Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viva-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15864:1" rel="noopener">Viva China (8032 HK)</a> trades at a large discount to its 10.6% holding in <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>. </li>
<li>Apart from its Li Ning exposure, Viva has a controlling stake in <a href="https://www.smartkarma.com/entities/bossini-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:4085:1" rel="noopener">Bossini International Holdings (592 HK)</a>, a sports experience segment, and net cash.</li>
<li>The current NAV discount of ~46% is unlikely to meaningfully narrow near term given management's reluctance to pay out a large dividend or undertake a corporate restructuring. </li>
</ul>



Viva China (8032 HK) trades at a large discount to its 10.6% holding in Li Ning (2331 HK). 
Apart from its Li Ning exposure, Viva has a controlling stake in Bossini International Holdings (592 HK), a sports experience segment, and net cash.
The current NAV discount of ~46% is unlikely to meaningfully narrow near term given management's reluctance to pay out a large dividend or undertake a corporate restructuring. 


Viva China: Perennially Inexpensive Li Ning Exposure

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Viva China Holdings is a deep value stock with several key catalysts. Viva China Holdings'10.36% stake in Li Ning (2331 HK) alone is worth 152% of its market cap.</li>
<li>In addition, Viva China Holdings is making solid acquisitions in the global footwear/apparel sector such as Clarks, which is one of the most well known footwear brands in the U.K.</li>
<li>A major ongoing risk factor is the recent major lockdowns in Shanghai and other cities in China, which is intent on pursing a zero COVID policy.</li>
</ul>


Viva China Holdings is a deep value stock with several key catalysts. Viva China Holdings'10.36% stake in Li Ning (2331 HK) alone is worth 152% of its market cap.
In addition, Viva China Holdings is making solid acquisitions in the global footwear/apparel sector such as Clarks, which is one of the most well known footwear brands in the U.K.
A major ongoing risk factor is the recent major lockdowns in Shanghai and other cities in China, which is intent on pursing a zero COVID policy.


Viva China: M&A of Global Footwear Brands at Discount & Its Stake in Li Ning Is More than Market Cap

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 Hong Kong Connect flows with our data engine.</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 inflows into CNOOC, Kuaishou, China Mobile, Li Ning, Tsingtao.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into CNOOC, Kuaishou, China Mobile, Li Ning, Tsingtao.


Hong Kong Connect Flows: CNOOC, Kuaishou, China Mobile, Li Ning, Tsingtao

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Infrastructure, new energy, consumer discretionary and, to a lesser extent, transportation and logistics are sectors that will benefit from extensive government economic supportive policies over the last few days. </li>
<li>Acceleration of special purpose bonds will drive <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a>. We see <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> and <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> benefit from new energy initiatives.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> will be the near-term winner in the consumer discretionary space and so as <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>.</li>
</ul>


Infrastructure, new energy, consumer discretionary and, to a lesser extent, transportation and logistics are sectors that will benefit from extensive government economic supportive policies over the last few days. 
Acceleration of special purpose bonds will drive China Communications Construction (1800 HK). We see China Longyuan Power (916 HK) and Dongfang Electric (1072 HK) benefit from new energy initiatives.

Li Ning (2331 HK) will be the near-term winner in the consumer discretionary space and so as Haier Smart Home Co Ltd (6690 HK).


Roundup of Government Economic Supportive Policies: Key Winners

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

China

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

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Li Ning (2331 HK)

Viva China: Perennially Inexpensive Li Ning Exposure

Unless the Li family pays out excess cash or undertakes a company restructuring, I would avoid the stock at this level, and look to enter when the...

David Blennerhassett

Viva China: M&A of Global Footwear Brands at Discount & Its Stake in Li Ning Is More than Market Cap

Viva China Holdings is a deep value stock with several key catalysts. Viva China Holdings'10.36% stake in Li Ning (2331 HK) alone is worth 152% of...

Douglas Kim

Hong Kong Connect Flows: CNOOC, Kuaishou, China Mobile, Li Ning, Tsingtao

We highlight 4 weeks of southbound Hong Kong connect net inflows, and inflows into CNOOC, Kuaishou, China Mobile, Li Ning, Tsingtao.

Ke Yan, CFA, FRM

Roundup of Government Economic Supportive Policies: Key Winners

We expect the government economic supportive policies released in the last few days to drive the infrastructure, new energy, consumer discretionary...

Osbert Tang, CFA

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

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