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 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

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.

Equity Bottom-Up

<ul><li>Tencent reported 3Q25 results: total revenue grew by 15% YoY to RMB192.9bn, 2/4% ahead of Bloomberg consensus/our estimate, mainly thanks to the solid games revenue growth (+23% YoY); non-IFRS operating income increased by 18% YoY to RMB72.6bn, largely in line with consensus/our estimate, despite the high-than-expected opex growth.</li><li>The company lowered FY25 capex guidance due to supply chain constraints, but remains committed to accelerating AI applications in areas such as ads, games, e-commerce and agentic AI within Weixin.</li><li>We remain constructive on Tencent’s long-term opportunities in AI, given its diversified use cases and massive user base. </li></ul>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.

Tencent reported 3Q25 results: total revenue grew by 15% YoY to RMB192.9bn, 2/4% ahead of Bloomberg consensus/our estimate, mainly thanks to the solid games revenue growth (+23% YoY); non-IFRS operating income increased by 18% YoY to RMB72.6bn, largely in line with consensus/our estimate, despite the high-than-expected opex growth.The company lowered FY25 capex guidance due to supply chain constraints, but remains committed to accelerating AI applications in areas such as ads, games, e-commerce and agentic AI within Weixin.We remain constructive on Tencent’s long-term opportunities in AI, given its diversified use cases and massive user base. 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.

Tencent (700 HK) - 3Q25 Results: Solid Growth Across Business Lines...

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.

<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.

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Tencent Holdings (ADR) (TCEHY US)

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 Results: Solid Growth Across Business Lines...

Tencent reported 3Q25 results: total revenue grew by 15% YoY to RMB192.9bn, 2/4% ahead of Bloomberg consensus/our estimate, mainly thanks to the...

CMB International

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

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