External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Chongqing Changan Automobile Company / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts to play with.</li>
<li>Last week saw NORTHBOUND net sell RMB 5.8bn of A-sharesin higher-than-normal activity.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start).</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts to play with.
Last week saw NORTHBOUND net sell RMB 5.8bn of A-sharesin higher-than-normal activity.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start).


Mainland Connect NORTHBOUND Flows (To 8 Dec 23): Net Sales Again on Midea and Wuliangye Yibin

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 weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 8th.</li>
<li>We estimate the weekly outflows to be US$753.7 million, led by financials, consumer discretionary, and offset by information technology, materials, health care.</li>
<li>We highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co., Ltd. Shanghai, Wuxi Apptec, Tianqi Lithium, Wuliangye, Shanghai United Imaging Healthcare, Hygon Information Technology, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 8th.
We estimate the weekly outflows to be US$753.7 million, led by financials, consumer discretionary, and offset by information technology, materials, health care.
We highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co., Ltd. Shanghai, Wuxi Apptec, Tianqi Lithium, Wuliangye, Shanghai United Imaging Healthcare, Hygon Information Technology, Midea.


Northbound Flows (Dec 8th): Moutai, Zhongji Innolight, Will Semiconductor, Shanghai, Wuxi Apptec

Shenzhen Inovance Technology Co., / Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>Kweichow Moutai and Contemporary Amperex continue in the top 5 of gross flows but BYD and Chongking Changan Auto are now in the top 5 of nets and gross.</li>
<li>Last week, NORTHBOUND were net buyers of RMB 1.61bn. BYD, Wuxi Apptec, and Chongking Changan Auto were joined by Shenzhen Inovance and Beijing-Shanghai High Speed Rail in the top five.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
Kweichow Moutai and Contemporary Amperex continue in the top 5 of gross flows but BYD and Chongking Changan Auto are now in the top 5 of nets and gross.
Last week, NORTHBOUND were net buyers of RMB 1.61bn. BYD, Wuxi Apptec, and Chongking Changan Auto were joined by Shenzhen Inovance and Beijing-Shanghai High Speed Rail in the top five.


Mainland Connect NORTHBOUND Flows (To 1 Dec 23): Back to Net Buying Led by Autos, SZ Inovance, HSR

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Staples (inflows of $818 million) led the inflows. Financials ($1,109 million worth of outflows), Materials ($1,131 million worth of outflows) led the outflows.</li>
<li>We highlight inflows into Moutai, Hygon Information Technology, Shanghai United Imaging Healthcare, Mindray, China Yangtze Power, Shenzhen Inovance Technology.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Staples (inflows of $818 million) led the inflows. Financials ($1,109 million worth of outflows), Materials ($1,131 million worth of outflows) led the outflows.
We highlight inflows into Moutai, Hygon Information Technology, Shanghai United Imaging Healthcare, Mindray, China Yangtze Power, Shenzhen Inovance Technology.


Northbound Flows (November): Inflows (Consumer Staples, Healthcare) Offset by Outflows (Financials)

China

Hygon Information Technology Co., Ltd. manufactures and distributes computer components. The Company produces high end processors, deep computing processors, accelerators, calculator chips, and other related products. Hygon Information Technology markets its products worldwide.

Hygon Information Technology C (688041 CH)

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Hygon Information Technology C (688041 CH)

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

Mainland Connect NORTHBOUND Flows (To 8 Dec 23): Net Sales Again on Midea and Wuliangye Yibin

Mainland Connect NORTHBOUND flows were negative again. RMB 5.8bn to sell this week. This is a strong trend. This week saw reversionary flows on a...

Travis Lundy

Northbound Flows (Dec 8th): Moutai, Zhongji Innolight, Will Semiconductor, Shanghai, Wuxi Apptec

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Zhongji Innolight, Will Semiconductor Co.,...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 1 Dec 23): Back to Net Buying Led by Autos, SZ Inovance, HSR

Quiddity NORTHBOUND Mainland Connect Monitor: Net buying resumes. EVs see rebound flows on BYD. Shenzhen Innovance and Beijing Shanghai HSR are two...

Travis Lundy

Northbound Flows (November): Inflows (Consumer Staples, Healthcare) Offset by Outflows (Financials)

We analyzed the Shanghai/Shenzhen Connect Scheme for November and highlight flows for Moutai, Hygon Information Technology, Shanghai United Imaging...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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