Daily Briefs

Today the results of the NTT Data Corp (9613 JP) Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday here.
Yesterday I proposed that ROHM Co Ltd (6963 JP) would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.
Today, the Nikkei used the June 2020 rule change to announce NTT Data’s near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.

[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL, Less Certain Than Before

I published a Sep25 Nikkei 225 prediction list last Wednesday. By Friday, we had a new paradigm due to an ad hoc change. That new paradigm informs the September selection.
As it is, I expect one (1) ADD (Shift Inc (3697 JP)) and one (1) DELETE (Tokuyama Corp (4043 JP)) – a prediction which change on a corporate announcement.
My confidence on the ADD is a little lower due to the implications of the choice of Rohm. And the interesting ECM trade for September remains Sony Financial.

Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation

By Sanghyun Park

Mandatory treasury cancellation isn’t in the current bill, but FSC and MOJ have started internal reviews; enforcement decree could drop as early as Q4.
An internal policy paper suggests mandatory cancellation will apply only to newly acquired treasury shares, with tight limits on existing ones to curb owner control abuse.
Lack of retroactive cancellation weakens the bull case, and while holdco sentiment stays upbeat, momentum may fade, opening the door to a tactical pullback.

Holcim Spin-off (Amrize) Deep Dive

By Richard Howe

Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.
The first day of trading will be Monday, June 23, 2025.
Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.

Quiddity Leaderboard ASX Sep25: Spartan-Ramelius Deal Consequences + Many High-Impact Index Changes

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
We expect one change for ASX 50, three changes for ASX 100, and four changes for ASX 200. Separately we see 9 ADDs and 7 DELs for ASX 300.
The official index changes will be announced after the close on Friday 5th September 2025.

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.

Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform

By Douglas Kim

LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
The biggest driver of LG CNS’s share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea.
Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.

A/H Premium Tracker (To 20 June 2025): Skew Move Continues as SB Buys But AH Premia Rise

AH premia bounce back last week but the “skew” of wide premia converging and narrow premia moving wider continues. It has paid to be long wide H discounts.
The previous week smelled like an RMB counter trade was being set up, “confirmed” by a Caixin article the weekend. The HKEX “confirmation” this past week, well, maybe wasn’t one.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

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Jun 23

Daily Brief Singapore: IFBH and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins

By Xinyao (Criss) Wang

IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there’s uncertainty in future prospects. Valuation could be lower than industry average

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Jun 23

Daily Brief Australia: PointsBet Holdings , ANZ Group Holdings, Santos Ltd, Iron Ore, Flynn Gold and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

PointsBet (PBH AU): Betr’s “Superior Offer”? In An Alternate Reality
Long ANZ (ANZ AU), Short National Australia Bank (NAB AU): Banking on Statistical Arbitrage
Weekly Deals Digest (22 Jun) – Santos, PointsBet, Mayne, HKBN, Carta, Nakano, Sanhua, FWD, CaoCao
Relative Value Roundup: Performance Recap of Pair Trades in Asia-Pacific
Iron Ore Tracker (23-June-2025): Iron Ore Due for A Small Bounce?
Flynn Gold Ltd – Building the business

PointsBet (PBH AU): Betr’s “Superior Offer”? In An Alternate Reality

By David Blennerhassett

BETR Entertainment (BBT AU) has now tabled an all scrip off-market offer for PointsBet (PBH AU) – no minimum acceptance condition – which they consider superior to MIXI (2121 JP)‘s.
Really? 3.81 new betr shares is currently equivalent to A$1.143/share versus MIXI’s A$1.20/share all-cash Offer. Terms backed out just A$1.086/share at the start of trading last Friday.
PointsBet quite rightly states the obvious – betr’s Offer is materially below MIXI’s.

Long ANZ (ANZ AU), Short National Australia Bank (NAB AU): Banking on Statistical Arbitrage

By Gaudenz Schneider

Context: Statistical analysis of a relative value opportunity in the Australian Banking industry between ANZ Group Holdings (ANZ AU) and National Australia Bank (NAB AU).
Highlights: Going long ANZ and short NAB targets a 4.5% return to the statistical mean reversion level, with ANZ supported by cheaper valuations.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Weekly Deals Digest (22 Jun) – Santos, PointsBet, Mayne, HKBN, Carta, Nakano, Sanhua, FWD, CaoCao

By Research as a Service (RaaS)

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Zhejiang Sanhua Intelligent Controls (2050 HK) H share listing and CaoCao (2643 HK) and FWD Group Holdings (FWD HK) IPOs.
Event-Driven developments: Santos Ltd (STO AU), PointsBet Holdings (PBH AU), Mayne Pharma (MYX AU), HKBN Ltd (1310 HK), Ascentech KK (3565 JP), Carta Holdings, Inc. (3688 JP).

