Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<div>
<p>The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>H/A Discount,</li>
<li>movement in H/A Discount over 5 and 20 days,</li>
<li>a 52-week Z-score for the spread,</li>
<li>A chart showing evolution of the H/A spread over the last 20 days,</li>
<li>Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, </li>
<li>There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. </li>
</ul>
</div>
<div>
<hr>
<p>The first sector is <strong>Consumer</strong>, where H/A spreads widened on average 0.6% for the week, after running 3.5% wider the previous week. Individual stock movement in the sector was striking. <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> narrowed on strong H-share performance in the week, and <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> and <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a> widened, though Great Wall had a great week. The entire sector has had an absolutely phenomenal post-Golden Week run with all the auto-related stocks doing VERY well (but all of them seeing their H/A spreads widen over the period. The average H-share in the sector gained 10.5% last week and has gained 27.8% since the start of the Golden Week holiday.</p>
</div>
<div>
<p>Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were net purchasers on the week, especially in the auto-related H-shares. The only liquid H in the sector which saw net selling by Southbound investors was <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a>. </p>
</div>
<div>
<p><a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> remain at the overbought end of the 52-week range. <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> are at or near 52-week wides, and Tsingtao is pretty close. </p>
</div>
<div>
<p>There were no sector spread recommendations last week in this sector. </p>
</div>
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<p>For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.</p>
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The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...



H/A Discount,
movement in H/A Discount over 5 and 20 days,
a 52-week Z-score for the spread,
A chart showing evolution of the H/A spread over the last 20 days,
Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, 
There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. 




The first sector is Consumer, where H/A spreads widened on average 0.6% for the week, after running 3.5% wider the previous week. Individual stock movement in the sector was striking. BYD (1211 HK) and Guangzhou Automobile Group (2238 HK) narrowed on strong H-share performance in the week, and Great Wall Motor (2333 HK) and Tsingtao Brewery Co Ltd H (168 HK) widened, though Great Wall had a great week. The entire sector has had an absolutely phenomenal post-Golden Week run with all the auto-related stocks doing VERY well (but all of them seeing their H/A spreads widen over the period. The average H-share in the sector gained 10.5% last week and has gained 27.8% since the start of the Golden Week holiday.


Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were net purchasers on the week, especially in the auto-related H-shares. The only liquid H in the sector which saw net selling by Southbound investors was Hisense Home Appliances Group Co., Ltd. H (921 HK). 


Hisense Home Appliances Group Co., Ltd. H (921 HK) and BYD (1211 HK) remain at the overbought end of the 52-week range. Great Wall Motor (2333 HK), Guangzhou Automobile Group (2238 HK) are at or near 52-week wides, and Tsingtao is pretty close. 


There were no sector spread recommendations last week in this sector. 









For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.


Quiddity Weekly H/​​​A: Share Spread Monitor 6 Nov 2020

<div>
<p>The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>H/A Discount,</li>
<li>movement in H/A Discount over 5 and 20 days,</li>
<li>a 52-week Z-score for the spread,</li>
<li>A chart showing evolution of the H/A spread over the last 20 days,</li>
<li>Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, </li>
<li>There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. </li>
</ul>
</div>
<div>
<p>The first sector is <strong>Consumer</strong>, where H/A spreads widened on average 3.5% for the week. Individual stock movement in the sector was striking. All five liquid spreads widened, but <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> and <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a> widened because the H-shares were down, and the other four widened because of extraordinary gains in the A-Shares. </p>
</div>
<div>
<p>Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were net purchasers on the week, especially in the auto-related H-shares. </p>
</div>
<div>
<p><a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> remain at the overbought end of the 52-week range. <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> are at or near 52-week wides, and Tsingtao is pretty close. </p>
</div>
<div>
<div>
<div class="content-highlight">
<p>Last week's recommendation was to continue to unwind the Hisense H/A spread, which widened 6% on the week. I also noted Great Wall and Guangzhou were worth a buy on a spread basis and they widened 2.9% on average. They were worth holding onto as spreads.</p>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/168/642/original/Screenshot%202020-11-01%20at%2012.23.49%20PM.png?1604204650" class="editor-image img-responsive" data-smartkarma-image-id="168642"></figure>
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<p>For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.</p>


The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...



H/A Discount,
movement in H/A Discount over 5 and 20 days,
a 52-week Z-score for the spread,
A chart showing evolution of the H/A spread over the last 20 days,
Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, 
There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. 



