Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.</li>
<li>Hong Kong markets performed well relative to region during recent market turmoil.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a> and <a href="https://www.smartkarma.com/entities/china-reinsurance-group-corp" target="_blank" data-smartkarma-citation="entities:993:1" rel="noopener">China Reinsurance (Group) (1508 HK)</a> experienced breakouts and <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a> had a breakdown. <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a> is more positive.
</li>
</ul>


Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.
Hong Kong markets performed well relative to region during recent market turmoil.

China Education Group (839 HK) and China Reinsurance (Group) (1508 HK) experienced breakouts and China Telecom (H) (728 HK) had a breakdown. Anhui Conch Cement (914 HK) is more positive.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND inflow continues, albeit smaller. Banks remain a big net buy. SOEs prominent in low overall SOUTHBOUND volume. </li>
<li>Wide spreads (high AH premium) saw H outperform, but narrow spreads saw Hs underperform quite significantly.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND inflow continues, albeit smaller. Banks remain a big net buy. SOEs prominent in low overall SOUTHBOUND volume. 
Wide spreads (high AH premium) saw H outperform, but narrow spreads saw Hs underperform quite significantly.


A/H Premium Tracker (To 28 Jun 2024):  AH Premia Still Rebounding But Wide Spreads Narrowing

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>Exchanges / In Depth: It’s curtains for China’s local financial asset exchanges</li><li>Biotech /Caixin Explains: How China is overhauling regulations on genetic resources</li><li>Cyberbully /: Public security official loses lawsuit for online attacks on murdered couple’s daughters</li></ul>

Exchanges / In Depth: It’s curtains for China’s local financial asset exchangesBiotech /Caixin Explains: How China is overhauling regulations on genetic resourcesCyberbully /: Public security official loses lawsuit for online attacks on murdered couple’s daughters

CX Daily: It’s Curtains for China’s Local Financial Asset Exchanges 

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> has announced a voluntary unconditional general offer for <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> at S$25.60 per share, a 36.90% premium to the undisturbed price.</li>
<li>OCBC aims to privatise Great Eastern by delisting resolutions or exercising compulsory acquisition rights. The offer has not been declared final.</li>
<li>While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise through either option. A bump is highly likely.   </li>
</ul>



OCBC (OCBC SP) has announced a voluntary unconditional general offer for Great Eastern Holdings (GE SP) at S$25.60 per share, a 36.90% premium to the undisturbed price.
OCBC aims to privatise Great Eastern by delisting resolutions or exercising compulsory acquisition rights. The offer has not been declared final.
While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise through either option. A bump is highly likely.   


Great Eastern Holdings (GE SP): OCBC’s Offer Needs a Bump to Achieve Privatisation Ambitions

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.

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

China

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

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New China Life Insurance (601336 CH)

Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

HK markets had lower volatility than other regional markets this week. China Ed and China Re had technical break outs while China Tel broke...

David Mudd

A/H Premium Tracker (To 28 Jun 2024): AH Premia Still Rebounding But Wide Spreads Narrowing

AH Premia continue to gently rise, but the very wide spreads are seeing Hs outperform As. This "twist" is still a good strategy in my book. The...

Travis Lundy

CX Daily: It’s Curtains for China’s Local Financial Asset Exchanges

Exchanges / In Depth: It’s curtains for China’s local financial asset exchanges Biotech /Caixin Explains: How China is overhauling regulations on...

Caixin Global

Great Eastern Holdings (GE SP): OCBC’s Offer Needs a Bump to Achieve Privatisation Ambitions

While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise Great Eastern. Shares are trading slightly...

Arun George

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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