Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are no index changes, in what comes as a surprise given the index is now 9 months late getting to 80 names, with a target to get to 100. </li>
<li>There are, however, several capping changes, leading to nearly 3 days to sell on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and 2.6% one-way turnover.</li>
<li>The lack of name changes is disappointing. They don't need to find names to delete, just names to add to improve tracking and coverage. This portends further slowness to change.</li>
</ul>


There are no index changes, in what comes as a surprise given the index is now 9 months late getting to 80 names, with a target to get to 100. 
There are, however, several capping changes, leading to nearly 3 days to sell on HSBC Holdings (5 HK) and 2.6% one-way turnover.
The lack of name changes is disappointing. They don't need to find names to delete, just names to add to improve tracking and coverage. This portends further slowness to change.


HSI Mar23 Index Review/Flows - No Changes But Flows; 100 Names a Loooong Way Off

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 24th.</li>
<li>We estimate the weekly outflows to be US$582.6 million, led by information technology, health care, and offset by industrials, materials, consumer staples.</li>
<li>We highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 24th.
We estimate the weekly outflows to be US$582.6 million, led by information technology, health care, and offset by industrials, materials, consumer staples.
We highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance.


Northbound Flows (Feb 24th): Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Tencent, Byd, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, Byd, China Construction Bank.


Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ctg Duty-Free, Xiaomi, China Shenhua, Meituan, Jd.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 17th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ctg Duty-Free, Xiaomi, China Shenhua, Meituan, Jd.


HK Short Interest Weekly: CDF, Xiaomi, China Shenhua, Meituan, Jd

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technlgy" target="_blank" data-smartkarma-citation="entities:20975:1" rel="noopener">Guangzhou Tinci Materials Technlgy (002709 CH)</a> is looking to raise up to US$1.5bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, HSBC, and JPMorgan.</li>
<li>As per the firm’s filings, it is to issue no more than 289m A-shares, or not exceeding 15% of the firm’s total ordinary share capital.</li>
<li>In this note, we discuss the GDR's timeline, and the firm’s recent financial performance.</li>
</ul>



Guangzhou Tinci Materials Technlgy (002709 CH) is looking to raise up to US$1.5bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, HSBC, and JPMorgan.
As per the firm’s filings, it is to issue no more than 289m A-shares, or not exceeding 15% of the firm’s total ordinary share capital.
In this note, we discuss the GDR's timeline, and the firm’s recent financial performance.


Guangzhou Tinci Materials GDR Listing Early Look - US$1.5bn Raising Could Further Aid Growth Plans

China

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.

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BYD (1211 HK)

HSI Mar23 Index Review/Flows - No Changes But Flows; 100 Names a Loooong Way Off

The Hang Seng Index Committee had been targeting 80 names by June 2022. It missed, and continues to do so. No name changes here. HSBC, re-capped at...

Travis Lundy

Northbound Flows (Feb 24th): Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An Insurance

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Muyuan Foods, Shaanxi Coal Industry, Byd, Ping An...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, Byd, China Construction Bank.

Ke Yan, CFA, FRM

HK Short Interest Weekly: CDF, Xiaomi, China Shenhua, Meituan, Jd

We analyzed the latest HK SFC report for aggregate short position as of Feb 17th and highlight short interest changes in CDF, Xiaomi, China...

Ke Yan, CFA, FRM

Guangzhou Tinci Materials GDR Listing Early Look - US$1.5bn Raising Could Further Aid Growth Plans

Guangzhou Tinci Materials Technlgy (002709 CH) is looking to raise up to US$1.5bn in its Swiss GDR listing. In this note, we discuss GDR timelines,...

Clarence Chu

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