The first sector is Consumer, where H/A spreads widened on average 3.5% for the week. Individual stock movement in the sector was striking. All five liquid spreads widened, but Great Wall Motor (2333 HK) and Tsingtao Brewery Co Ltd H (168 HK) widened because the H-shares were down, and the other four widened because of extraordinary gains in the A-Shares. 


Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were net purchasers on the week, especially in the auto-related H-shares. 


Hisense Home Appliances Group Co., Ltd. H (921 HK) and BYD (1211 HK) remain at the overbought end of the 52-week range. Great Wall Motor (2333 HK), Guangzhou Automobile Group (2238 HK) are at or near 52-week wides, and Tsingtao is pretty close. 




Last week's recommendation was to continue to unwind the Hisense H/A spread, which widened 6% on the week. I also noted Great Wall and Guangzhou were worth a buy on a spread basis and they widened 2.9% on average. They were worth holding onto as spreads.









For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.

Quiddity Weekly H/​​A: Share Spread Monitor 30 Oct 2020

<div>
<p>The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>H/A Discount,</li>
<li>movement in H/A Discount over 5 and 20 days,</li>
<li>a 52-week Z-score for the spread,</li>
<li>A chart showing evolution of the H/A spread over the last 20 days,</li>
<li>Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, </li>
<li>There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. </li>
</ul>
<p>On average, </p>
<p>The first sector is <strong>Consumer</strong>, where H/A spreads widened on average 2.7% for the week, more than cancelling out the average 1.7% spread narrowing last week. With the exception of <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a>, this happened as the H-shares rose strongly and the A-Shares rose even more strongly.  </p>
<p>Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were significant net sellers during the week in both <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a> and <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a> where the net selling activity amounted to 15.5% and 22% of volume respectively. </p>
<p>Hisense remains at the overbought end of the 52-week range. <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> and <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> are now at 52-week wides. </p>
<div class="content-highlight">
<p>Last week's recommendation was to take off Hisense and the H-share fell 7.3% while the spread widened 0.7%. It is still probably worth unwinding. At this point, Great Wall and Guangzhou are worth a buy on a spread basis.</p>
</div>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/062/original/Screenshot%202020-10-24%20at%202.45.56%20PM.png?1603521970" class="editor-image img-responsive" data-smartkarma-image-id="167062"></figure>
</section>
<p></p>
<p>For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.</p>
</div>


The H-Share/A-Share monitor is published every weekend for the data ending the last trading day of the previous week. It includes all H-Share/A-Share pairs where the H-Share has a 90-day average daily value-traded of US$1.0mm or more. It shows basic data per H/A spread stock by sector, with...



H/A Discount,
movement in H/A Discount over 5 and 20 days,
a 52-week Z-score for the spread,
A chart showing evolution of the H/A spread over the last 20 days,
Southbound shares held (millions of shares), Net Change in Southbound (Shanghai and Shenzhen combined) shares held by millions of shares, and contribution of Net Southbound Volume to HK-traded volume over the past five days and 20 days, 
There is also a chart showing the average sector spread and the individual spreads within each sector over the last three years. 

On average, 
The first sector is Consumer, where H/A spreads widened on average 2.7% for the week, more than cancelling out the average 1.7% spread narrowing last week. With the exception of Hisense Home Appliances Group Co., Ltd. H (921 HK), this happened as the H-shares rose strongly and the A-Shares rose even more strongly.  
Southbound investors through the Shenzhen-HK and Shanghai-HK Connect were significant net sellers during the week in both Tsingtao Brewery Co Ltd H (168 HK) and Hisense Home Appliances Group Co., Ltd. H (921 HK) where the net selling activity amounted to 15.5% and 22% of volume respectively. 
Hisense remains at the overbought end of the 52-week range. Great Wall Motor (2333 HK) and Guangzhou Automobile Group (2238 HK) are now at 52-week wides. 

Last week's recommendation was to take off Hisense and the H-share fell 7.3% while the spread widened 0.7%. It is still probably worth unwinding. At this point, Great Wall and Guangzhou are worth a buy on a spread basis.





For Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities, please read on.


