Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Longyuan Power Group / Event-Driven

<ul>
<li>AH Premia are lower over the last few weeks of holiday and this past week of heavy SOUTHBOUND buying on telcos, banks, brokers, insurers, tech, and airlines.</li>
<li>The average AH Premium across all pairs is now the lowest it has been in five years.</li>
<li>INFO TECH and FINANCIALS saw significant H outperformance vs As this week. Most others (other than perhaps MATERIALS) were limited in their volatility. No bias by premium tranche seen.  </li>
</ul>


AH Premia are lower over the last few weeks of holiday and this past week of heavy SOUTHBOUND buying on telcos, banks, brokers, insurers, tech, and airlines.
The average AH Premium across all pairs is now the lowest it has been in five years.
INFO TECH and FINANCIALS saw significant H outperformance vs As this week. Most others (other than perhaps MATERIALS) were limited in their volatility. No bias by premium tranche seen.  


A/H Premium Tracker (To 24 Jan 2025):  AH Premia Fall Yet Again, Lowest Avg Premium in 5yrs... Again

<ul>
<li>AH Premia are lower over the last few weeks of holiday and this past week of heavy SOUTHBOUND buying on telcos, banks, brokers, insurers, tech, and airlines.</li>
<li>The average AH Premium across all pairs is now the lowest it has been in five years.</li>
<li>The VERY WIDE Tech spreads bifurcated. SMIC (981) and Shanghai Fudan Microelectric (1385) both continued strongly. China Rail Signal (3969) and Flat Glass (6865) widened again.</li>
</ul>


AH Premia are lower over the last few weeks of holiday and this past week of heavy SOUTHBOUND buying on telcos, banks, brokers, insurers, tech, and airlines.
The average AH Premium across all pairs is now the lowest it has been in five years.
The VERY WIDE Tech spreads bifurcated. SMIC (981) and Shanghai Fudan Microelectric (1385) both continued strongly. China Rail Signal (3969) and Flat Glass (6865) widened again.


A/H Premium Tracker (To 17 Jan 2025):  AH Premia Fall Further, Lowest Avg Premium in 5yrs

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

DZT Research

DZT 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 the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.</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, CCB, Sunny Optical, Xpeng, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.
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, CCB, Sunny Optical, Xpeng, CMB.


Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.</li>
<li>The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.</li>
<li>We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.
The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.
We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.


A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

CSSC Offshore & Marine Engineering / Event-Driven

CSSC Offshore & Marine Engineering (317 HK)

<ul>
<li>Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.</li>
<li>Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).</li>
<li>Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.</li>
</ul>


Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.
Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).
Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.


A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

China

Flat Glass Group Co., Ltd. is a comprehensive enterprise involved in the research, development, manufacturing, processing, and sales of glass products. The company's core products include solar photovoltaic glass, high-quality float glass, engineering glass, and home glass, and it also engages in the construction of solar photovoltaic power plants and quartzite mining. Headquartered in Jiaxing City, Zhejiang Province, China, the company was founded in June 1998.

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Flat Glass (6865 HK)

A/H Premium Tracker (To 24 Jan 2025): AH Premia Fall Yet Again, Lowest Avg Premium in 5yrs... Again

Tech and Financials were big movers for the week in H/A spreads. AH Premia are, on average, at the tightest levels in 5yrs but there are still...

Travis Lundy

A/H Premium Tracker (To 17 Jan 2025): AH Premia Fall Further, Lowest Avg Premium in 5yrs

AH Premia are now the at the lowest average level in 5yrs. Foreigners appear to continue to sell As. Wide spreads are still a buy.

Travis Lundy

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

AH premia fell on the week after a HUGE jump the previous week. Wide H discounts narrowed more than small H discounts. A "normal" week for beta vs...

Travis Lundy

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