Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$101bn+/Day of gross SOUTHBOUND activity last week, and net buying of HK$23+bn. The gross volumes are down a bit but net continues strongly.</li>
<li>China Mobile was shellacked with net selling every day last week (actually net sold every day since 11 Dec). The numbers are very impressive.</li>
<li>ETFs were net purchased in some size last week which usually means a swing to stocks and sale of ETFs this week.</li>
</ul>


HK$101bn+/Day of gross SOUTHBOUND activity last week, and net buying of HK$23+bn. The gross volumes are down a bit but net continues strongly.
China Mobile was shellacked with net selling every day last week (actually net sold every day since 11 Dec). The numbers are very impressive.
ETFs were net purchased in some size last week which usually means a swing to stocks and sale of ETFs this week.


HK Connect SOUTHBOUND Flows (Week To 23 Jan 2026) - China Mobile Shellacked Again. Tech Bought Again

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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

<ul>
<li>HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). </li>
<li>The data tables below update daily 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 Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.
Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). 
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.</li>
<li>Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.</li>
<li>The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.</li>
</ul>


China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.
Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.
The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.


China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

HK Connect SOUTHBOUND Flows (Week To 23 Jan 2026) - China Mobile Shellacked Again. Tech Bought Again

SOUTHBOUND investors continued net buying HK stocks last week at a similar pace to the previous two weeks. They sold China Mobile at an even faster...

Travis Lundy

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

SOUTHBOUND started the year with net buying. Except for China Mobile. That has been net sold by SB every day since 11 Dec 2025. A bit mixed but...

Travis Lundy

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

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