Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.</li>
<li>This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.</li>
<li>Graham would conclude these stocks are priced for liquidation.  Stocks discussed include <a href="https://www.smartkarma.com/entities/brilliance-china-automotive" target="_blank" data-smartkarma-citation="entities:469:1" rel="noopener">Brilliance China (1114 HK)</a>, <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan (909 HK)</a>, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech (2158 HK)</a>, and <a href="https://www.smartkarma.com/entities/a-living-smart-city-services-c" target="_blank" data-smartkarma-citation="entities:26728:1" rel="noopener">A-Living Smart City (3319 HK)</a>.</li>
</ul>


With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation.  Stocks discussed include Brilliance China (1114 HK), Ming Yuan (909 HK), Yidu Tech (2158 HK), and A-Living Smart City (3319 HK).


More Hong Kong Stocks Priced For Liquidation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

Beijing DeepZero Technology / Index Rebalance

<ul>
<li>HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.</li>
<li>ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.</li>
<li>DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.</li>
</ul>


HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.
ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.
DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.


HSCI / HK Connect Sep 2026: Post-Implementation Review

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.</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 Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.


HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Although DeepSeek's continuous updates, iterations, and deep integration with more and more healthcare enterprises in China will bring positive market sentiment, we have seen certain limitations and even risks behind.</li>
<li>Currently, AI healthcare relies heavily on government subsidies or hardware sales in China, which lacks sustainable payment scenarios and profit model. The data security/privacy/compliance issue may not be completely solve.</li>
<li>For the companies that have integrated with DeepSeek, investors need to verify their afterwards financial performance and fundamentals. If it does not meet expectations, investors are recommended sell in time.</li>
</ul>


Although DeepSeek's continuous updates, iterations, and deep integration with more and more healthcare enterprises in China will bring positive market sentiment, we have seen certain limitations and even risks behind.
Currently, AI healthcare relies heavily on government subsidies or hardware sales in China, which lacks sustainable payment scenarios and profit model. The data security/privacy/compliance issue may not be completely solve.
For the companies that have integrated with DeepSeek, investors need to verify their afterwards financial performance and fundamentals. If it does not meet expectations, investors are recommended sell in time.


DeekSeek May Not Be The "Game Changer" In China Healthcare - Time to Be Rational

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.</li>
<li>
<a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a>, <a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group (9858 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a>, <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry (1818 HK)</a>, and <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> are possible candidates.</li>
<li>Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.</li>
</ul>


The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.

GDS Holdings (9698 HK), China Youran Dairy Group (9858 HK), Shandong Gold Mining (1787 HK), Zhaojin Mining Industry (1818 HK), and BYD Electronics (285 HK) are possible candidates.
Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.


China & HK Strategy: Assessing Placement Risks, Who Needs Money?

China

Yidu Tech is an investment holding company that provides healthcare solutions built on big data and artificial intelligence (AI) technologies. It focuses on AI-driven healthcare transformation, developing professional, efficient, precise, and accessible AI products and solutions for the healthcare industry. The company was founded in 2014 and is headquartered in Beijing, China.

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

Yidu Tech (2158 HK)

More Hong Kong Stocks Priced For Liquidation

This note looks at Net Nets, (current assets less current liabilities), then subtract debt not included in current liabilities. Benjamin Graham...

David Blennerhassett

HSCI / HK Connect Sep 2026: Post-Implementation Review

HK Connect Sep 2026 implementation has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), AIA (1299 HK), Innovent Bio...

Ke Yan, CFA, FRM

DeekSeek May Not Be The "Game Changer" In China Healthcare - Time to Be Rational

DeepSeek's integration with companies brings market optimism, but risks remain due to unsustainable profit model and data security...

Xinyao (Criss) Wang

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

More Hong Kong Stocks Priced For Liquidation

This note looks at Net Nets, (current assets less current liabilities), then subtract debt not included in current liabilities. Benjamin Graham...

David Blennerhassett

HSCI / HK Connect Sep 2026: Post-Implementation Review

HK Connect Sep 2026 implementation has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), AIA (1299 HK), Innovent Bio...

Ke Yan, CFA, FRM

DeekSeek May Not Be The "Game Changer" In China Healthcare - Time to Be Rational

​DeepSeek's integration with companies brings market optimism, but risks remain due to unsustainable profit model and data security...

Xinyao (Criss) Wang

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

DeepSeek's integration with companies brings market optimism, but risks remain due to unsustainable profit model and data security...