Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.</li>
<li>The performance of the "Magnificent 5" China tech names has led the rally as we outlined in <a href="https://www.smartkarma.com/insights/hong-kong-the-glass-is-half-full-time-to-buy-beta" target="_blank" data-smartkarma-citation="insights:134396" rel="noopener">Hong Kong: The Glass Is Half Full, Time to BUY Beta</a> .</li>
<li>The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.</li>
</ul>


Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.
The performance of the "Magnificent 5" China tech names has led the rally as we outlined in Hong Kong: The Glass Is Half Full, Time to BUY Beta .
The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.


Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

KraneShares CSI China Internet ETF / Technical Analysis

KraneShares CSI China Internet ETF (KWEB US)

<ul>
<li>China momentum continues with KWEB breaking out above WEEKLY double-bottom base</li>
<li>Stocks REPORTING this week that look technically sound include PDD BZ and EH</li>
<li>In-Depth look at individual leaders in Tencent Holdings, Futu Holdings, and Sony Group</li>
</ul>


China momentum continues with KWEB breaking out above WEEKLY double-bottom base
Stocks REPORTING this week that look technically sound include PDD BZ and EH
In-Depth look at individual leaders in Tencent Holdings, Futu Holdings, and Sony Group


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

<ul>
<li>We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.</li>
<li>We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.</li>
<li>Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications</li>
</ul>


We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.
We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.
Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications


MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

China/Asia TMT

Shawn Yang

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>KE Holdings Inc: Beike is going to acquire the home renovation company “iKongjian” on RMB1.55bn</li>
<li>Futu Holdings: Futu Japan app’s MAU increase rapidly, then monetization pace is the key</li>
<li>BABA： Alibaba's Lazada waived seller fees to take back merchants from TikTok Shop（+）</li>
</ul>


KE Holdings Inc: Beike is going to acquire the home renovation company “iKongjian” on RMB1.55bn
Futu Holdings: Futu Japan app’s MAU increase rapidly, then monetization pace is the key
BABA： Alibaba's Lazada waived seller fees to take back merchants from TikTok Shop（+）


China TMT Update-Oct.13-KE/FUTU/BABA- Beike Acquires “iKongjian”/Futu Japan MAU/Lazada Waived Fees

<ul>
<li>NTES US/HK 700: NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show (+)/(-)</li>
<li>3690.HK/TCOM: Meituan publishes early consumption data for the upcoming “Golden Week” Holiday (+)</li>
<li>Futu Holdings : Futu Japan launched U.S. stock trading service</li>
</ul>


NTES US/HK 700: NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show (+)/(-)
3690.HK/TCOM: Meituan publishes early consumption data for the upcoming “Golden Week” Holiday (+)
Futu Holdings : Futu Japan launched U.S. stock trading service


China TMT Update-NTES/HK700/3690.HK/FUTU- NetEase Pipeline In Tokyo Game Show/Golden Week/Futu Japan

United States

Futu Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks. Futu Holdings serves customers in the United States, China, and Hong Kong.

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Futu Holdings Ltd (FUTU US)

HK/China: THE BIG SHORT (SQUEEZE)

Even though HK/China tech names have surged, short positions have not covered. The large underweight position in HK/China by international funds...

David Mudd

Red Dragon Awakening

Focusing on Chinese names that have already been leading, and these are the ones most likely to continue to do so going forward. Very specific...

Douglas Busch

MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

MSCI $ACWI, MSCI EM $EEM Still Above Supports at $90.50-$91.50 and $37, though being tested today. Meanwhile, broken indexes (EURO $STOXX 50,...

Vermilion Research

China TMT Update-Oct.13-KE/FUTU/BABA- Beike Acquires “iKongjian”/Futu Japan MAU/Lazada Waived Fees

Beike is going to acquire the home renovation company “iKongjian”;Futu Japan app’s MAU increase rapidly;Alibaba's Lazada waived seller fees to take...

Blue Lotus Research Institute

China TMT Update-NTES/HK700/3690.HK/FUTU- NetEase Pipeline In Tokyo Game Show/Golden Week/Futu Japan

NetEase Reveals More Information About Future Game Pipeline at Tokyo Game Show; Meituan publishes data for the “Golden Week” Holiday;Futu Holdings...

Blue Lotus Research Institute

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