In today’s briefing:
- HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week
- A/H Premium Tracker (To 9 May 2025): AH Premia Fall Small; Spread Torsion Provides Continued Alpha
- China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
- SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!
HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week
- Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. Five weeks into Q2 we are at HK$175bn.
- 3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
- 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.
A/H Premium Tracker (To 9 May 2025): AH Premia Fall Small; Spread Torsion Provides Continued Alpha
- AH spreads are basically flat on the shortened week. AH premia rose in Pharma and Tech, fell in Industrials, Finance, and Banks.
- All eyes will be on what happens in Geneva. I personally don’t expect much.
- 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.
China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
- Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory “green light” for manufacturing in US, which will change the industry pattern.
- With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
- BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation is US$24.5-26.5 billion.
SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!
- Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023
- For the items we purchased 17 months ago, total cost at AMZN was largely unchanged
- But at SHEIN, those items almost tripled in cost, still feature slow transits, difficult returns
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