Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Mainland China investors continued to increase their purchases of Hong Kong shares through the southbound connect platform after Trump's win. Mainland investors bought a record HK$800B of HK shares in 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a> announced it is connecting its Weimob mini-programs to Tencent's (700 HK) WeChat mini-shop. This move further integrates the SaaS company into Tencent's ecosystem.
</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> announced a license agreement with US-based <a href="https://www.smartkarma.com/entities/aadi-bioscience-inc" target="_blank" data-smartkarma-citation="entities:37488:1" rel="noopener">Aadi Bioscience (AADI US)</a>.  Also, Wuxi was not included in the Senate version of the BioSecure legislation improving investor sentiment.
</li>
</ul>


Mainland China investors continued to increase their purchases of Hong Kong shares through the southbound connect platform after Trump's win. Mainland investors bought a record HK$800B of HK shares in 2024.

Weimob Inc. (2013 HK) announced it is connecting its Weimob mini-programs to Tencent's (700 HK) WeChat mini-shop. This move further integrates the SaaS company into Tencent's ecosystem.


Wuxi Biologics (2269 HK) announced a license agreement with US-based Aadi Bioscience (AADI US).  Also, Wuxi was not included in the Senate version of the BioSecure legislation improving investor sentiment.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 26)

<ul>
<li>Hong Kong is again trading well below its historical multiple valuation levels after the October/November correction.  Mainland investors bought a record amount the day after Trump's win.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> reported consensus beating results with its online game segment surging.  The company is benefiting from AI upgrades in its office SAAS business.
</li>
<li>
<a href="https://www.smartkarma.com/entities/precision-tsugami-china-corp" target="_blank" data-smartkarma-citation="entities:26199:1" rel="noopener">Precision Tsugami China (1651 HK)</a> posted blockbuster earnings for its 1H25 as the machine tool sector rebounds on the back of factories upgrading to intelligent manufacturing.</li>
</ul>


Hong Kong is again trading well below its historical multiple valuation levels after the October/November correction.  Mainland investors bought a record amount the day after Trump's win.

Kingsoft Corp (3888 HK) reported consensus beating results with its online game segment surging.  The company is benefiting from AI upgrades in its office SAAS business.


Precision Tsugami China (1651 HK) posted blockbuster earnings for its 1H25 as the machine tool sector rebounds on the back of factories upgrading to intelligent manufacturing.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 21)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

On 3 June, President Biden amended Executive Order 13959 with respect to the threat posed by the military-industrial complex of the People’s Republic of China, and expanded the list of companies to include entities that operate in the defense and related materiel sector or the surveillance technology sector in China, or own, or are owned, or are controlled by persons that operate in the above sectors.There were a few entities that appeared in Trump's list that were dropped while there were new entities that were added to the current list.Some major changes were that the name of the list was changed from Communist Chinese Military Companies (CCMC) to Chinese Military-Industrial Complex Companies (CMIC), the list would be maintained by the Treasury Department as opposed to the Defense Department, and restrictions on subsidiaries would apply only if the subsidiary was explicitly named in the list.It has been reported in the media, quoting senior officials, that the list will be updated on a rolling basis. As we were typing out the Insight, Reuters published an article that says <a href="https://www.reuters.com/article/usa-biden-china-investment/analysis-more-chinese-companies-could-fall-under-bidens-broader-investment-ban-idUSL2N2NM13H" target="_blank" rel="noopener">more Chinese companies could be added to the investment ban</a>.In this Insight, we try to identify some of the subsidiaries of companies that could be added to the CMIC list where the parent entity is already included on the list.

On 3 June, President Biden amended Executive Order 13959 with respect to the threat posed by the military-industrial complex of the People’s Republic of China, and expanded the list of companies to include entities that operate in the defense and related materiel sector or the surveillance technology sector in China, or own, or are owned, or are controlled by persons that operate in the above sectors.There were a few entities that appeared in Trump's list that were dropped while there were new entities that were added to the current list.Some major changes were that the name of the list was changed from Communist Chinese Military Companies (CCMC) to Chinese Military-Industrial Complex Companies (CMIC), the list would be maintained by the Treasury Department as opposed to the Defense Department, and restrictions on subsidiaries would apply only if the subsidiary was explicitly named in the list.It has been reported in the media, quoting senior officials, that the list will be updated on a rolling basis. As we were typing out the Insight, Reuters published an article that says more Chinese companies could be added to the investment ban.In this Insight, we try to identify some of the subsidiaries of companies that could be added to the CMIC list where the parent entity is already included on the list.

POTUS Executive Order: Potential Additions to the CMIC List

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) POTUS Executive Order: Updated List of Chinese Stocks to Be Deleted by Major Indices2) Kanzhun IPO3) Angelalign IPO 4) China: Allows Families to Have Three Children5) HYBE Rights Offering6) China Infrastructure REITs7) Aihuishou IPO8) Full Truck Alliance IPO9) Enjin IPO10) Xpeng: Positive Momentum Back11) Tesla China Losing Market Share12) CStone Pharma (2616.HK) - Time for a Revaluation13) JD Health Lock-Up Expiration14) Passive Money Tracking KOSPI15) SK IE Tech KOSPI 200 Fast-Entry16) DL Holdings with Recent Tender’s Increased Shares: Index Treatment 17) WH Group (288 HK)

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) POTUS Executive Order: Updated List of Chinese Stocks to Be Deleted by Major Indices2) Kanzhun IPO3) Angelalign IPO 4) China: Allows Families to Have Three Children5) HYBE Rights Offering6) China Infrastructure REITs7) Aihuishou IPO8) Full Truck Alliance IPO9) Enjin IPO10) Xpeng: Positive Momentum Back11) Tesla China Losing Market Share12) CStone Pharma (2616.HK) - Time for a Revaluation13) JD Health Lock-Up Expiration14) Passive Money Tracking KOSPI15) SK IE Tech KOSPI 200 Fast-Entry16) DL Holdings with Recent Tender’s Increased Shares: Index Treatment 17) WH Group (288 HK)

Smartkarma North Asia Weekly: POTUS Order, Kanzhun, Angelalign, & 3 Children Policy in China

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

Hong Kong

Inspur Digital Enterprise Technology is an investment holding company that develops management software, provides cloud services, and sells Internet of Things (IoT) solutions. Its offerings include cloud services, management software, IoT solutions, and IT peripherals and software. The company was founded in 1998 and is headquartered in Kowloon Bay, Hong Kong.

Inspur Digital Enterprise Technology (596 HK)

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Inspur Digital Enterprise Technology (596 HK)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 26)

Mainland investors are increasing their buying of HK shares after Trump's election win. Mainlanders bought a record HK$800B of shares this year and...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 21)

Mainland investors buying in Hong Kong peaked after Trump won the election. Kingsoft beat consensus estimates for revenue and earnings. Precision...

David Mudd

POTUS Executive Order: Potential Additions to the CMIC List

There could be more entities added to Biden's Executive Order if US-China relations continue to worsen. Defense & surveillance stocks, plus subs of...

Brian Freitas

Smartkarma North Asia Weekly: POTUS Order, Kanzhun, Angelalign, & 3 Children Policy in China

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK...

Douglas Kim

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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