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

Shenton Research

Shenton 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 September 11th.</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 Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.


HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>We believe Tencent's inclusion in the US DoD CMC List and removal from USTR's NML are both non-events in the long run but not in the short run;</li>
<li>Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;</li>
<li>NetEase's newly released games were well-received and above our expectations. New game pipeline also brightens outlook.</li>
</ul>


We believe Tencent's inclusion in the US DoD CMC List and removal from USTR's NML are both non-events in the long run but not in the short run;
Latest data in holiday travel, parcel volume and home sales painted robust start in 2025, but unstable equity market posts a looming threat;
NetEase's newly released games were well-received and above our expectations. New game pipeline also brightens outlook.


Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

<ul>
<li>New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;</li>
<li>Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;</li>
<li>Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.</li>
</ul>


New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;
Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;
Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.


China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%</li>
<li>Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.</li>
<li>Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.</li>
</ul>


Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%
Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.
Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.


Asia Ex-Japan Funds:  Stock Positioning Update

<ul>
<li>
Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;</li>
<li>
Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;</li>
<li>
Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.</li>
</ul>



Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;

Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;

Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.


China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

Price Gauge
52-week Range	0.00 - 0.00
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Meituan (3690 HK)

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

Blue Lotus Research Institute

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

Blue Lotus Non-US Internet Weekly Wrap (2/2025): Tencent's Inclusion and Exclusion from US Sanctions

​Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

Blue Lotus Research Institute

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

​Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

​Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...

Blue Lotus Research Institute

Tencent's impact from CML and NML are short-term. Strong service start to 2025 showed promise. NetEase's games exceed expectations with promising...

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

China Internet Weekly Wrap (52/2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...