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.

Thematic (Sector/Industry)

<ul><li>On 12 May, China and the US issued a joint statement that the US and China will lower tariffs for 90 days by 14 May, with the US reducing its tariff from 145% to 30% and China reducing its tariff from 125% to 10%.</li><li>Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product categories on 11 Apr (our note).</li><li>Overall, we believe consumer technology (esp. Apple supply chain) with high US revenue exposure will benefit most from the China-US tariff deal. </li></ul><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>

On 12 May, China and the US issued a joint statement that the US and China will lower tariffs for 90 days by 14 May, with the US reducing its tariff from 145% to 30% and China reducing its tariff from 125% to 10%.Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product categories on 11 Apr (our note).Overall, we believe consumer technology (esp. Apple supply chain) with high US revenue exposure will benefit most from the China-US tariff deal. 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.

Technology - Implications of China-US Tariff Reduction

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>BEKE US: Post-May Holiday Slowdown in Existing Home Transactions, Stabilized New Home Sales. (/)</li>
<li>1810 HK : Several Xiaomi Car Owners Demand Refunds (-)</li>
<li>ZK US: Zeekr Launches Channel Reform, Introduces Agent-Based Partnership Model(+)</li>
</ul>


BEKE US: Post-May Holiday Slowdown in Existing Home Transactions, Stabilized New Home Sales. (/)
1810 HK : Several Xiaomi Car Owners Demand Refunds (-)
ZK US: Zeekr Launches Channel Reform, Introduces Agent-Based Partnership Model(+)


[Blue Lotus Daily]:BEKE US/1810 HK/ZK US/LKNCY US/Macro/New Energy Vehicles

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 May 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the June rebalance of the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> ended on 31 March, the results will be announced on 16 May and will be implemented on 6 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> could be added to the index while <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> could be deleted from the index.</li>
<li>There are other stocks with big flows due to a change in the FreeFloat-Adjusted Factor (FAF) methodology for Secondary Listings that will be implemented from the rebalance in June.</li>
</ul>


The review period for the June rebalance of the HSCEI ended on 31 March, the results will be announced on 16 May and will be implemented on 6 June.

Pop Mart International Group L (9992 HK) could be added to the index while Sunny Optical Technology Group (2382 HK) could be deleted from the index.
There are other stocks with big flows due to a change in the FreeFloat-Adjusted Factor (FAF) methodology for Secondary Listings that will be implemented from the rebalance in June.


HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace Sunny Optical (2382 HK)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC, CSPC Pharma.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC, CSPC Pharma.


HK Connect Flows Weekly (May 9th): Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC

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)

Technology - Implications of China-US Tariff Reduction

Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product...

CMB International

[Blue Lotus Daily]:BEKE US/1810 HK/ZK US/LKNCY US/Macro/New Energy Vehicles

Post-holiday slowdown in existing home transactions but stabilized new home sales; Xiaomi car owners demand refunds; Zeekr launches channel reform...

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace Sunny Optical (2382 HK)

Pop Mart could replace Sunny Optical in the index. There will be inflows for NetEase, Trip.com and Baidu due to a FAF methodology change. Pop Mart...

Brian Freitas

HK Connect Flows Weekly (May 9th): Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Technology - Implications of China-US Tariff Reduction

Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product...

CMB International

[Blue Lotus Daily]:BEKE US/1810 HK/ZK US/LKNCY US/Macro/New Energy Vehicles

​Post-holiday slowdown in existing home transactions but stabilized new home sales; Xiaomi car owners demand refunds; Zeekr launches channel reform...

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace Sunny Optical (2382 HK)

Pop Mart could replace Sunny Optical in the index. There will be inflows for NetEase, Trip.com and Baidu due to a FAF methodology change. Pop Mart...

Brian Freitas

HK Connect Flows Weekly (May 9th): Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, Alibaba, Beigene, Tencent, Xiaomi, SMIC,...

Ke Yan, CFA, FRM

Post-holiday slowdown in existing home transactions but stabilized new home sales; Xiaomi car owners demand refunds; Zeekr launches channel reform...