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 analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 81.4% as of Jul 31st.</li>
<li>The average A-H premium changed by 1.9ppt week-on-week, led by real estate, materials, energy and offset by communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 81.4% as of Jul 31st.
The average A-H premium changed by 1.9ppt week-on-week, led by real estate, materials, energy and offset by communication services, information technology.
We highlight weekly changes in A-H premium for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.


A-H Premium Weekly (Jul 31st): Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).


HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

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

Thematic (Sector/Industry)

<ul>
<li>Over the past decade, Cyclical sectors have traded places with Sensitive sectors as the largest allocation among active Asia Ex-Japan investors. </li>
<li>The last cycle started in early 2019 and saw Sensitive overtake Cyclicals and move to a key overweight, but this peaked in mid-2021 and has started to reverse.</li>
<li>The major rotation on the year so far has been a scaling back of Technology and Communication Services allocations in favour of Financials and Consumer Discretionary/Staples</li>
</ul>


Over the past decade, Cyclical sectors have traded places with Sensitive sectors as the largest allocation among active Asia Ex-Japan investors. 
The last cycle started in early 2019 and saw Sensitive overtake Cyclicals and move to a key overweight, but this peaked in mid-2021 and has started to reverse.
The major rotation on the year so far has been a scaling back of Technology and Communication Services allocations in favour of Financials and Consumer Discretionary/Staples


Asia Ex-Japan:  Tech to Financials Rotation

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Country Garden Holdings / Technical Analysis

<ul><li>Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers.</li><li>Perhaps because the first calls of China's Lehman moment showed it was an exaggerated extrapolation.</li><li>The first decline phase was limited to corporates with highly leveraged real estate balance sheets.</li></ul>

Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers.Perhaps because the first calls of China's Lehman moment showed it was an exaggerated extrapolation.The first decline phase was limited to corporates with highly leveraged real estate balance sheets.

Hang Seng Index Constituents 14 July 2022

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ping An Insurance Group of (601318 CH)

A-H Premium Weekly (Jul 31st): Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Asia Ex-Japan: Tech to Financials Rotation

Asia Ex-Japan funds are in the midst of a major rotation out of Technology and Communication Services stocks and in to Financials and Consumer...

Steven Holden

Hang Seng Index Constituents 14 July 2022

Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers. Perhaps...

Untying The Gordian Knot

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 31st): Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Asia Ex-Japan: Tech to Financials Rotation

Asia Ex-Japan funds are in the midst of a major rotation out of Technology and Communication Services stocks and in to Financials and Consumer...

Steven Holden

Hang Seng Index Constituents 14 July 2022

Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers. Perhaps...

Untying The Gordian Knot