Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.</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 Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.
The data tables below update on a daily basis 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 (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

HK Connect SOUTHBOUND Flows (Wk To 14 Nov 2025) - Strong SOE/Energy/Financials Buying on BABA Sales

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: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.</li>
<li>China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.</li>
<li>Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.
China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.
Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.


This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The revenue growth accelerated for the fourth quarter in 3Q25.</li>
<li>In 3Q25, the gross margins of all business lines improved year over year.</li>
<li>Tencent’s operating margin had improved year over year for thirteen quarters.</li>
</ul>


The revenue growth accelerated for the fourth quarter in 3Q25.
In 3Q25, the gross margins of all business lines improved year over year.
Tencent’s operating margin had improved year over year for thirteen quarters.


Tencent (700 HK): 3Q25, Continuous Revenue Acceleration & Margin Improvement, 40% Upside

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The dollar has maintained its breakdown, with positive implications for our themes</li>
<li>We continue to look for investments not correlated with the AI trade</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The dollar has maintained its breakdown, with positive implications for our themes
We continue to look for investments not correlated with the AI trade


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.

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

Tencent Holdings (ADR) (TCEHY US)

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

BIG Net flows - averaging US$1bn a day - as HK shares fall sharply on the week. Alibaba and Info Tech see renewed big inflows. Some ETF buying last...

Travis Lundy

HK Connect SOUTHBOUND Flows (Wk To 14 Nov 2025) - Strong SOE/Energy/Financials Buying on BABA Sales

SOUTHBOUND gross activity remains decent, net buying remains strong. SOUTHBOUND buying may pick up on Dual Counter SB eligibility, due by year-end.

Travis Lundy

This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM

Tencent (700 HK): 3Q25, Continuous Revenue Acceleration & Margin Improvement, 40% Upside

The revenue growth accelerated for the fourth quarter to 15% YoY in 3Q25. In 3Q25, the gross margins of all business lines improved. Tencent’s...

Ming Lu

Overview #72 - The Accelerant

A review of recent events/data impacting our investment themes and outlook. We look at the continued dollar breakdown and the signs that the next...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)