Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$7.8bn this week (now 25wks in a row of net buying), on smallish two-way volumes. </li>
<li>I've thought national team was buying banks for months. This week, 1 bank showed up in the top 20 net buys after only 1 in the top ten last week.</li>
<li>There were three ETFs in the top six SOUTHBOUND buys this past week. That was unusual. Some high div SOEs got sold. </li>
</ul>


SOUTHBOUND was again a net buyer, for HK$7.8bn this week (now 25wks in a row of net buying), on smallish two-way volumes. 
I've thought national team was buying banks for months. This week, 1 bank showed up in the top 20 net buys after only 1 in the top ten last week.
There were three ETFs in the top six SOUTHBOUND buys this past week. That was unusual. Some high div SOEs got sold. 


HK Connect SOUTHBOUND Flows (To 26 Jul 2024); ETFs Get Bought, Banks Have Gone Missing

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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.</li>
<li>China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. </li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.
China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. 


Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Douyin’ GMV increased by 300% YoY in the “June 18” sales season.</li>
<li>The revenue of a pre-IPO restaurant chain, Green Tea, increased by 55% in 2023.</li>
<li>Alibaba’s supermarket chain, Freshippo, opened 12 new stores in June.</li>
</ul>


Douyin’ GMV increased by 300% YoY in the “June 18” sales season.
The revenue of a pre-IPO restaurant chain, Green Tea, increased by 55% in 2023.
Alibaba’s supermarket chain, Freshippo, opened 12 new stores in June.


China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.</li>
<li>Of companies that we are monitoring, Tencent and iDreamSky clinched one approval each.</li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.
Of companies that we are monitoring, Tencent and iDreamSky clinched one approval each.


Tencent/Netease: One Game Approval for Tencent in June

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul><li>Tencent is due to release Q1 FY24 results today. The earnings call is scheduled for 14:00 SAST</li><li>In this note, we unpack what is priced and how Tencent has performed relative to constituents in the HSTECH index since our last update (29 April).</li><li>We also provide an update on how the discounts of Naspers and Prosus have traded.</li></ul>

Tencent is due to release Q1 FY24 results today. The earnings call is scheduled for 14:00 SASTIn this note, we unpack what is priced and how Tencent has performed relative to constituents in the HSTECH index since our last update (29 April).We also provide an update on how the discounts of Naspers and Prosus have traded.

Tencent Q1 FY24 Results Due, a Look into What Is Priced

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

HK Connect SOUTHBOUND Flows (To 26 Jul 2024); ETFs Get Bought, Banks Have Gone Missing

SOUTHBOUND saw net inflow through HK Connect for the 25th week in a row. Three ETFs were in the top 6 net buys, and only one bank in the top 20....

Travis Lundy

Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

We analyzed the July China game approval data. Though China is approving games at an speed that is upbeat for investors, concerns remains as to...

Ke Yan, CFA, FRM

China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao

Douyin’ GMV increased by 300% YoY in the “June 18” sales season. Pre-IPO restaurant chain, Green Tea’s revenue increased by 55% in 2023. Alibaba’s...

Ming Lu

Tencent/Netease: One Game Approval for Tencent in June

We analyzed game approval by Chinese NPPA. Of the companies that we are tracking, Tencent received one approval while iDreamSky also received one...

Ke Yan, CFA, FRM

Tencent Q1 FY24 Results Due, a Look into What Is Priced

Tencent is due to release Q1 FY24 results today. The earnings call is scheduled for 14:00 SAST. In this note, we unpack what is priced and how...

DMA

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