Relative Value Roundup: Performance Recap of Pair Trades in Asia-Pacific

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Six pair trade opportunities across three markets and three sectors persist. Two
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Iron Ore Tracker (23-June-2025): Iron Ore Due for A Small Bounce?

By Sameer Taneja

Iron ore continued to slip into negative territory and has now breached the lower end of the range of 95-130 USD/ton, which it has maintained over the last four years.
Data from CISA (China Iron and Steel Association) showed a decline in daily steel production YoY for May and June (tracking -4% YoY), after a lacklustre April (flat steel production).
The bright spot is that China continues to maintain strong net exports with May numbers at 10.1 million tons (121 million tons annualized), and mill margins are improving.

Flynn Gold Ltd – Building the business

Flynn Gold Limited (ASX:FG1) is a junior gold explorer which holds a portfolio of tenements (20+3 in application) across Tasmania and Western Australia.
The tenement package is prospective for several commodities, however, exploration efforts have largely focused on gold at the company’s flagship project, Golden Ridge, which is located in the north-east of Tasmania.
Field work and ongoing drilling at the project over the past two years has resulted in FG1 developing critical mass at the project which is building up towards an inaugural JORC-compliant resource.

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Jun 23

Daily Brief South Korea: SK Inc and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation

Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation

By Sanghyun Park

Mandatory treasury cancellation isn’t in the current bill, but FSC and MOJ have started internal reviews; enforcement decree could drop as early as Q4.
An internal policy paper suggests mandatory cancellation will apply only to newly acquired treasury shares, with tight limits on existing ones to curb owner control abuse.
Lack of retroactive cancellation weakens the bull case, and while holdco sentiment stays upbeat, momentum may fade, opening the door to a tactical pullback.

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Jun 23

Daily Brief Quantitative Analysis: HK Short Interest Weekly: Beke and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto
A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services
HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi
TWSE Short Interest Weekly (Jun 20th): Cathay Financial, Fubon Financial, TSMC, Asustek Computer
KRX Foreign Holding Weekly (Jun 20th): SK Hynix, Lg Cns, Doosan Enerbility, Hanwha Aerospace
Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International
TWSE Foreign Holding Weekly (Jun 20th): TSMC, Wistron, Asia Vital Components, Delta Electronics
Bursa Short Interest Weekly (Jun 20th): Sime Darby, Dialog, Top Glove, Ytl

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.
The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.

HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi, CNOOC, HKEx.

TWSE Short Interest Weekly (Jun 20th): Cathay Financial, Fubon Financial, TSMC, Asustek Computer

We analyzed the changes in short interest of TWSE Stocks as of Jun 20th. The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Cathay Financial, Fubon Financial, TSMC, Asustek Computer, Wistron, Asia Vital Components.

KRX Foreign Holding Weekly (Jun 20th): SK Hynix, Lg Cns, Doosan Enerbility, Hanwha Aerospace

We analyzed the changes in foreign holdings of KRX stocks as of Jun 20th. The aggregated holding was USD604.3bn.
We estimate that foreign flows to be outflows of USD885mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Lg Cns, Doosan Enerbility, Hanwha Aerospace, Samsung Electronics.

Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 20th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor International.

TWSE Foreign Holding Weekly (Jun 20th): TSMC, Wistron, Asia Vital Components, Delta Electronics

We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 20th. The aggregated holding was USD1,066.9bn.
We estimate that foreign flows to be inflows of USD1,797mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Wistron, Asia Vital Components, Delta Electronics, Elite Material, Evergreen Marine, Cathay Financial, Fubon Financial.

Bursa Short Interest Weekly (Jun 20th): Sime Darby, Dialog, Top Glove, Ytl

We analyzed the changes in short interest of Bursa stocks as of Jun 20th. The aggregated short interest is USD362m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sime Darby, Dialog, Top Glove, Ytl.

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Jun 23

Daily Brief United States: VanEck Gold Miners ETF/USA, Apple , Copper and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Curator’s Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan
Apple Intelligence. What’s Another Year?
Copper Tracker 23rd June 2025: Bullish On Low Inventory, But Need To Monitor China

Curator’s Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
Want to dig deeper? Comment or message on the themes you think should be highlighted next

Apple Intelligence. What’s Another Year?

