Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.</li>
<li>Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.</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>


Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
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.


A/H Premium Tracker (Week to 21 Nov 2025):  Hs Sharply Underperform As. Year-End Unwinding?

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.</li>
<li>The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.
The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.
We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.


A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.</li>
<li>The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.</li>
<li>At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.</li>
</ul>


The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.
The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.
At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.


HONG KONG ALPHA PORTFOLIO: (October 2025)

Agricultural Bank Of China / Event-Driven

<ul>
<li>Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.</li>
<li>There are nine new recos this week after a bunch of trades were closed last week.</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>


Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
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.


A/H Premium Tracker (Week to 14 Nov 2025):  Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-9927-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:207355" rel="noopener">Seres Group H Share Listing (9927 HK): Valuation Insights</a>.</li>
<li>The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.</li>
</ul>



Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.


Seres Group H Share Listing (9927 HK): Trading Debut

China

JL MAG Rare-Earth Co., Ltd. manufactures rare earth materials. The Company produces NdFeB magnet materials and other rare earth products. JL MAG Rare-Earth supplies its products to wind power, new energy vehicles, inverter air conditioners, energy saving elevators, and other fields.

Price Gauge
52-week Range	0.00 - 0.00
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JL Mag Rare-Earth (6680 HK)

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (October 2025)

We made mid-month adjustments to the portfolio due to sudden re-escalation of tensions with the US & concurrent sectoral de-rating. Several...

David Mudd

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (October 2025)

We made mid-month adjustments to the portfolio due to sudden re-escalation of tensions with the US & concurrent sectoral de-rating. Several...

David Mudd

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

Seres Group H Share Listing (9927 HK): Trading Debut

The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH...

Arun George