Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<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>BIG Net SOUTHBOUND inflow continues. Notable in the past four weeks are US$1.9bn of net flow to Energy Hs and US$2.2bn to Banks in the H side of H/A Pairs.</li>
<li>AH Premia lowish in 52-week range, but still high for many pairs. I continue to expect further "convergence" among spreads, and the recent HA Premium bounce has lost momentum.</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.
BIG Net SOUTHBOUND inflow continues. Notable in the past four weeks are US$1.9bn of net flow to Energy Hs and US$2.2bn to Banks in the H side of H/A Pairs.
AH Premia lowish in 52-week range, but still high for many pairs. I continue to expect further "convergence" among spreads, and the recent HA Premium bounce has lost momentum.


A/H Premium Tracker (To 21 Jun 2024):  AH Premia Stabilising Lower, Can Move A Leg Lower Still

<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 buy streak continues unabated. NORTHBOUND was heavy to sell. Only Tech bought. Consumer sold heavily.</li>
<li>AH Premia lowish in 52-week range, but still high for many pairs. I continue to expect further "convergence" among spreads.</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 buy streak continues unabated. NORTHBOUND was heavy to sell. Only Tech bought. Consumer sold heavily.
AH Premia lowish in 52-week range, but still high for many pairs. I continue to expect further "convergence" among spreads.


A/H Premium Tracker (To 14 Jun 2024):  H Underperform A; the More Liquid, the Worse the Performance.

Event-Driven

<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 renewed buy streak continued this past week; every day net positive. Strong net buying. NORTHBOUND saw small net buying on renewables, utilities, and semiconductors.</li>
<li>AH Premia rebounded off multi-year lows, on average, this past week as Hang Seng/other HK indices fell and A-shares did not do much. Liquid Hs underperformed As by 2%.</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 renewed buy streak continued this past week; every day net positive. Strong net buying. NORTHBOUND saw small net buying on renewables, utilities, and semiconductors.
AH Premia rebounded off multi-year lows, on average, this past week as Hang Seng/other HK indices fell and A-shares did not do much. Liquid Hs underperformed As by 2%.


A/H Premium Tracker (To 7 Jun 2024):  Hs Outperform Their As. Great Wall (2333) Suffers, Utes Win

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.

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.</li>
<li>The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.
The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.
We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.


A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 107.4% as of May 31st.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by financials, consumer discretionary, health care and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi, CICC, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 107.4% as of May 31st.
The average A-H premium changed by 1.3ppt week-on-week, led by financials, consumer discretionary, health care and offset by information technology.
We highlight weekly changes in A-H premium for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi, CICC, Ganfeng Lithium.


A-H Premium Weekly (May 31st): PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

Price Gauge
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Shanghai Junshi Biosciences (1877 HK)

A/H Premium Tracker (To 21 Jun 2024): AH Premia Stabilising Lower, Can Move A Leg Lower Still

The Quiddity AH Monitor shows that while AH Premia have spent weeks "bouncing" off multi-year lows, the rebound impetus is slowing. There's room...

Travis Lundy

A/H Premium Tracker (To 14 Jun 2024): H Underperform A; the More Liquid, the Worse the Performance.

AH Premia up on the week, with Hs underperforming their As by 0.7% on average, 1.2% on liquid pairs. Securities Selection Alpha +0.45% on the week...

Travis Lundy

A/H Premium Tracker (To 7 Jun 2024): Hs Outperform Their As. Great Wall (2333) Suffers, Utes Win

AH Premia shrink on the week, after two weeks of A-share rebound vs HK stocks. Spreads remain wide enough to matter. Trends in flows are OK...

Travis Lundy

A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

We highlight weekly changes in A-H premium for PetroChina, Huadian Power, Hua Hong Semi, Shanghai Junshi, Great Wall Motor.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 31st): PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Hua...

Ke Yan, CFA, FRM

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