By William Keating

Apple failed to deliver on the highly anticipated Siri makeover, noting that it didn’t meet their quality standards and effectively pushing it out for another full year
Internal rivalries, divided opinions on the direction AI should take, organizational restructuring, unwillingness to do meaningful acquisitions would all appear to be contributing to Apple’s AI woes
Apple’s peers are advancing their AI ambitions at warp speed, investing heavily, taking bold risks and mostly delivering on their promises. Apple is the polar opposite. What’s another year? Failure.

Copper Tracker 23rd June 2025: Bullish On Low Inventory, But Need To Monitor China

By Sameer Taneja

Copper prices on the spot market are set to breach 10,000 USD/ton again as inventory levels tighten on the LME, driven by a rush to ship metal to the US.
Current KPIs in China, such as weak steel production (-2-3% YoY est.) and thermal power production (-19% YoY) for May temper our bullishness.
We are bullish on copper in the short term, expecting it to break above $10,000 USD easily. However, we will closely monitor China data for potential impacts on the outlook.

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Jun 23

Daily Brief Indonesia: Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Chandra Dayua Pre-IPO: Very Expensive, Avoid

Chandra Dayua Pre-IPO: Very Expensive, Avoid

By Nicholas Tan

Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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Jun 23

Daily Brief Utilities: ENN Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Merger Arb Mondays (23 June) – ENN Energy, Dickson, HKBN, Mayne, Insignia, Santos, Smartpay

Merger Arb Mondays (23 June) – ENN Energy, Dickson, HKBN, Mayne, Insignia, Santos, Smartpay

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities And (1428 HK), Ascentech KK (3565 JP), Brickworks Ltd (BKW AU), Toyota Industries (6201 JP), Avjennings Ltd (AVJ AU), Hainan Meilan International Airport (357 HK).

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Jun 23

Daily Brief Industrials: Zhejiang Sanhua Intelligent Controls, Geek+, CSBC Corp Taiwan, Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight
Chandra Dayua Pre-IPO: Very Expensive, Avoid

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

By Vincent Fernando, CFA

Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

Chandra Dayua Pre-IPO: Very Expensive, Avoid

By Nicholas Tan

Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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Jun 23

Daily Brief China: ENN Energy, Hygon Information Technology C, Zhejiang Sanhua Intelligent Controls, Geek+, Mixue Group, China Life Insurance Company, ZhongAn Online P&C Insurance C, Alibaba Group Holding and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Merger Arb Mondays (23 June) – ENN Energy, Dickson, HKBN, Mayne, Insignia, Santos, Smartpay
Hygon/Sugon Merger: BIG Index Flows on Completion
Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
MIXUE (2097 HK): Chill but Powerful Global Index Inclusion
Two Asian Life Insurance Stocks (Both Up >30% YTD) Worth Closer Looks
HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought
ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Merger Arb Mondays (23 June) – ENN Energy, Dickson, HKBN, Mayne, Insignia, Santos, Smartpay

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities And (1428 HK), Ascentech KK (3565 JP), Brickworks Ltd (BKW AU), Toyota Industries (6201 JP), Avjennings Ltd (AVJ AU), Hainan Meilan International Airport (357 HK).

Hygon/Sugon Merger: BIG Index Flows on Completion

By Brian Freitas

On 26 May, Hygon Information Technology (688041 CH) and Dawning Information Industry (603019 CH) announced a merger in a sign of consolidation in China’s chipmaking industry.
For each share of Dawning held, shareholders will receive 0.5525 shares of Hygon. With uncertainty on the timeline for merger completion, Dawning is trading at a 10% discount.
On completion of the merger, passive trackers will need to buy over US$1.1bn of Hygon Information Technology C (688041 CH) with nearly of that from local index trackers.

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

MIXUE (2097 HK): Chill but Powerful Global Index Inclusion

By Dimitris Ioannidis

Mixue Group (2097 HK) is forecasted to be added to Global All-World at the September 2025 review with a low free float prior to the IPO lock-up expiry.
Mixue Group (2097 HK) is expected to undergo a significant upweight at the December 2025 review following the 6-month lock-up expiry.
Mixue Group (2097 HK) is forecasted to be added to Global Standard at the May 2026 review following the 12-month lock-up expiry.

Two Asian Life Insurance Stocks (Both Up >30% YTD) Worth Closer Looks

By Alec Tseung

Share prices of China Life and Prudential plc have been up by 33% and 40% – 50% YTD, respectively.
China Life’s agency restructuring is bearing fruit, as evidenced by increasing agency productivity, and is expected to continue driving new business growth and margin expansion.
Our previous thesis for Prudential plc remains largely intact. Albeit the strong share price performance YTD, valuation upside remains as its new business multiple continues to re-rate.

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin