Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

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 Hong Kong Connect flows with our data engine for holding position as of December 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>In the short-term, meaningful policy reforms needed out of the Third Plenum</li>
<li>Chinese data continues to be lacklustre as expected while markets tread water</li>
<li>What can we expect from the Third Plenum to galvanise the next stage</li>
</ul>


In the short-term, meaningful policy reforms needed out of the Third Plenum
Chinese data continues to be lacklustre as expected while markets tread water
What can we expect from the Third Plenum to galvanise the next stage


The Hang Seng Index Is at a Critical Juncture

<ul>
<li>Minimum correction targets  have been hit for the Hang Seng Index</li>
<li>Some potential catalysts for the resumption of the bull market</li>
<li>We highlight some suggested sector allocations for the next phase </li>
</ul>


Minimum correction targets  have been hit for the Hang Seng Index
Some potential catalysts for the resumption of the bull market
We highlight some suggested sector allocations for the next phase 


<ul>
<li>A better week for HK stocks as A-shares rebound on National Team buying, a PBOC RRR cut, and potentially other measures to boost the market. Foreigners stopped selling; that helped.</li>
<li>Southbound saw decent net buying on ETFs late in the week, but otherwise the week was pretty flat in single-stock land - net buying of SOEs, selling of tech.</li>
<li>Net SOUTHBOUND buying was HK$4.5bn on the week, mostly through Shanghai (interestingly, 90+% of the decent NORTHBOUND buy was also through Shanghai). </li>
</ul>


A better week for HK stocks as A-shares rebound on National Team buying, a PBOC RRR cut, and potentially other measures to boost the market. Foreigners stopped selling; that helped.
Southbound saw decent net buying on ETFs late in the week, but otherwise the week was pretty flat in single-stock land - net buying of SOEs, selling of tech.
Net SOUTHBOUND buying was HK$4.5bn on the week, mostly through Shanghai (interestingly, 90+% of the decent NORTHBOUND buy was also through Shanghai). 


HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

Hong Kong

CSOP Hang Seng TECH Index ETF is an exchange-traded fund incorporated in the HK. The Sub-Fund will primarily use a full replication strategy to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Hang Seng TECH Index.

Price Gauge
52-week Range	0.00 - 0.00
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CSOP Hang Seng Tech Index ETF (3033 HK)

HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

SOUTHBOUND volumes and net are winding down - lower consecutively, but nets still positive - into year-end. I await RMB Counters in Southbound. SB...

Travis Lundy

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

The Hang Seng Index Is at a Critical Juncture

Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.

Rikki Malik

Where Now for the Hong Kong Market?

Hang Seng Index has hit minimum correction targets, potential catalysts for bull market resumption and sector allocation suggestions discussed.

Rikki Malik

HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

SOUTHBOUND flows were positive on the week but most of the net buying was in the big two ETFs. The trend of buying low PER high div SOEs continues....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (2Wks To 5 Dec 2025) - Lower Activity, Lower Nets, BABA Still Bought

SOUTHBOUND volumes and net are winding down - lower consecutively, but nets still positive - into year-end. I await RMB Counters in Southbound. SB...

Travis Lundy

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

The Hang Seng Index Is at a Critical Juncture

​Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.

Rikki Malik

Where Now for the Hong Kong Market?

​Hang Seng Index has hit minimum correction targets, potential catalysts for bull market resumption and sector allocation suggestions discussed.

Rikki Malik

HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

SOUTHBOUND flows were positive on the week but most of the net buying was in the big two ETFs. The trend of buying low PER high div SOEs continues....

Travis Lundy

Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.

Hang Seng Index has hit minimum correction targets, potential catalysts for bull market resumption and sector allocation suggestions discussed.