Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

China managers are losing faith in <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK).</a> From peak ownership of 32.5% of funds back in December 2020, active China managers have closed positions in <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> en masse.  Average holding weights have dropped from 0.77% to 0.37% over the same period, with the net underweight rising to -1.17%.This leaves sentiment in <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>  among the worst in the China universe at present.Analysis taken from our China research, which covers 116 active China managers with combined AUM of $68bn

China managers are losing faith in Xiaomi Corp (1810 HK). From peak ownership of 32.5% of funds back in December 2020, active China managers have closed positions in Xiaomi Corp (1810 HK) en masse.  Average holding weights have dropped from 0.77% to 0.37% over the same period, with the net underweight rising to -1.17%.This leaves sentiment in Xiaomi Corp (1810 HK)  among the worst in the China universe at present.Analysis taken from our China research, which covers 116 active China managers with combined AUM of $68bn

Xiaomi Exodus:  Confidence Fading Among Active China Investors

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

According to market analysis firm Canalys, the Chinese smartphone maker <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>  has beaten iPhone maker <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a>  to become the second-largest smartphone maker in the world based on the shipment volume in the second quarter of 2021 (preliminary estimates). The global smartphone shipment volume increased by 12% in 2Q2021 with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>  claiming the largest share of 19% followed by Xiaomi with a 17% market share.In our previous insight on Xiaomi’s 1Q2021 earnings, we highlighted that Xiaomi narrowed the market share gap with iPhone maker apple with a market share of 14.1% vs 15.1% for Apple in 1Q2021.

According to market analysis firm Canalys, the Chinese smartphone maker Xiaomi Corp (1810 HK)  has beaten iPhone maker Apple Inc (AAPL US)  to become the second-largest smartphone maker in the world based on the shipment volume in the second quarter of 2021 (preliminary estimates). The global smartphone shipment volume increased by 12% in 2Q2021 with Samsung Electronics (005930 KS)  claiming the largest share of 19% followed by Xiaomi with a 17% market share.In our previous insight on Xiaomi’s 1Q2021 earnings, we highlighted that Xiaomi narrowed the market share gap with iPhone maker apple with a market share of 14.1% vs 15.1% for Apple in 1Q2021.

Xiaomi Beats Apple to Become No. 2 in the Global Smartphone Market in 2Q2021

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

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight inflows into Geely Automobile Holdings Limited (175 HK), Xiaomi Corporation (1810 HK), Haidilao International Holding Ltd. (6862 HK), as well as outflows from Tencent Holdings Limited (700 HK), and Meituan (3690 HK).

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight inflows into Geely Automobile Holdings Limited (175 HK), Xiaomi Corporation (1810 HK), Haidilao International Holding Ltd. (6862 HK), as well as outflows from Tencent Holdings Limited (700 HK), and Meituan (3690 HK).

Hong Kong Connect Flows: Geely & Xiaomi Inflows

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 9th.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 196.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.8 million worth of buybacks), Fih Mobile Limited (2038 HK) (HKD 30.3 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 9th.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 196.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.8 million worth of buybacks), Fih Mobile Limited (2038 HK) (HKD 30.3 million worth of buybacks).

Hong Kong Buybacks: Xiaomi HKD 200m Buyback

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US Markets were mixed as the S&amp;P was down 0.2%, snapping its 7-day winning streak while NASDAQ, was up 0.2%, at a new record. The June ISM Services index in the US dropped to 60.1 from May’s record high of 64.0 and lower than the forecasted 63.5. US business output continued to expand at the third-fastest rate since October 2009. Real Estate, Consumer Discretionary and IT were up 0.9%, 0.8% and 0.4%, pulling the bourses up while Energy, Financials and Materials down 3.2%, 1.6% and 1.4% pushed them lower. US 10Y Treasury yields dipped 9bp to a four month low of 1.35%. Eurostat eurozone retail sales  rose by more than expected in May. However, German economic sentiment hit its lowest since January, with the ZEW survey at 63.3 in July, lower than the forecasted 75.2. European markets slid across – DAX, FTSE and CAC were down ~1.0%. US IG and HY CDS spreads widened 0.7bp and 4.3bp respectively.  EU main and crossover CDS widened 1bp and 6.6bp respectively. Saudi TASI and Abu Dhabi’s ADX were down 0.3% and 0.2% respectively. Brazil’s Bovespa was down 1.4% higher. Asian markets opened in the red – HSI, Singapore’s STI and Nikkei were down 1.1%, 0.9% and 0.8% while Shanghai was largely flat. Asia ex-Japan CDS spreads were 1bp wider. Chinese property developers’ bonds , including Evergrande , Risesun , Kaisa and Sunac witnessed a sharp fall late on Tuesday. Sri Lanka’s bonds  also made it to the losers list on the overall risk-off sentiment.

Xiaomi, Zhejiang Expressway Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top...

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Xiaomi Exodus: Confidence Fading Among Active China Investors

China managers are losing faith in Xiaomi Corp (1810 HK). From peak ownership of 32.5% of funds back in December 2020, active China managers have...

Steven Holden

Xiaomi Beats Apple to Become No. 2 in the Global Smartphone Market in 2Q2021

Xiaomi overtook Apple to become no. 2 in the smartphone market in 2Q and based on its 2Q21 shipments and assuming 1Q21 ASP remains same, Xiaomi's...

Shifara Samsudeen, FCMA, CGMA

Hong Kong Connect Flows: Geely & Xiaomi Inflows

We highlight Hong Kong Connect inflows into Geely Automobile Holdings Limited (175 HK), and Xiaomi Corporation (1810 HK) in the past week.

Ke Yan, CFA, FRM

Hong Kong Buybacks: Xiaomi HKD 200m Buyback

We highlight the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Want Want (151 HK), FIH Mobile (2038 HK)...

Ke Yan, CFA, FRM

Xiaomi, Zhejiang Expressway Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top...

US Markets were mixed as the S&P was down 0.2%, snapping its 7-day winning streak while NASDAQ, was up 0.2%, at a new record. The June ISM...

BondEvalue

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