HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

COSCO Shipping Energy (1138 HK): Preparing for Upside Surprise

China & HK Strategy: The High-Yield Playbook

China Strategy: Interesting H-Share Securities Companies

China Strategy: Trading the A-H Premium Stocks

China Strategy: 1H25 Roundup and Implications for 2H25

Thematic (Sector/Industry)

China Industrials / Thematic (Sector/Industry)

<ul>
<li>The 3Q25 results will be testing grounds to justify the multiple expansion, as our coverage saw a 2% downgrade in FY25 earnings since the interim announcement.</li>
<li>Seven stocks will have over 100% YoY earnings growth in 2H25, implying strength in 3Q25 as well. Three stocks, however, will experience earnings decline.</li>
<li>The stronger ones are <a href="https://www.smartkarma.com/entities/china-eastern-airlines-co-h" target="_blank" data-smartkarma-citation="entities:1079:1" rel="noopener">China Eastern Airlines (670 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, and <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equipment (631 HK)</a>. </li>
</ul>


The 3Q25 results will be testing grounds to justify the multiple expansion, as our coverage saw a 2% downgrade in FY25 earnings since the interim announcement.
Seven stocks will have over 100% YoY earnings growth in 2H25, implying strength in 3Q25 as well. Three stocks, however, will experience earnings decline.
The stronger ones are China Eastern Airlines (670 HK), Shanghai Electric Group Company (2727 HK), China Southern Airlines (1055 HK), and Sany Heavy Equipment (631 HK). 


Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Shanghai Electric Group Company (2727 HK)

Xinjiang Goldwind Science & Technology (2208 HK)

Hang Seng China Enterprises Index (HSCEI INDEX)

China & HK Strategy: 3Q25 Preview - Beauty and the Beast