiring, but market spot freight rates suggest an upturn in 2H26.</li>
<li>Its vessels on the vast majority of long-haul routes are fully loaded, and its load factor in 2Q26 has reversed four consecutive quarters of YoY decline - a positive sign.  </li>
<li>There is an earnings upgrade potential as 2H26 can easily pass the US$1bn mark. We are positive on OOIL but still prefer <a href="https://www.smartkarma.com/entities/sitc-international-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a>. </li>
</ul>



Orient Overseas (International) (316 HK)'s 23.7% decline in earnings in 1H26 is uninspiring, but market spot freight rates suggest an upturn in 2H26.
Its vessels on the vast majority of long-haul routes are fully loaded, and its load factor in 2Q26 has reversed four consecutive quarters of YoY decline - a positive sign.  
There is an earnings upgrade potential as 2H26 can easily pass the US$1bn mark. We are positive on OOIL but still prefer SITC International (1308 HK). 


Orient Overseas Intl (316 HK): It May Be Turning

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakers</li><li><p>Personnel /: China appoints first naval officer as minister of defense</p></li><li><p>Property /: Year in Review: China’s real estate sector in crisis</p></li></ul>

Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakersPersonnel /: China appoints first naval officer as minister of defenseProperty /: Year in Review: China’s real estate sector in crisis

CX Daily: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition 

China

COSCO SHIPPING Holdings Co., Ltd. offers shipping services. The Company provides container shipping, terminal operation, bulk shipping, and container leasing services. COSCO SHIPPING Holdings conducts businesses worldwide.

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COSCO SHIPPING Holdings (601919 CH)

China & HK Strategy: Some Stocks for Trump Trade

A higher USD rate due to Trump's deportation plan will impact CSA. Tariff surge on US imports from China will boost SITC. CNOOC may benefit from...

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Sep 4th): Tencent, Link Reit, Li Auto, Geekplus, Sf, Wasion, Miniso

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

Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

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

Orient Overseas Intl (316 HK): It May Be Turning

Earnings outlook for 2H26 appears to be turning up, as implied by the significantly better spot freight rates. Load factor change has also reversed...

Osbert Tang, CFA

CX Daily: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition

Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakers -- on track for record sales in...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China & HK Strategy: Some Stocks for Trump Trade

​A higher USD rate due to Trump's deportation plan will impact CSA. Tariff surge on US imports from China will boost SITC. CNOOC may benefit from...

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Sep 4th): Tencent, Link Reit, Li Auto, Geekplus, Sf, Wasion, Miniso

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

Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

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

Orient Overseas Intl (316 HK): It May Be Turning

Earnings outlook for 2H26 appears to be turning up, as implied by the significantly better spot freight rates. Load factor change has also reversed...

Osbert Tang, CFA

CX Daily: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition

Autos / Cover Story: Chinese carmakers enter 2024 fighting price war, heightened EV competition China’s automakers -- on track for record sales in...

Caixin Global

A higher USD rate due to Trump's deportation plan will impact CSA. Tariff surge on US imports from China will boost SITC. CNOOC may benefit from...