Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.</li>
<li>However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.</li>
<li>There is a fair bit of flow, but the obvious big name - <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> - has potential overhang. Watch <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. </li>
</ul>


The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.
However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.
There is a fair bit of flow, but the obvious big name - SenseTime Group (20 HK) - has potential overhang. Watch Haier Smart Home Co Ltd (6690 HK). 


Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> expects a sharp 87.5-92.5% reduction in its losses in 1H22, driven primarily by significant revival in its Club Med business, though China is weak.</li>
<li>Outlook for 2H22 looks very encouraging as booking figures indicate good YoY volume growth and double-digit rate improvement in EMEA and Americas. </li>
<li>China also witnessed solid rebound in Jul and Aug after removal of lockdowns in 2Q22. New Club Med Joyview resorts including Changbaishan and Qiandaohu are added contributors. </li>
</ul>



Fosun Tourism (1992 HK) expects a sharp 87.5-92.5% reduction in its losses in 1H22, driven primarily by significant revival in its Club Med business, though China is weak.
Outlook for 2H22 looks very encouraging as booking figures indicate good YoY volume growth and double-digit rate improvement in EMEA and Americas. 
China also witnessed solid rebound in Jul and Aug after removal of lockdowns in 2Q22. New Club Med Joyview resorts including Changbaishan and Qiandaohu are added contributors. 


Fosun Tourism (1992 HK): Positive Profit Alert and Improving Outlook Guidances

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: Where Covid vaccine development is going</li><li>Hong Kong’s new chief executive pledges to review IPO rules to attract foreign firms</li><li>Knife-wielding attacker injures five people at Shanghai hospital</li></ul>

Cover Story: Where Covid vaccine development is goingHong Kong’s new chief executive pledges to review IPO rules to attract foreign firmsKnife-wielding attacker injures five people at Shanghai hospital

CX Daily: Where Covid Vaccine Development Is Going

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>Alibaba CEO’s article appeared on a government journal, which can be a positive signal to non-state-owned companies.</li>
<li>Prosus sells shareholdings in Tencent and JD.com to repurchase its own shares.</li>
<li>Tencent is trying to use game technologies in other fields.</li>
</ul>


Alibaba CEO’s article appeared on a government journal, which can be a positive signal to non-state-owned companies.
Prosus sells shareholdings in Tencent and JD.com to repurchase its own shares.
Tencent is trying to use game technologies in other fields.


China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

Thematic (Sector/Industry)

<ul>
<li>Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving overseas travellers have to spend in quarantine.</li>
<li>The surge in share prices reflects some newfound optimism in an industry that has been battered by the pandemic</li>
<li>In a press release that same day, the State Council forbade local governments from stopping people from crossing regional borders into their jurisdiction or forcing them to quarantine for no good reason</li>
</ul>


Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving overseas travellers have to spend in quarantine.
The surge in share prices reflects some newfound optimism in an industry that has been battered by the pandemic
In a press release that same day, the State Council forbade local governments from stopping people from crossing regional borders into their jurisdiction or forcing them to quarantine for no good reason


Chinese Travel Industry Stocks Take Off After Quarantine Rule Change

China

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

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Trip.com (TCOM US)

Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

On Friday the the HS Tech Index review was announced. NO ADDs. NO DELETEs, but ~5% one-way turnover on capping and FAF/share flow. Sensetime is big...

Travis Lundy

Fosun Tourism (1992 HK): Positive Profit Alert and Improving Outlook Guidances

Not only that Fosun Tourism has an improving 1H22 performance, its outlook for 2H22 is also promising as evidenced by solid forward booking, better...

Osbert Tang, CFA

CX Daily: Where Covid Vaccine Development Is Going

Cover Story: Where Covid vaccine development is going. Hong Kong’s new chief executive pledges to review IPO rules to attract foreign firms

Caixin Global

China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

Alibaba CEO’s article appeared on a governmental journal. Prosus sells shareholdings in Tencent and JD.com. Tencent is trying to use game...

Ming Lu

Chinese Travel Industry Stocks Take Off After Quarantine Rule Change

Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving...

Caixin Global

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