Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <em>Somewhat</em>-Brand-Spanking New (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.</li>
<li>The last 10wks (since the start of the new Tracker and Portfolio 11 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%, -68%.</li>
</ul>


The Somewhat-Brand-Spanking New (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
The last 10wks (since the start of the new Tracker and Portfolio 11 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%, -68%.


Quiddity A/H Premium Tracker (To Oct20): Volatility Up Further, Wide Spreads Even Wider. Messy²

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. NORTHBOUND has been selling recently (this week and last buying semi tech, selling renewables)</li>
<li>Hs fell sharply vs As. AH Premia very wide. Alpha on portfolio vs straight H vs A but a bad week as liquid Hs underperformed liquid As by 2.5+%.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. NORTHBOUND has been selling recently (this week and last buying semi tech, selling renewables)
Hs fell sharply vs As. AH Premia very wide. Alpha on portfolio vs straight H vs A but a bad week as liquid Hs underperformed liquid As by 2.5+%.


A/H Premium Tracker (To 19 Apr 2024):  Liquid AH Premia Even Higher; Lots Of "Carry" In The Market

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Great Wall Motor denied that many employees have resigned recently, but there many complaints from employees on social media.</li>
<li>Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%.</li>
<li>Weibo’s advertising revenue decreased, while most companies’ ad revenues have recovered.</li>
</ul>


Great Wall Motor denied that many employees have resigned recently, but there many complaints from employees on social media.
Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%.
Weibo’s advertising revenue decreased, while most companies’ ad revenues have recovered.


China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND and NORTHBOUND flows net positive. NB 5 weeks in a row. AH premia rebounded slightly. AH Premia are still wide on average. Premia curves should still shift flatter.</li>
<li>Two Sessions seems like a good place to make positive public statements but recent speeches from the very top seem more oriented towards "The People Must Endure."</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND and NORTHBOUND flows net positive. NB 5 weeks in a row. AH premia rebounded slightly. AH Premia are still wide on average. Premia curves should still shift flatter.
Two Sessions seems like a good place to make positive public statements but recent speeches from the very top seem more oriented towards "The People Must Endure."


A/H Premium Tracker (To 1 Mar 2024):  Liquid AH Premia Still Wide

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND flows were net negative and NORTHBOUND flows a decent buy. AH premia on average fell, but liquid pairs saw AH premia rise. Chinese/HK shares shellacked.</li>
<li>Watch the SOE stock price KPI space. Wouldn't be short SOEs vs Privates on H/A basis. Low-hanging fruit with some SOEs having large cash balances.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND flows were net negative and NORTHBOUND flows a decent buy. AH premia on average fell, but liquid pairs saw AH premia rise. Chinese/HK shares shellacked.
Watch the SOE stock price KPI space. Wouldn't be short SOEs vs Privates on H/A basis. Low-hanging fruit with some SOEs having large cash balances.


A/H Premium Tracker (To 2 Feb 2024):  Liquid AH Premia Near Multi-Yr Wides, Wide Spreads Narrowing

China

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.

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Great Wall Motor (2333 HK)

Quiddity A/H Premium Tracker (To Oct20): Volatility Up Further, Wide Spreads Even Wider. Messy²

The Quiddity A/H Premium Tracker. Tables, Charts, Flows, Positions (both SB and NB). This week was AGAIN messy. Pairwise volatility is up. universe...

Travis Lundy

A/H Premium Tracker (To 19 Apr 2024): Liquid AH Premia Even Higher; Lots Of "Carry" In The Market

Significant weakness in H vs A suggests arb/relval unwinding as As are up on the week, HK indices down, and H discounts to A widen sharply.

Travis Lundy

China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo

The company denied that many employees have resigned recently. Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%....

Ming Lu

A/H Premium Tracker (To 1 Mar 2024): Liquid AH Premia Still Wide

The Quiddity AH Monitor shows A/H Pair discount/premia and their history, as well as the SB and NB flows and position/history, and a recommended...

Travis Lundy

A/H Premium Tracker (To 2 Feb 2024): Liquid AH Premia Near Multi-Yr Wides, Wide Spreads Narrowing

AH Premia remain near their wides on a trading-value-wtd basis. HK+China stocks shellacked last week. Limited National Team buying perhaps ahead of...

Travis Lundy

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