HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Many have missed out on the 14%, or 2,300 points, rally of the HSI in the last 9 trading days. There are still several stocks that look interesting now.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> are massive laggards YTD.</li>
<li>As they have only experienced limited rebounds from the 19-Apr trough, they are set to catch up. Also, their earnings prospects look positive this year. </li>
</ul>


Many have missed out on the 14%, or 2,300 points, rally of the HSI in the last 9 trading days. There are still several stocks that look interesting now.

Li Auto (2015 HK), Link REIT (823 HK), China Mengniu Dairy Co (2319 HK), Hang Lung Properties (101 HK) and Galaxy Entertainment Group (27 HK) are massive laggards YTD.
As they have only experienced limited rebounds from the 19-Apr trough, they are set to catch up. Also, their earnings prospects look positive this year. 


HK Strategy: Where Are the Short-Term Opportunities?

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 analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, BEONE MEDICINES, LI AUTO.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, BEONE MEDICINES, LI AUTO.


HSCEI Index Earning Revision (Aug): Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, LI AUTO

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI, LI AUTO, BEONE MEDICINES.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI, LI AUTO, BEONE MEDICINES.


HSI Index Earning Revision (Aug): XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.</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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.
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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.


A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Hua Hong Semi, Xiaomi, Kingboard Laminates, Cspc Pharma, China Life, 3Sbio.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 21st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Hua Hong Semi, Xiaomi, Kingboard Laminates, Cspc Pharma, China Life, 3Sbio.


HK Short Interest Weekly: Alibaba, Hua Hong Semi, Xiaomi, Kingboard Laminates, Cspc Pharma, 3Sbio

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.

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

Ping An Insurance (2318 HK)

HK Strategy: Where Are the Short-Term Opportunities?

Li Auto, Link REIT, China Mengniu, Hang Lung Properties, and Galaxy Entertainment are massive laggards YTD but the recent rebound from the trough...

Osbert Tang, CFA

HSCEI Index Earning Revision (Aug): Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, LI AUTO

We analyzed HSCEI's consensus for Aug 2026 and highlighted changes of EPS in Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, BEONE MEDICINES,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI

We analyzed HSI's consensus for Aug 2026 and highlighted changes of EPS in XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI, LI...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Hua Hong Semi, Xiaomi, Kingboard Laminates, Cspc Pharma, 3Sbio

We analyzed the latest HK SFC report for aggregate short position as of Aug 21st and highlight short interest changes in Alibaba (9988 HK), Hua...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Strategy: Where Are the Short-Term Opportunities?

Li Auto, Link REIT, China Mengniu, Hang Lung Properties, and Galaxy Entertainment are massive laggards YTD but the recent rebound from the trough...

Osbert Tang, CFA

HSCEI Index Earning Revision (Aug): Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, LI AUTO

We analyzed HSCEI's consensus for Aug 2026 and highlighted changes of EPS in Kuaishou, PING AN, CHINA LIFE, XPENG, XIAOMI, BIDU, BEONE MEDICINES,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI

We analyzed HSI's consensus for Aug 2026 and highlighted changes of EPS in XINYI SOLAR, Kuaishou, CK HUTCHISON, PING AN, CHINA LIFE, XIAOMI, LI...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

We analyzed A-share margin trading positions report for the past week and highlighted JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Hua Hong Semi, Xiaomi, Kingboard Laminates, Cspc Pharma, 3Sbio

We analyzed the latest HK SFC report for aggregate short position as of Aug 21st and highlight short interest changes in Alibaba (9988 HK), Hua...

Ke Yan, CFA, FRM