Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A shares were down on the week, but rallied Thursday and Friday.</li>
<li>Net SOUTHBOUND buying was +HK8.5bn after $57bn the two weeks before. SOUTHBOUND ended its consecutive net daily buy streak Monday, then started buying again.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week. Again.</li>
</ul>


A shares were down on the week, but rallied Thursday and Friday.
Net SOUTHBOUND buying was +HK8.5bn after $57bn the two weeks before. SOUTHBOUND ended its consecutive net daily buy streak Monday, then started buying again.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week. Again.


HK Connect SOUTHBOUND Flows (To 28 Mar 2024); Strong Net Buying on Tencent, Telcos, and Energy

<ul>
<li>A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.</li>
<li>Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.</li>
</ul>


A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.
Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.


HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

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 Hong Kong Connect flows with our data engine for holding position as of March 22nd.</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 Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.


Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 21 March, Bloomberg reported that TPG and MBK had restarted a strategic review to reduce their <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> shareholdings. Previous privatisation rumours have fizzled out.</li>
<li>The options include going private, attracting new investors, or raising cash through some of HKBN’s assets. Infrastructure-focused funds and one Chinese telco (likely <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>) were approached.</li>
<li>The probability of an offer is low as TPG and MBK will need to accept a material discount on their cost per share and financing challenges due to high leverage. </li>
</ul>


On 21 March, Bloomberg reported that TPG and MBK had restarted a strategic review to reduce their HKBN Ltd (1310 HK) shareholdings. Previous privatisation rumours have fizzled out.
The options include going private, attracting new investors, or raising cash through some of HKBN’s assets. Infrastructure-focused funds and one Chinese telco (likely China Mobile (941 HK)) were approached.
The probability of an offer is low as TPG and MBK will need to accept a material discount on their cost per share and financing challenges due to high leverage. 


HKBN (1310 HK): Déjà Vu as Privatisation Rumours Resurface

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.</li>
<li>Founded in 2015, <a href="https://www.smartkarma.com/entities/beijing-baishancloud-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40988:1" rel="noopener">BaishanCloud (1568617D HK)</a> is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.</li>
<li>I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.</li>
</ul>


Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.
Founded in 2015, BaishanCloud (1568617D HK) is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.
I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.


Baishan Cloud IPO Preview: Break-Even Is Likely To Be Achieved in 2024

Hong Kong

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers in Hong Kong.

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China Mobile (941 HK)

HK Connect SOUTHBOUND Flows (To 28 Mar 2024); Strong Net Buying on Tencent, Telcos, and Energy

HK SOUTHBOUND Connect was a net buyer again this week, but the streak of consecutive buying since Chinese New Year was broken on Monday. SOEs and...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

HUGE inflows into HK stocks by HK SOUTHBOUND Connect led by Tencent and the Tracker Fund. High-div SOEs were the main target before. Still seeing...

Travis Lundy

Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent,...

Ke Yan, CFA, FRM

HKBN (1310 HK): Déjà Vu as Privatisation Rumours Resurface

The probability of a takeover offer is low, which explains TPG/MBK's exploration of other options. An attractive dividend yield continues to...

Arun George

Baishan Cloud IPO Preview: Break-Even Is Likely To Be Achieved in 2024

Baishan Cloud, a founder-led edge cloud service provider in China, filed to list IPO on HKEX. The company develops AI-empowered edge cloud platform...

Andrei Zakharov

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