Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

<ul>
<li>AH Premia are all over the place this week. Despite that, pairwise intracorrelation is.... up? Yup. Average Pairwise Volatility is up even more.</li>
<li>Some of this may be stocks being bullied by large SOUTHBOUND flows in a quieter end-of-year market. </li>
<li>Finance is seeing big net SOUTHBOUND buying but that is not showing up in A/H premia. I expect things stay noisy through year-end.</li>
</ul>


AH Premia are all over the place this week. Despite that, pairwise intracorrelation is.... up? Yup. Average Pairwise Volatility is up even more.
Some of this may be stocks being bullied by large SOUTHBOUND flows in a quieter end-of-year market. 
Finance is seeing big net SOUTHBOUND buying but that is not showing up in A/H premia. I expect things stay noisy through year-end.


A/H Premium Tracker (To 20 Dec 2024): Pairwise Intracorrelation and Vol Even Higher

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

<ul>
<li>Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.</li>
<li>The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.</li>
<li>China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.</li>
</ul>


Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.
The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.
China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.


A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down

A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

Cosco Shipping Energy Transportation Co. Ltd. (H) / Event-Driven

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

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

Cosco Shipping Energy Transportation Co. Ltd. (H)

<ul>
<li>Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB continues to buy tech. </li>
<li>Stocks in HK and mainland markets bounced a bit this week as Scott Bessent named incoming Treasury Secretary and tariff talk diverges from China. Non-economic China policy matters more near-term.</li>
<li>H/A Pairs were surprisingly un-volatile on the week. There are a fair number of wider spreads. Non-bank financials AH Premia remain at the low end of their 52-week range.</li>
</ul>


Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB continues to buy tech. 
Stocks in HK and mainland markets bounced a bit this week as Scott Bessent named incoming Treasury Secretary and tariff talk diverges from China. Non-economic China policy matters more near-term.
H/A Pairs were surprisingly un-volatile on the week. There are a fair number of wider spreads. Non-bank financials AH Premia remain at the low end of their 52-week range.


A/H Premium Tracker (To 29 Nov 2024): AH Premia Flat, Volumes Low; Premia Should Fall More

Cssc Offshore & Marine Engg Group / Event-Driven

CSSC Offshore and Marine Engineering Group Company Limited manufactures and markets ships, containers, large steel structures, fiberglass boats, high-speed ships, and land use machines. The Company also offers ship polishing, repair and rental services.

Cssc Offshore & Marine Engg Group (317 HK)

<ul>
<li>Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.</li>
<li>Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).</li>
<li>Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.</li>
</ul>


Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.
Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).
Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.


A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

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A/H Premium Tracker (To 20 Dec 2024): Pairwise Intracorrelation and Vol Even Higher

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A/H Premium Tracker (To 29 Nov 2024): AH Premia Flat, Volumes Low; Premia Should Fall More

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Travis Lundy

A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

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Travis Lundy