Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>First major technical resistance for HSI and HSCEI has been met with force and a consolidation/correction begins</li>
<li>Market breadth expands over last month presenting investment opportunities beyond tech and mega-cap</li>
<li>Short and long term sentiment indicators going positive as most analysts continue to look in rear view mirror</li>
</ul>


First major technical resistance for HSI and HSCEI has been met with force and a consolidation/correction begins
Market breadth expands over last month presenting investment opportunities beyond tech and mega-cap
Short and long term sentiment indicators going positive as most analysts continue to look in rear view mirror


Technically Speaking: Hong Kong Strategy in the Secular Bull Market

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 April 12th.</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 China Mobile, Xiaomi, Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Xiaomi, Bank Of China.


Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review at how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


March Themes and Thematic Portfolio Review

Analyst

Steve

Equity Bottom-Up

<ul>
<li>According to public news two days ago, COFCO Group is rumored to be a potential suitor for Alibaba’s 78% stake in <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>. </li>
<li>Alibaba wants to eventually get rid of the Sun Art stake, especially after Alibaba’s management change in late 2023.  </li>
<li>Given limited downside, I believe it is worth a bet on the uncertain timeline but certain intention of the eventual divestiture of Sun Art by Alibaba.</li>
</ul>


According to public news two days ago, COFCO Group is rumored to be a potential suitor for Alibaba’s 78% stake in Sun Art Retail (6808 HK). 
Alibaba wants to eventually get rid of the Sun Art stake, especially after Alibaba’s management change in late 2023.  
Given limited downside, I believe it is worth a bet on the uncertain timeline but certain intention of the eventual divestiture of Sun Art by Alibaba.


Sun Art (6808 HK):  Potential Divestiture By Alibaba Worth A Bet

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Alibaba closed four more supermarkets at the end of February.</li>
<li>Alibaba is moving retailers from the discount app back to Taobao.</li>
<li>Li Auto’s deliveries increased by 62% YoY in the first two months of 2024.</li>
</ul>


Alibaba closed four more supermarkets at the end of February.
Alibaba is moving retailers from the discount app back to Taobao.
Li Auto’s deliveries increased by 62% YoY in the first two months of 2024.


China Consumption Weekly (4 Mar 2024): Alibaba, Sun Art, Li Auto, Nayuki, NetEase, Vipshop

Hong Kong

Sun Art Retail Group Ltd. operates hypermarkets.  The Company retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners.

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Sun Art Retail (6808 HK)

Technically Speaking: Hong Kong Strategy in the Secular Bull Market

Hong Kong markets are now in a correction in a secular bull market. There are now opportunities to rotate into long term investments which will...

David Mudd

Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Xiaomi, Bank Of China.

Ke Yan, CFA, FRM

March Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio

Rikki Malik

Sun Art (6808 HK): Potential Divestiture By Alibaba Worth A Bet

The company just announced a change in CEO - Mr. Lin Xiaohai has resigned as CEO and executive director of the company. He is replaced by Mr. Shen...

Steve

China Consumption Weekly (4 Mar 2024): Alibaba, Sun Art, Li Auto, Nayuki, NetEase, Vipshop

Alibaba closed four supermarkets at the end of February. Alibaba is moving retailers from the discount app back to Taobao. Li Auto’s deliveries...

Ming Lu

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