Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) back down nearly 3%. CATL 10% through still.</li>
<li>Sharp skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H underperform sharply. Those in the 40-100% AH Premium range saw H outperform. Quiddity Portfolio alpha strong.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) back down nearly 3%. CATL 10% through still.
Sharp skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H underperform sharply. Those in the 40-100% AH Premium range saw H outperform. Quiddity Portfolio alpha strong.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 30 May 2025):  Narrow Premia Hs Worst Performers, BYD Relents

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 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.</li>
<li>The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.
The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.


A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

Cosco Shipping Development / Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> AH is negative now, maybe on HSTECH inclusion expectations.</li>
<li>I didn't expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) AH is negative now, maybe on HSTECH inclusion expectations.
I didn't expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 16 May 2025):  AH Premia Contract Small Again. BYD and CMB Go Negative.

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.


A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 18th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by health care, consumer staples, materials and offset by real estate, energy, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Shandong Gold Mining, Innocare Pharma, China Oilfield Services.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 18th.
The average A-H premium changed by -0.5ppt week-on-week, led by health care, consumer staples, materials and offset by real estate, energy, consumer discretionary.
We highlight weekly changes in A-H premium for Remegen, Shandong Gold Mining, Innocare Pharma, China Oilfield Services.


A-H Premium Weekly (Apr 18th): Remegen, Shandong Gold Mining, Innocare Pharma

China

Maanshan Iron and Steel Company Limited manufactures and markets iron and steel products which can be divided into four categories, wire rods, steel section, medium or thick steel plates, and train wheels and tires.  The production process mainly comprises coking, sintering, iron smelting, steel smelting, and steel rolling.

Price Gauge
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Maanshan Iron & Steel H (323 HK)

A/H Premium Tracker (To 30 May 2025): Narrow Premia Hs Worst Performers, BYD Relents

AH Premia contracted but it was mostly in the 40-100% area where they did. Tighter than 40% (or H premium) saw Hs underperform. Quiddity alpha...

Travis Lundy

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 16 May 2025): AH Premia Contract Small Again. BYD and CMB Go Negative.

AH Premia down small but CMB goes negative again, and BYD now joins it in negative territory, possibly on expectations of HSTECH inclusion,...

Travis Lundy

A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Petrochemical, Datang Intl Power Gen, Beigene,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 18th): Remegen, Shandong Gold Mining, Innocare Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Shandong Gold Mining, Innocare Pharma, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)