Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, <em><strong>net outflow </strong></em>over the past week was ~US$2.7bn, split between Shanghai (-US$1.8bn) and Shenzhen (-US$0.9bn).</li>
<li>The largest inflows were into <strong><a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical (300760 CH)</a></strong>. The largest outflows were in <strong><a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/ping-an-insurance-group-co-of-china" target="_blank" data-smartkarma-citation="entities:24682:1" rel="noopener">Ping An Insurance (601318 CH)</a></strong>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net outflow over the past week was ~US$2.7bn, split between Shanghai (-US$1.8bn) and Shenzhen (-US$0.9bn).
The largest inflows were into Tianqi Lithium (002466 CH) and Shenzhen Mindray Bio-Medical (300760 CH). The largest outflows were in Kweichow Moutai (600519 CH) and Ping An Insurance (601318 CH).


Shanghai/​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (28 October 2022)

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the<em><strong> net inflow</strong></em> over the past week was ~HK$3.65bn, split (+HK$1.78bn) for Shanghai and (+HK$1.87bn) for Shenzhen.</li>
<li>The largest inflows were in <strong><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a></strong>. The largest outflows were in <strong><a href="https://www.smartkarma.com/entities/china-shenhua-energy-co-h" target="_blank" data-smartkarma-citation="entities:382:1" rel="noopener">China Shenhua Energy (1088 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/china-overseas-land-investment-limited" target="_blank" data-smartkarma-citation="entities:419:1" rel="noopener">China Overseas Land &amp; Investment (688 HK)</a></strong>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~HK$3.65bn, split (+HK$1.78bn) for Shanghai and (+HK$1.87bn) for Shenzhen.
The largest inflows were in Tencent (700 HK) and Meituan (3690 HK). The largest outflows were in China Shenhua Energy (1088 HK) and China Overseas Land &amp; Investment (688 HK).


Shanghai/​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (28 October 2022)

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

<div><div><div><div><ul><li>Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of June 2022.</li><li>Weibo has established unique proposition to advertisers with its large user base and vibrant KOL community.</li><li>It provides advertisers with differentiated brand-plus-performance marketing solutions with relatively high ROI. </li></ul></div></div></div></div><p><em>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.</em></p>

Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of June 2022.Weibo has established unique proposition to advertisers with its large user base and vibrant KOL community.It provides advertisers with differentiated brand-plus-performance marketing solutions with relatively high ROI. 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.

Weibo (WB US) – Navigate Short-Term Headwind

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

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
In this note, we talk about the not-so-positive aspects of the deal.


Sunshine Insurance Group Pre-IPO - The Negatives - Lacks Growth

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 3Q22, the game market size shrank in China and globally.</li>
<li>The limitations on time spent on games by juveniles, imposed earlier by the authorities, severely impacted the domestic market.</li>
<li>We believe the key impact for 2023 is the predictable license approval.</li>
</ul>


In 3Q22, the game market size shrank in China and globally.
The limitations on time spent on games by juveniles, imposed earlier by the authorities, severely impacted the domestic market.
We believe the key impact for 2023 is the predictable license approval.


Tencent (700 HK): Game Market Weak in 3Q22 and to Be Worse in 2023

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)

Shanghai/Shenzhen Northbound Connect: Weekly Moves (28 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.7bn, split between Shanghai (...

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (28 October 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.65bn, split (+HK$1.78bn)...

David Blennerhassett

Weibo (WB US) – Navigate Short-Term Headwind

Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of...

CMB International

Sunshine Insurance Group Pre-IPO - The Negatives - Lacks Growth

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we talk about the...

Sumeet Singh

Tencent (700 HK): Game Market Weak in 3Q22 and to Be Worse in 2023

In 3Q22, the game market size shrank in China and globally. The playing time limit severely impacted the domestic market. We believe the key impact...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (28 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.7bn, split between Shanghai (...

David Blennerhassett

Shanghai/​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (28 October 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.65bn, split (+HK$1.78bn)...

David Blennerhassett

Weibo (WB US) – Navigate Short-Term Headwind

Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of...

CMB International

Sunshine Insurance Group Pre-IPO - The Negatives - Lacks Growth

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we talk about the...

Sumeet Singh

Tencent (700 HK): Game Market Weak in 3Q22 and to Be Worse in 2023

In 3Q22, the game market size shrank in China and globally. The playing time limit severely impacted the domestic market. We believe the key impact...

Ming Lu

Shanghai/Shenzhen Northbound Connect: Weekly Moves (28 October 2022)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (28 October 2022)