Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

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 analyzed the latest HK SFC report for aggregate short position as of Oct 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, CMB, CCB, Xiaomi, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, CMB, CCB, Xiaomi, HSBC.


HK Short Interest Weekly: Tencent, CMB, CCB, Xiaomi, HSBC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi.


HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The top ten highest-yielding stocks under our coverage have an average yield of 7.4% for FY25F and 7.2% for FY26F, attractive amid the declining interest rate environment.</li>
<li>
<a href="https://www.smartkarma.com/entities/sinotrans-limited-h" target="_blank" data-smartkarma-citation="entities:1321:1" rel="noopener">Sinotrans (598 HK)</a>, <a href="https://www.smartkarma.com/entities/anhui-expressway-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5236:1" rel="noopener">Anhui Expressway Co Ltd H (995 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-railway-signal-communication-co-ltd" target="_blank" data-smartkarma-citation="entities:613:1" rel="noopener">China Railway Signal &amp; Communication (3969 HK)</a> are better quality ones with 6-7% average yield.</li>
<li>Chinese airlines are low on yields given they are still loss-making, but they have a good earnings rebound in 2H25, making them suitable for aggressive investors.</li>
</ul>


The top ten highest-yielding stocks under our coverage have an average yield of 7.4% for FY25F and 7.2% for FY26F, attractive amid the declining interest rate environment.

Sinotrans (598 HK), Anhui Expressway Co Ltd H (995 HK), and China Railway Signal &amp; Communication (3969 HK) are better quality ones with 6-7% average yield.
Chinese airlines are low on yields given they are still loss-making, but they have a good earnings rebound in 2H25, making them suitable for aggressive investors.


China & HK Strategy: The High-Yield Playbook

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

China

Trip.com Group Limited provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services. Trip.com Group provides services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Trip.com Group (9961 HK)

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

HK Short Interest Weekly: Tencent, CMB, CCB, Xiaomi, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Oct 17th and highlight short interest changes in Tencent, CMB, CCB, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Oct 10th and highlight short interest changes in Bidu, Hua Hong...

Ke Yan, CFA, FRM

China & HK Strategy: The High-Yield Playbook

With the increase in volatility in the near term due to the uncertainties from potentially higher tariffs and the Trump-Xi meeting in APEC, there...

Osbert Tang, CFA

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd and highlight short interest changes in Meituan, Tencent, HSBC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)