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 Aug 21st. The aggregated net margin trading position is USD356,345m.</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 COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 21st. The aggregated net margin trading position is USD356,345m.
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 COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.


A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.


HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

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.

Thematic (Sector/Industry)

<ul><li>The NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.</li><li>Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).</li><li>We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.</li></ul><p><em>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.</em></p>

The NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.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.

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.</li>
<li>Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.</li>
<li>Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.</li>
</ul>


Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.
Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.
Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.


Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.</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 SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.
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 SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.


A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

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
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Ping An Insurance (2318 HK)

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

China Insurance – 9M23 Monthly

We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct, will continue to benefit investment returns

CMB International

Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Earnings-driven stock moves, rising option activity and renewed interest in Health Care shaped a stronger week across Hong Kong single stocks.

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

We analyzed A-share margin trading positions report for the past week and highlighted COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

China Insurance – 9M23 Monthly

We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct, will continue to benefit investment returns

CMB International

Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Earnings-driven stock moves, rising option activity and renewed interest in Health Care shaped a stronger week across Hong Kong single stocks.

John Ley

A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

We analyzed A-share margin trading positions report for the past week and highlighted SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.

Ke Yan, CFA, FRM