Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <strong><a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a></strong> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. </li>
<li>The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an<strong> EGM (Scheme-like) vote on the 9th March</strong>.</li>
<li>A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. 
The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.
A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.


Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl, BYD.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl, BYD.


HK Short Interest Weekly: Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl, Guotai Junan I.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl, Guotai Junan I.


HK Short Interest Weekly: Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx.


HK Short Interest Weekly: Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International, Cmoc, Zhejiang Leapmotor Technology.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International, Cmoc, Zhejiang Leapmotor Technology.


HK Short Interest Weekly: YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International

China

Leapmotor is a Chinese automobile manufacturer specializing in the research, development, production, and sales of intelligent electric vehicles (EVs), including sedans, SUVs, and microcars. The company also develops core EV components such as intelligent driving systems, electric drive assemblies, and battery systems. Founded in December 2015, Leapmotor is headquartered in Hangzhou, China.

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Leapmotor (9863 HK)

Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Tough space getting tougher. XPeng (9868 HK) reported 1Q26 losses widened 169% to RMB1.78bn on lower vehicle deliveries. This follows widening 1Q26...

David Blennerhassett

HK Short Interest Weekly: Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Apr 24th and highlight short interest changes in Hua Hong Semiconductor,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Pop Mart Intl, Alibaba,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx

We analyzed the latest HK SFC report for aggregate short position as of Apr 10th and highlight short interest changes in Weichai Power, Techtronic,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: YOFC, Pop Mart Intl, China Hongqiao, AIA, Bidu, Zijin Gold International

We analyzed the latest HK SFC report for aggregate short position as of Mar 27 and highlight short interest changes in YOFC (6869 HK), Pop Mart...

Ke Yan, CFA, FRM

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