Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>HUGE, rampaging, "Beautiful Skew"... unwinds. Big swings in H/A ratios continue, this time on average with 2.3% H underperformance vs As, 4% wider on the highest AH premia.</li>
<li>Last week's long reco on <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> was up 1 tick on the week in Hs and Hs underperformed the A by 1.5%. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there free for SK readers.</li>
</ul>


HUGE, rampaging, "Beautiful Skew"... unwinds. Big swings in H/A ratios continue, this time on average with 2.3% H underperformance vs As, 4% wider on the highest AH premia.
Last week's long reco on Guangzhou Automobile Group (2238 HK) was up 1 tick on the week in Hs and Hs underperformed the A by 1.5%. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.


A/H Premium Tracker (To 22 Aug 2025):  BIG Beautiful Skew Corrects

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Wanguo International Mining / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wanguo-international-mining" target="_blank" data-smartkarma-citation="entities:5596:1" rel="noopener">Wanguo International Mining (3939 HK)</a> is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare down another 0.7%, to raise US$32m.</li>
<li>The company intends to use the proceeds towards funding the expansion of its Gold Ridge Mine in the Solomon Islands, along with other business development purposes.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Wanguo International Mining (3939 HK) is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare down another 0.7%, to raise US$32m.
The company intends to use the proceeds towards funding the expansion of its Gold Ridge Mine in the Solomon Islands, along with other business development purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wanguo Gold Group Placement - Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.</li>
<li>The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.</li>
<li>We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.
The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.
We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.


A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.
The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.
We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.


A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.


Hong Kong Connect Flows (July): Near $15bn Inflows

China

Zhengzhou Coal Mining Machinery Group Co., Ltd. develops and manufactures hydraulic support in coal industry.  The Company's products include two legs hydraulic support, four legs hydraulic support, caving support, and hydraulic valve.

Zhengzhou Coal Mining Machinery Group Co (564 HK)

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Zhengzhou Coal Mining Machinery Group Co (564 HK)

A/H Premium Tracker (To 22 Aug 2025): BIG Beautiful Skew Corrects

BIG BEAUTIFUL SKEW Corrects 2.3%. Feels like more of a correction to come. A shares seeing a real push on the speculative side.

Travis Lundy

Wanguo Gold Group Placement - Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small

Wanguo Gold Group Ltd (WGG, 3939.HK) is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare...

Akshat Shah

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (July): Near $15bn Inflows

We estimate inflows to the HK shares from mainland investors amount to US$14.5bn in July. We highlight flows for CCB, China Life, SMIC, Meituan,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)