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 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.</li><li>Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.</li><li>Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.</li></ul>

Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

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.

Equity Bottom-Up

<ul><li>Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.</li><li>This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).</li><li>Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. </li></ul>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.

Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. 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.

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

<ul><li>Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.</li><li>We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.</li><li>For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. </li></ul>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.

Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. 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.

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

<ul><li>Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).</li><li>Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.</li><li>The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. </li></ul>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.

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. 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.

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

China

Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company. Its subsidiaries offer a wide range of products and services including life, health, property, and casualty insurance, banking, asset management, and healthcare services. The company was founded in 1988 and is headquartered in Shenzhen, China.

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Ping An Insurance (2318 HK)

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on...

Hedge Fund Alpha

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

This increase can be attributed to 1) a resilient L&H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable...

CMB International

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&H and asset management (AM) segments.

CMB International

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in...

CMB International

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