Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.</li>
<li>In this cut, we examine the exodus of capital from Indonesia, a web of corporate actions in the delivery sector, and the structural hurdles to a Glencore/Rio Tinto merger. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,100+ insights published on Smartkarma.
In this cut, we examine the exodus of capital from Indonesia, a web of corporate actions in the delivery sector, and the structural hurdles to a Glencore/Rio Tinto merger. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Indonesia's Outflows, Delivery Deal-Flow, & Rio's Dual-Listed Dilemma

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 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.</li>
<li>We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.</li>
</ul>


We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.
We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.


Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues</li>
<li>We believe US operating environment remains extremely challenging for Temu, SHEIN</li>
<li>Recent media reports suggest a dramatic decline in inbound parcel volume after August</li>
</ul>


A new civil lawsuit filed in Arizona mainly focuses on data collection, privacy issues
We believe US operating environment remains extremely challenging for Temu, SHEIN
Recent media reports suggest a dramatic decline in inbound parcel volume after August


Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

Equity Capital Markets

Hive Box Holdings / Equity Capital Markets

<ul>
<li>No word from the parcel locker company after it filed to list in Hong Kong in August 2024</li>
<li>But we've seen multiple media reports of a sticky dispute with a shareholder (Asia Forge)</li>
<li>Besides the legal dispute, no new information on 2024 profitability, and no help from comps</li>
</ul>


No word from the parcel locker company after it filed to list in Hong Kong in August 2024
But we've seen multiple media reports of a sticky dispute with a shareholder (Asia Forge)
Besides the legal dispute, no new information on 2024 profitability, and no help from comps


Update on Hive Box Holdings IPO Process | Legal Dispute, Questions About Profitability, Weak Comps

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>, a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1217/2025121701246.pdf" target="_blank" rel="noopener">The Scheme Doc is now out</a>, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
<li>Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. </li>
</ul>


Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. 

The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".
Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. 


ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

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S.F. Holding (002352 CH)

Curator's Cut: Indonesia's Outflows, Delivery Deal-Flow, & Rio's Dual-Listed Dilemma

This Curator's Cut issue highlights the capital exodus from Indonesia, corporate actions in the delivery sector, and the DLC hurdles to Glencore...

Pranav Rao

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

In this insight we examine a new civil lawsuit filed against Temu in the US state of Arizona. We also review a range of numbers suggesting a sharp...

Tracking Traffic

Update on Hive Box Holdings IPO Process | Legal Dispute, Questions About Profitability, Weak Comps

In this insight we bring interested investors up to speed on the Hong Kong IPO plans of Hive Box, the Chinese parcel locker operator backed by SF...

Tracking Traffic

ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Surprising absence of CDH in this latest Doc. Given the ongoing ambiguity as to who owns/controls what, I'm inclined to sit this one out - for now....

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Indonesia's Outflows, Delivery Deal-Flow, & Rio's Dual-Listed Dilemma

This ​Curator's Cut issue highlights the capital exodus from Indonesia, corporate actions in the delivery sector, and the DLC hurdles to Glencore...

Pranav Rao

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

Temu Faces New US Lawsuit in Arizona | Import Parcels Decline Sharply Since End of 'de Minimis'

In this insight we examine a new civil lawsuit filed against Temu in the US state of Arizona. We also review a range of numbers suggesting a sharp...

Tracking Traffic

Update on Hive Box Holdings IPO Process | Legal Dispute, Questions About Profitability, Weak Comps

In this insight we bring interested investors up to speed on the Hong Kong IPO plans of Hive Box, the Chinese parcel locker operator backed by SF...

Tracking Traffic

ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Surprising absence of CDH in this latest Doc. Given the ongoing ambiguity as to who owns/controls what, I'm inclined to sit this one out - for now....

David Blennerhassett

This Curator's Cut issue highlights the capital exodus from Indonesia, corporate actions in the delivery sector, and the DLC hurdles to Glencore...