Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 1Q25, <a href="https://www.smartkarma.com/entities/fosun-international-limited" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> took ClubMed operator <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism</a> private at ~US$1.2bn via a Scheme: <a href="https://skr.ma/DTgVw" target="_blank" rel="noopener">Fosun Tourism (1992 HK)'s Scheme Buyback Vote On The 4th March</a>. </li>
<li>Fosun is now proposing to relist the unit. Word is that Fosun is seeking to raise US$500mn, with a possible listed valuation upward of US$3bn.</li>
<li>With sliding earnings, falling margins, that kind of pricing is optimistic.</li>
</ul>


Back in 1Q25, Fosun International (656 HK) took ClubMed operator Fosun Tourism private at ~US$1.2bn via a Scheme: Fosun Tourism (1992 HK)'s Scheme Buyback Vote On The 4th March. 
Fosun is now proposing to relist the unit. Word is that Fosun is seeking to raise US$500mn, with a possible listed valuation upward of US$3bn.
With sliding earnings, falling margins, that kind of pricing is optimistic.


Fosun (656 HK): ClubMed Spin-Off Won't Move The Needle

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>HK Alpha portfolio gained 2.22% in September, outperforming its benchmark by 5.36%. Since inception, the portfolio has outperformed HK indexes by 66% to 93%. HK ALPHA is up 14.35% YTD.</li>
<li>The Sharpe ratio stands at 1.22, compared with a benchmark of 0.56 since inception. This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.</li>
<li>The portfolio gained in the healthcare and energy sectors in August, while exposure to materials and communication services dragged on performance.</li>
</ul>


HK Alpha portfolio gained 2.22% in September, outperforming its benchmark by 5.36%. Since inception, the portfolio has outperformed HK indexes by 66% to 93%. HK ALPHA is up 14.35% YTD.
The Sharpe ratio stands at 1.22, compared with a benchmark of 0.56 since inception. This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.
The portfolio gained in the healthcare and energy sectors in August, while exposure to materials and communication services dragged on performance.


HONG KONG ALPHA PORTFOLIO: (September 2026)

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

CHINAGOV CDS USD SR 5Y D14 (CCHIN1U5 CORP)

<ul>
<li>Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.</li>
<li>China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.</li>
<li>We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.</li>
</ul>


Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.
China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.
We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.


Asian Bond Monitor: Chinese Bonds Are Back

<ul>
<li>HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.</li>
<li>The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.</li>
<li>The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.</li>
</ul>


HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.
The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.
The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.


Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International</li>
<li>A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.</li>
<li>Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International
A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.
Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.


China

Fosun International Limited is a Chinese multinational conglomerate operating across four primary business segments: Health, Happiness, Wealth, and Intelligent Manufacturing. The company's diverse portfolio includes pharmaceuticals, healthcare services, tourism, fashion, insurance, banking, and intelligent manufacturing. It was founded in 1992 and is headquartered in Shanghai, China.

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Fosun International (656 HK)

Fosun (656 HK): ClubMed Spin-Off Won't Move The Needle

At 0.38x P/B, Fosun is not expensive. The five-year average P/B is 0.3x. Spinning off the ClubMed unit won't narrow the discount to book. I might...

David Blennerhassett

HONG KONG ALPHA PORTFOLIO: (September 2026)

HK Alpha portfolio gained 2.22% in September, outperforming its benchmark by 5.36%. Since inception, the portfolio has outperformed HK indexes by...

David Mudd

Asian Bond Monitor: Chinese Bonds Are Back

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

HONG KONG ALPHA PORTFOLIO: (August 2026)

HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%. Since inception, the portfolio has outperformed HK indexes by 60%...

David Mudd

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International

Lucror Analytics

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Dividend (Yield)

Fosun (656 HK): ClubMed Spin-Off Won't Move The Needle

At 0.38x P/B, Fosun is not expensive. The five-year average P/B is 0.3x. Spinning off the ClubMed unit won't narrow the discount to book. I might...

David Blennerhassett

HONG KONG ALPHA PORTFOLIO: (September 2026)

HK Alpha portfolio gained 2.22% in September, outperforming its benchmark by 5.36%. Since inception, the portfolio has outperformed HK indexes by...

David Mudd

Asian Bond Monitor: Chinese Bonds Are Back

​Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

HONG KONG ALPHA PORTFOLIO: (August 2026)

HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%. Since inception, the portfolio has outperformed HK indexes by 60%...

David Mudd

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International

Lucror Analytics

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...