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.

Thematic (Sector/Industry)

<ul><li>For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;</li><li>2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and</li><li>3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. </li></ul><p><em>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.</em></p>

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. 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.

Internet - Trends Observed from 2025 Spring Festival

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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, SMIC, ICBC, China Mobile, Xiaomi and outflows from Meituan.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Tencent, SMIC, ICBC, China Mobile, Xiaomi and outflows from Meituan.


Hong Kong Connect Flows (January): $18.1bn Inflows

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Following on from our last HK piece, we take a closer look at the tech sector</li>
<li>While the overall HSTECH index provides a good risk-reward, some</li>
<li>Individual E-commerce &amp; software names offer much more upside than  downside</li>
</ul>


Following on from our last HK piece, we take a closer look at the tech sector
While the overall HSTECH index provides a good risk-reward, some
Individual E-commerce &amp; software names offer much more upside than  downside


HSTECH Index. Identifying Individual Names with Greater Potential Upside

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at the valuations for <a href="https://www.smartkarma.com/entities/dr-agarwal-s-eye-hospital" target="_blank" data-smartkarma-citation="entities:23713:1" rel="noopener">Dr. Agarwal’s Eye Hospital</a> and <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>. </li>
<li>On the placements front, given the holiday shortened week, there were no placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS). 
On the placements front, given the holiday shortened week, there were no placements this week.


ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

iShares China Large-Cap (FXI) / Index Rebalance

<ul>
<li>There could be 1/2 changes to the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> in March. Then there will be more changes as large Chinese companies list H-shares on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a>.</li>
<li>Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">FXI</a> and there could be further deviations from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>. </li>
<li>That will provide opportunities for index rebalance traders as well as volatility traders that are active on the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> options.</li>
</ul>


There could be 1/2 changes to the iShares China Large-Cap (FXI) (FXI US) in March. Then there will be more changes as large Chinese companies list H-shares on the HKEX.
Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the FXI and there could be further deviations from the Hang Seng China Enterprises Index (HSCEI INDEX). 
That will provide opportunities for index rebalance traders as well as volatility traders that are active on the iShares China Large-Cap (FXI) (FXI US) options.


FXI ETF: Potential Changes in the Year of the Snake

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Internet - Trends Observed from 2025 Spring Festival

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand...

CMB International

Hong Kong Connect Flows (January): $18.1bn Inflows

We analyzed the Hong Kong Connect Scheme for January and highlighted flows for Tencent, SMIC, ICBC, China Mobile, Xiaomi and Meituan.

Ke Yan, CFA, FRM

HSTECH Index. Identifying Individual Names with Greater Potential Upside

The initial market reaction to the Deepseek news is to bid up Chinese tech names, both platform and semiconductor-related. The tariff newsflow will...

Rikki Malik

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

FXI ETF: Potential Changes in the Year of the Snake

There could be many constituent changes to the FXI this year. That will alter the returns, volatility and drawdown of the ETF and open up trading...

Brian Freitas

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