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.

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Sa Sa Intl (178 HK): Sustaining Its Strengths

China Pair Trade Update: Long Luk Fook (590 HK), Short Chow Tai Fook (1929 HK)

Chow Tai Fook (1929 HK): A Decent Rebound

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

Zhou Liu Fu (6168 HK): Are We or the Market Wrong?

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>The 4Q FY26 operating statistics suggest that <a href="https://www.smartkarma.com/entities/luk-fook-holdings-intl-ltd" target="_blank" data-smartkarma-citation="entities:19054:1" rel="noopener">Luk Fook Holdings Intl (590 HK)</a> is outperforming <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> due to its Hong Kong exposure.</li>
<li>Since entering 2026, Luk Fook has outperformed Chow Tai Fook by a significant margin of 9pp. We believe such a trend will continue for the rest of the year. </li>
<li>Our "Long Luk Fook, Short Chow Tai Fook" strategy is further supported by Luk Fook's cheaper PER and PEG multiples. </li>
</ul>


The 4Q FY26 operating statistics suggest that Luk Fook Holdings Intl (590 HK) is outperforming Chow Tai Fook Jewellery (1929 HK) due to its Hong Kong exposure.
Since entering 2026, Luk Fook has outperformed Chow Tai Fook by a significant margin of 9pp. We believe such a trend will continue for the rest of the year. 
Our "Long Luk Fook, Short Chow Tai Fook" strategy is further supported by Luk Fook's cheaper PER and PEG multiples. 


China Pair Trade: Long Luk Fook (590 HK), Short Chow Tai Fook (1929 HK)