Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 30th July 2024, packaging play <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> dispatched the Composite Document for the HK$6.87/share, in cash, Offer from SASAC/NCSSF-backed Champion.</li>
<li>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0813/2024081300005.pdf" target="_blank" rel="noopener">Response Document</a>, including the IFA opinion (with a fair &amp; reasonable conclusion) has now been dispatched. </li>
<li>However, the focus remains on <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>'s superior HK$7.21/share Offer, which is currently negotiating the necessary regulatory approvals. </li>
</ul>


On the 30th July 2024, packaging play CPMC Holdings (906 HK) dispatched the Composite Document for the HK$6.87/share, in cash, Offer from SASAC/NCSSF-backed Champion.
The Response Document, including the IFA opinion (with a fair &amp; reasonable conclusion) has now been dispatched. 
However, the focus remains on ORG Technology Co., Ltd. A (002701 CH)'s superior HK$7.21/share Offer, which is currently negotiating the necessary regulatory approvals. 


CPMC (906 HK) Responds To Champion's Offer

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

DZT Research

DZT 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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.</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 Tencent, China Construction Bank, China Mobile, Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.


Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.</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 estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.


Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 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 estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.


Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

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.

Credit

<ul>
<li>HK corps have performed well since Nov’22, in line with the sharp rebound of the market.</li>
<li>Like peers in other space, the conviction of HK corps is lower at current valuation.</li>
<li>Nonetheless, we still see value in selected HK perps of which coupon will be reset and/or step-up upon the first call dates and issuers can access various funding channels. </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.


HK corps have performed well since Nov’22, in line with the sharp rebound of the market.
Like peers in other space, the conviction of HK corps is lower at current valuation.
Nonetheless, we still see value in selected HK perps of which coupon will be reset and/or step-up upon the first call dates and issuers can access various funding channels. 

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.

Hong Kong

Lee & Man Paper Manufacturing is a major paper and pulp producer specializing in containerboard, tissue paper, and corrugating medium for various industrial and consumer applications. The company operates a vertically integrated model, producing a wide array of paper products from raw materials to finished goods. Headquartered in Hong Kong, the company was established in 1994.

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Lee & Man Paper Manufacturing (2314 HK)

CPMC (906 HK) Responds To Champion's Offer

Assuming mid-late Jan 2025 payment this is trading at a gross/annualised spread of 4%/9.3%. That's still a bit too tight. Unless already in, I'd...

David Blennerhassett

Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Xiaomi and outflows from Tencent.

Ke Yan, CFA, FRM

HK corps: Prefer perps for yield pick-up

HK corps have performed well since Nov’22, in line with the sharp rebound of the market. Like peers in other space, the conviction of HK corps is...

CMB International

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