Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH spreads are slightly narrower. BANKS, INSURERS, BROKERS, INDUSTRIALS, PHARMA and UTILITIES see significant H-share outperformance vs their A pairs. TECH, CONSUMER, ENERGY mixed to worse.</li>
<li>Ongoing skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H outperform sharply but those with H Premia contracted. Quiddity Portfolio alpha trending strongly.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower. BANKS, INSURERS, BROKERS, INDUSTRIALS, PHARMA and UTILITIES see significant H-share outperformance vs their A pairs. TECH, CONSUMER, ENERGY mixed to worse.
Ongoing skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H outperform sharply but those with H Premia contracted. Quiddity Portfolio alpha trending strongly.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 6 June 2025):  Narrow Premia Hs Worst Performers, BYD Relents

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.


HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) back down nearly 3%. CATL 10% through still.</li>
<li>Sharp skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H underperform sharply. Those in the 40-100% AH Premium range saw H outperform. Quiddity Portfolio alpha strong.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) back down nearly 3%. CATL 10% through still.
Sharp skew on H-vs-A performance this week. Those trading AH Premium &lt;20% saw H underperform sharply. Those in the 40-100% AH Premium range saw H outperform. Quiddity Portfolio alpha strong.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 30 May 2025):  Narrow Premia Hs Worst Performers, BYD Relents

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.</li>
<li>The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.
The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.


A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 84.2% as of May 9th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Datang Intl Power Gen, Beigene, CSSC O&amp;M Engineering, Xinhua Winshare Publishing And Media.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 84.2% as of May 9th.
The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by health care.
We highlight weekly changes in A-H premium for Datang Intl Power Gen, Beigene, CSSC O&amp;M Engineering, Xinhua Winshare Publishing And Media.


A-H Premium Weekly (May 9th): Datang Intl Power Gen, Beigene, CSSC O&M Engineering

China

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

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

Shanghai Haohai Biological Technology (6826 HK)

A/H Premium Tracker (To 6 June 2025): Narrow Premia Hs Worst Performers, BYD Relents

H outperformance vs A continues and higher H discounts see H outperform more within the liquid universe. Sector bias in spread performance is...

Travis Lundy

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 30 May 2025): Narrow Premia Hs Worst Performers, BYD Relents

AH Premia contracted but it was mostly in the 40-100% area where they did. Tighter than 40% (or H premium) saw Hs underperform. Quiddity alpha...

Travis Lundy

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 9th): Datang Intl Power Gen, Beigene, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Intl Power Gen, Beigene, CSSC O&M Engineering, Xinhua...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)