Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Guangzhou Automobile Group / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just over US$21bn a day two weeks ago as markets fell sharply. About two-thirds that this past week as indices rebounded. High-div SOEs seeing buying demand.</li>
<li>The recommended name was short <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a>. The stock was -4.9% over two weeks, but the H outperformed its A by 0.55%.</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>


Gross SOUTHBOUND volumes just over US$21bn a day two weeks ago as markets fell sharply. About two-thirds that this past week as indices rebounded. High-div SOEs seeing buying demand.
The recommended name was short Fuyao Glass Industry Group (3606 HK). The stock was -4.9% over two weeks, but the H outperformed its A by 0.55%.
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 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

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 analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

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>In Depth: China Rethinks the Tax Rebates That Drove Its Export Machine Starting Jan.1, Chinese battery manufacturers will lose a financial buffer they have relied on for years: value-added tax (VAT) rebates on their exports.</li><li>Following an eight-month transition, batteries will join steel, aluminum, copper, and solar panels on a growing list of products entirely stripped of these refunds.</li><li>In Depth: Chinese Smartphone-Makers Bet on AI Agents</li></ul>

In Depth: China Rethinks the Tax Rebates That Drove Its Export Machine Starting Jan.1, Chinese battery manufacturers will lose a financial buffer they have relied on for years: value-added tax (VAT) rebates on their exports.Following an eight-month transition, batteries will join steel, aluminum, copper, and solar panels on a growing list of products entirely stripped of these refunds.In Depth: Chinese Smartphone-Makers Bet on AI Agents

CX Daily: China Rethinks the Tax Rebates That Drove Its Export Machine 

<ul><li>U.K. Moves to Fully Nationalize Chinese-Owned British Steel</li><li>China New Lending Turns Negative for Third Time on Record</li><li>German Firms in China Grow More Optimistic Despite Geopolitical Tensions</li><li>Unitree Unveils ‘World’s First’ Production-Ready Mecha</li></ul>

U.K. Moves to Fully Nationalize Chinese-Owned British SteelChina New Lending Turns Negative for Third Time on RecordGerman Firms in China Grow More Optimistic Despite Geopolitical TensionsUnitree Unveils ‘World’s First’ Production-Ready Mecha

CX Daily: U.K. Moves to Fully Nationalize Chinese-Owned British Steel 

China

Guangzhou Automobile Group Co., Ltd. is a Chinese state-owned automobile manufacturer that designs, develops, manufactures, and sells passenger cars, commercial vehicles, motorcycles, and automotive components. The company operates its own brands, including Trumpchi, Aion, and Hyptec, and has joint ventures with international partners like Honda and Toyota. It was founded in June 1997 and is headquartered in Guangzhou, Guangdong, China.

Price Gauge
52-week Range	0.00 - 0.00
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Guangzhou Automobile Group (2238 HK)

HK Connect SOUTHBOUND Flows (2wks To 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

SOUTHBOUND volumes remain high. Higher in the downdraft than this past week's rebound, but still generically high. Net flows remain consistent even...

Travis Lundy

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

CX Daily: China Rethinks the Tax Rebates That Drove Its Export Machine

TOP STORIES In Depth: China Rethinks the Tax Rebates That Drove Its Export Machine Starting Jan. 1, Chinese battery manufacturers will lose a...

Caixin Global

CX Daily: U.K. Moves to Fully Nationalize Chinese-Owned British Steel

U.K. Moves to Fully Nationalize Chinese-Owned British Steel China New Lending Turns Negative for Third Time on Record German Firms in China Grow...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (2wks To 24 Oct 2025); Big Flows on Downdraft, Lower Flows on Rebound

SOUTHBOUND volumes remain high. Higher in the downdraft than this past week's rebound, but still generically high. Net flows remain consistent even...

Travis Lundy

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), SHARETRONIC DATA...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

CX Daily: China Rethinks the Tax Rebates That Drove Its Export Machine

TOP STORIES In Depth: China Rethinks the Tax Rebates That Drove Its Export Machine Starting Jan. 1, Chinese battery manufacturers will lose a...

Caixin Global

CX Daily: U.K. Moves to Fully Nationalize Chinese-Owned British Steel

U.K. Moves to Fully Nationalize Chinese-Owned British Steel China New Lending Turns Negative for Third Time on Record German Firms in China Grow...

Caixin Global