Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. Five weeks into Q2 we are at HK$175bn.</li>
<li>3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. Five weeks into Q2 we are at HK$175bn.
3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.


Hong Kong Connect Flows (April): US$22bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.</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, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.
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, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.


HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>TSF increased by a record RMB15.18trn (US$2.09trn) in Q12025, enabling industrial growth of 6.5%YoY, FAI growth of 4.2%YoY, retail sales growth of 4.6%YoY and real GDP growth of 5.4%YoY. </li>
<li>Slumping imports and 7.5%YoY growth in exports in Q1/2025 took the 12m-rolling trade surplus to US$1.08trn in Mar'25, but FX reserves declined slightly YoY, suggesting persistence of colossal capital flight.</li>
<li>Producer prices have deflated for 5 of the past 10 years, including all 30 latest months (-2.5%YoY Mar'25). Tariff barriers will prevent exporting overcapacity, thereby exacerbating deflation, hastening financial crises. </li>
</ul>


TSF increased by a record RMB15.18trn (US$2.09trn) in Q12025, enabling industrial growth of 6.5%YoY, FAI growth of 4.2%YoY, retail sales growth of 4.6%YoY and real GDP growth of 5.4%YoY. 
Slumping imports and 7.5%YoY growth in exports in Q1/2025 took the 12m-rolling trade surplus to US$1.08trn in Mar'25, but FX reserves declined slightly YoY, suggesting persistence of colossal capital flight.
Producer prices have deflated for 5 of the past 10 years, including all 30 latest months (-2.5%YoY Mar'25). Tariff barriers will prevent exporting overcapacity, thereby exacerbating deflation, hastening financial crises. 


China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
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 (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).


HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

Hong Kong

Hang Seng Investment Index Funds Series - Hang Seng China Enterprises Index ETF is an exchange-traded fund established in Hong Kong.  The Fund's objective is to  provide investment returns that match the performance of the Hang Seng China En terprisesIndex (H-Share Index).  The Fund invests in constituent stocks of the H -Share Index.

Price Gauge
52-week Range	0.00 - 0.00
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Hang Seng H Share Index ETF (2828 HK)

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

SOUTHBOUND flows still slow. Gross SOUTHBOUND trading is still moving at HK$80-100bn a day which is higher than the last years but half the peaks...

Travis Lundy

Hong Kong Connect Flows (April): US$22bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlighted flows for Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...

Prasenjit K. Basu

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Meituan, CCB.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

SOUTHBOUND flows still slow. Gross SOUTHBOUND trading is still moving at HK$80-100bn a day which is higher than the last years but half the peaks...

Travis Lundy

Hong Kong Connect Flows (April): US$22bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlighted flows for Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

​Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...

Prasenjit K. Basu

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Meituan, CCB.

Ke Yan, CFA, FRM

Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...