Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This past week saw SOUTHBOUND Connect clear HK$800bn of gross value traded, and net value was near recent highs at +HK$51bn. Consumer and finance names continue to be the rage.</li>
<li>Notable is the HUGE back-and-forth. If HK$800bn traded and SOUTHBOUND only bought HK$51bn, HK$375bn was round-tripped for short-term purposes.</li>
<li>That is twice the "excess" traded seen for the past year. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> saw US$14bn traded but net buying was US$121mm. </li>
</ul>


This past week saw SOUTHBOUND Connect clear HK$800bn of gross value traded, and net value was near recent highs at +HK$51bn. Consumer and finance names continue to be the rage.
Notable is the HUGE back-and-forth. If HK$800bn traded and SOUTHBOUND only bought HK$51bn, HK$375bn was round-tripped for short-term purposes.
That is twice the "excess" traded seen for the past year. Tencent (700 HK) saw US$14bn traded but net buying was US$121mm. 


HK Connect SOUTHBOUND Flows (To 21 Feb 2025); Another HUGE Jump in Value Traded, Consumer Still Bid

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

<ul>
<li>There will be 5 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the March rebalance. There is one surprise for us with Synagistics being added.</li>
<li>Estimated one-way turnover at the rebalance is 6.5% resulting in a round-trip trade of HK$3.74bn (US$482m). 4 stocks will have over 1x ADV to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is an add to the HSIII, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a> and HSCI. Inclusion in Southbound Stock Connect will take place in May.</li>
</ul>


There will be 5 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the March rebalance. There is one surprise for us with Synagistics being added.
Estimated one-way turnover at the rebalance is 6.5% resulting in a round-trip trade of HK$3.74bn (US$482m). 4 stocks will have over 1x ADV to trade.

Horizon Robotics (9660 HK) is an add to the HSIII, Hang Seng TECH Index and HSCI. Inclusion in Southbound Stock Connect will take place in May.


Hang Seng Internet & IT Index Rebalance: Five Changes with First De-SPAC Listing In

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Autos /: Chinese carmakers expand into growing Central Asian markets</li><li>Corruption /: Former ICBC banker gets suspended death sentence for graft</li><li>Meituan /: Meituan to provide social security benefits for delivery riders</li></ul>

Autos /: Chinese carmakers expand into growing Central Asian marketsCorruption /: Former ICBC banker gets suspended death sentence for graftMeituan /: Meituan to provide social security benefits for delivery riders

CX Daily: Chinese Carmakers Expand Into Growing Central Asian Markets 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is now looking to raise around US$450m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.</li>
</ul>



Mixue Group is now looking to raise around US$450m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.


MIXUE IPO - Decent Cornerstone, past Sentiment Overhang

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 21st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Crrc Times (3898 HK), Swire Pacific (19 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 21st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Crrc Times (3898 HK), Swire Pacific (19 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Feb 21st): Zhuzhou Crrc Times Electric, Swire Pacific, Cosco Shipping

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)

HK Connect SOUTHBOUND Flows (To 21 Feb 2025); Another HUGE Jump in Value Traded, Consumer Still Bid

SOUTHBOUND volumes have popped significantly. Lots of day-trading. Still-strong net buying. Tech/Consumer and Finance are still the big net buys.

Travis Lundy

Hang Seng Internet & IT Index Rebalance: Five Changes with First De-SPAC Listing In

There are 5 changes for the HSIII in March. Estimated one-way turnover at the rebalance is 6.5% resulting in a round-trip trade of HK$3.74bn...

Brian Freitas

CX Daily: Chinese Carmakers Expand Into Growing Central Asian Markets

TOP STORY Autos / Chinese carmakers expand into growing Central Asian markets Chinese automakers are pushing deeper into Central Asian markets...

Caixin Global

MIXUE IPO - Decent Cornerstone, past Sentiment Overhang

Mixue Group is now looking to raise around US$450m in its upcoming Hong Kong IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Hong Kong Buybacks Weekly (Feb 21st): Zhuzhou Crrc Times Electric, Swire Pacific, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zhuzhou Crrc Times...

Ke Yan, CFA, FRM

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