Quiddity Weekly H/​A: Share Spread Monitor 23 Oct 2020

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

<div><p><a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (NON HK)</a> is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in China.</p></div><div><p>Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments. Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business. </p></div><div><p>In my earlier notes, I spoke about the company, its past performance and undertook a peer comparison and valuation analysis:</p></div><div><ul>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-the-positives-leaves-one-thirsty-for-more" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - The Positives - Leaves One Thirsty for More</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-the-negatives-doesn-t-need-to-list-or-expand-production-facilities" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - The Negatives - Doesn’t Need to List or Expand Production Facilities</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-peer-comparison-superior-margins-and-growth" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-first-stab-at-valuation" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - First Stab at Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-phip-updates" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - PHIP Updates</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-updates-to-valuation" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - Updates to Valuation</a></li>
</ul></div><div><span>In this note, I’ll run the deal through our ECM framework and talk about deal dynamics.</span></div>

Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in China.Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments. Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business. In my earlier notes, I spoke about the company, its past performance and undertook a peer comparison and valuation analysis:
Nongfu Spring Pre-IPO - The Positives - Leaves One Thirsty for More
Nongfu Spring Pre-IPO - The Negatives - Doesn’t Need to List or Expand Production Facilities
Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth
Nongfu Spring Pre-IPO - First Stab at Valuation
Nongfu Spring Pre-IPO - PHIP Updates
Nongfu Spring Pre-IPO - Updates to Valuation
In this note, I’ll run the deal through our ECM framework and talk about deal dynamics.

Nongfu Spring IPO - Not Cheap by Any Measure but Is a Quality Name

<div>
<p><a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (NON HK)</a> is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in China.</p>
</div>
<div>
<p>Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments. Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business. </p>
</div>
<div>
<p>In my earlier notes, I spoke about the company, its past performance and undertook a peer comparison and valuation analysis:</p>
</div>
<div>
<ul>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-the-positives-leaves-one-thirsty-for-more" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - The Positives - Leaves One Thirsty for More</a></li>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-the-negatives-doesn-t-need-to-list-or-expand-production-facilities" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - The Negatives - Doesn’t Need to List or Expand Production Facilities</a></li>
</ul>
</div>
<div>
<ul>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-peer-comparison-superior-margins-and-growth" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth</a></li>
</ul>
</div>
<div>
<ul>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-first-stab-at-valuation" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - First Stab at Valuation</a></li>
</ul>
</div>
<div>
<ul>
<li><a href="https://www.smartkarma.com/insights/nongfu-spring-pre-ipo-phip-updates" target="_blank" rel="noopener">Nongfu Spring Pre-IPO - PHIP Updates</a></li>
</ul>
<p>In this note, I’ll talk about valuations.</p>
</div>


Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in China.


Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments. Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business. 


In my earlier notes, I spoke about the company, its past performance and undertook a peer comparison and valuation analysis:



Nongfu Spring Pre-IPO - The Positives - Leaves One Thirsty for More
Nongfu Spring Pre-IPO - The Negatives - Doesn’t Need to List or Expand Production Facilities




Nongfu Spring Pre-IPO - Peer Comparison - Superior Margins and Growth




Nongfu Spring Pre-IPO - First Stab at Valuation




Nongfu Spring Pre-IPO - PHIP Updates

In this note, I’ll talk about valuations.


Nongfu Spring Pre-IPO - Updates to Valuation

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

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

Tsingtao Brewery Co Ltd A (600600 CH)

Nongfu Spring IPO - Not Cheap by Any Measure but Is a Quality Name

Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...

Sumeet Singh

Nongfu Spring Pre-IPO - Updates to Valuation

Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Weekly H/​​​A: Share Spread Monitor 6 Nov 2020

H/A spreads saw discounts narrow in what was a great week for a couple of sectors on an outright basis. Southbound inflows continue in financials...

Travis Lundy

Quiddity Weekly H/​​A: Share Spread Monitor 30 Oct 2020

The H-Share/​A-Share monitor is published every weekend for the previous week showing the 1wk and 4wk moves in H/A spreads and southbound activity....

Travis Lundy

Quiddity Weekly H/​A: Share Spread Monitor 23 Oct 2020

Quiddity H/A Spread Monitor for the week ending 23 October 2020. Spreads widened in Consumer, narrowed in every other sector. Southbound were...

Travis Lundy

Nongfu Spring IPO - Not Cheap by Any Measure but Is a Quality Name

Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...

Sumeet Singh

Nongfu Spring Pre-IPO - Updates to Valuation

Nongfu Spring (NON HK) is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in...

Sumeet Singh

Quiddity Weekly H/A: Share Spread Monitor 6 Nov 2020

Quiddity Weekly H/A: Share Spread Monitor 30 Oct 2020

The H-Share/A-Share monitor is published every weekend for the previous week showing the 1wk and 4wk moves in H/A spreads and southbound activity....

Quiddity Weekly H/A: Share Spread Monitor 23 Oct 2020