Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>Stocks mentioned in this insight include: <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>, <a href="https://www.smartkarma.com/entities/cmge-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:451:1" rel="noopener"> CMGE Tech (302 HK)</a>, <a href="https://www.smartkarma.com/entities/differ-group-auto-limited" target="_blank" data-smartkarma-citation="entities:3479:1" rel="noopener">Differ Group Auto (6878 HK)</a>, and <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>
</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned in this insight include: Melco International Development (200 HK),  CMGE Tech (302 HK), Differ Group Auto (6878 HK), and Sino Biopharmaceutical (1177 HK)



Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. </li><li>Looking into 2023E, we see high visibility for CMGE to regain momentum (forecasting rev +97% in FY23E), backed by 11 new titles to be launched (including two highly-anticipated titles: Soul Land: Shrek College, Sword and Fairy: Wen Qing).</li><li>Sword and Fair World (仙剑世界), a self developed metaverse platform to be launched in 2H23E, will bring further upside if it is executed well.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. Looking into 2023E, we see high visibility for CMGE to regain momentum (forecasting rev +97% in FY23E), backed by 11 new titles to be launched (including two highly-anticipated titles: Soul Land: Shrek College, Sword and Fairy: Wen Qing).Sword and Fair World (仙剑世界), a self developed metaverse platform to be launched in 2H23E, will bring further upside if it is executed well.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMGE Technology (302 HK) – Eyes on strong pipeline in FY23E

<ul><li>We like online games for its steady competition landscape, healthy cash flow and resilience to macro.</li><li>As an IP-oriented game publisher pioneer, CMGE is well positioned to capture industrial structural recovery, backed by game license normalization and strong pipeline.</li><li>FY23/24E would be fruitful years for CMGE, with ~20 titles to be launched (e.g. Soul Land: Shrek College, Sword and Fairy: Wen Qing). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We like online games for its steady competition landscape, healthy cash flow and resilience to macro.As an IP-oriented game publisher pioneer, CMGE is well positioned to capture industrial structural recovery, backed by game license normalization and strong pipeline.FY23/24E would be fruitful years for CMGE, with ~20 titles to be launched (e.g. Soul Land: Shrek College, Sword and Fairy: Wen Qing). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMGE Technology (302 HK) – Reaccelerate on strong pipeline in FY23E

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 January 6th.</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 Tencent, China Mobile, Wuxi Biologics, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, Wuxi Biologics, Kuaishou Technology.


Hong Kong Connect Flows (Jan 6th): Tencent, China Mobile, Wuxi Biologics, Kuaishou

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 2nd.</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 inflows into Meituan, Country Garden, China Mobile and outflows from Longfor, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, Country Garden, China Mobile and outflows from Longfor, Tencent.


Hong Kong Connect Flows (Dec 2nd): Meituan, Country Garden, China Mobile, Longfor, Tencent

China

CMGE Technology Group Limited serves customers in China.

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CMGE Tech (302 HK)

Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

CMGE Technology (302 HK) – Eyes on strong pipeline in FY23E

We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. Looking into 2023E, we see high...

CMB International

CMGE Technology (302 HK) – Reaccelerate on strong pipeline in FY23E

As an IP-oriented game publisher pioneer, CMGE is well positioned to capture industrial structural recovery, backed by game license normalization...

CMB International

Hong Kong Connect Flows (Jan 6th): Tencent, China Mobile, Wuxi Biologics, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Mobile, Wuxi Biologics, Kuaishou.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 2nd): Meituan, Country Garden, China Mobile, Longfor, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Meituan, Country Garden, China Mobile, Longfor, Tencent.

Ke Yan, CFA, FRM

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