Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shanghai Putailai New Energy T / Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock-Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry. </li>
<li>Overall, net inflow was ~US$6.1bn, split between Shanghai (+US$3.5bn) and Shenzhen (+US$2.6bn)  </li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/shanghai-putailai-new-ener-a" target="_blank" data-smartkarma-citation="entities:26603:1" rel="noopener">Shanghai Putailai (603659 CH)</a> and <a href="https://www.smartkarma.com/entities/satelltte-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4526:1" rel="noopener">Satelltte Chemical (002648 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd-094855ab-abec-4b71-956b-5bfc85e22fdd" target="_blank" data-smartkarma-citation="entities:389:1" rel="noopener">Anhui Conch Cement (600585 CH)</a> and <a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technlgy" target="_blank" data-smartkarma-citation="entities:20975:1" rel="noopener">Guangzhou Tinci Materials (002709 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock-Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry. 
Overall, net inflow was ~US$6.1bn, split between Shanghai (+US$3.5bn) and Shenzhen (+US$2.6bn)  
The largest inflows were into Shanghai Putailai (603659 CH) and Satelltte Chemical (002648 CH). The largest outflows were in Anhui Conch Cement (600585 CH) and Guangzhou Tinci Materials (002709 CH).


Shanghai/​​Shenzhen Northbound Connect: Weekly Moves (2 June 2022)

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 monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Northbound connected recorded inflow of USD 2.7bn in May, led by financisl, utilities and energy sector.</li>
<li>We highlight inflows into CMB, Yangtze Power, Yili, Longi, and Industrial bank, as well as outflows from CATL, Conch, Haitian, Zijin and Tinci. </li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Northbound connected recorded inflow of USD 2.7bn in May, led by financisl, utilities and energy sector.
We highlight inflows into CMB, Yangtze Power, Yili, Longi, and Industrial bank, as well as outflows from CATL, Conch, Haitian, Zijin and Tinci. 


Northbound Flows Monthly (May): CMB, Yangtze Power, Yili

<ul>
<li>We analyse the changes of A/H premium on 142 stocks over the last week. </li>
<li>A/H premium declined by 0.6ppt week on week. The decline was led by Information Technology,  consumer discretionary, and communication services. </li>
<li>We highlight A-H premium changes of Asymchem Lab, Shanghai Junshi, Great Wall Motor, Shandong Xinhua, Conch Cement, BBMG, and Sinopec Oilfield.</li>
</ul>


We analyse the changes of A/H premium on 142 stocks over the last week. 
A/H premium declined by 0.6ppt week on week. The decline was led by Information Technology,  consumer discretionary, and communication services. 
We highlight A-H premium changes of Asymchem Lab, Shanghai Junshi, Great Wall Motor, Shandong Xinhua, Conch Cement, BBMG, and Sinopec Oilfield.


A-H Premium Weekly: Asymchem Lab, Shanghai Junshi, Great Wall Motor

<ul>
<li>We analyse the changes of A/H premium on 139 stocks over the last week.</li>
<li>Consumer, real estate, and industrials led the decrease in A-H premium, while information technology was the only sector with A-H premium increases.</li>
<li>We highlight Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities. </li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Consumer, real estate, and industrials led the decrease in A-H premium, while information technology was the only sector with A-H premium increases.
We highlight Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities. 


A-H Premium Weekly: Asymchem Lab, China Comm Construction

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Conch Venture Holdings / Equity Bottom-Up

<ul>
<li>Following CCEP spin-off and share price decline, <a href="https://www.smartkarma.com/entities/china-conch-venture-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19943:1" rel="noopener">China Conch Venture (586 HK)</a> is now at more attractive valuations relative to the stub, on sum-of-the-parts and on PER multiple. </li>
<li>Growth profile should improve in next two years and it has an optimistic expectation of of 76% increase in waste treatment and 79% growth in on-grid electricity for FY22.</li>
<li>New business initiatives including anode and cathode materials of lithium iron phosphate and lithium batteries and used lithium batteries treatment may provide potential medium term upside.</li>
</ul>


Following CCEP spin-off and share price decline, China Conch Venture (586 HK) is now at more attractive valuations relative to the stub, on sum-of-the-parts and on PER multiple. 
Growth profile should improve in next two years and it has an optimistic expectation of of 76% increase in waste treatment and 79% growth in on-grid electricity for FY22.
New business initiatives including anode and cathode materials of lithium iron phosphate and lithium batteries and used lithium batteries treatment may provide potential medium term upside.


Conch Venture (586 HK): Improving Risk-Reward Profile

China

Anhui Conch Cement Company Limited manufactures cement products. The Company produces silicate cements, slag silicate cements, composite silicate cements, cement clinkers, and other products. Anhui Conch Cement Cement markets its products throughout China and worldwide.

Price Gauge
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Anhui Conch Cement (600585 CH)

Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 June 2022)

Overall, net inflow was ~US$6.1bn, split between Shanghai Northbound Connect (+US$3.5bn) and Shenzhen Northbound Connect (+US$2.6bn)

David Blennerhassett

Northbound Flows Monthly (May): CMB, Yangtze Power, Yili

Northbound stock connect recorded inflows of $2.7bn in May. We highlight inflows into CMB, Yangtze Power, Yili, Longi, Industrial bank, as well as...

Ke Yan, CFA, FRM

A-H Premium Weekly: Asymchem Lab, Shanghai Junshi, Great Wall Motor

We highlight A-H premium changes of Asymchem Lab, Shanghai Junshi, Great Wall Motor, Shandong Xinhua, Conch Cement, BBMG, and Sinopec Oilfield last...

Ke Yan, CFA, FRM

A-H Premium Weekly: Asymchem Lab, China Comm Construction

We highlight weekly A-H premium changes of Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities.

Ke Yan, CFA, FRM

Conch Venture (586 HK): Improving Risk-Reward Profile

Following CCEP spin-off and recent share price decline, Conch Venture is now at more attractive valuation level. In the medium term, upside will...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​Shenzhen Northbound Connect: Weekly Moves (2 June 2022)

Overall, net inflow was ~US$6.1bn, split between Shanghai Northbound Connect (+US$3.5bn) and Shenzhen Northbound Connect (+US$2.6bn)

David Blennerhassett

Northbound Flows Monthly (May): CMB, Yangtze Power, Yili

Northbound stock connect recorded inflows of $2.7bn in May. We highlight inflows into CMB, Yangtze Power, Yili, Longi, Industrial bank, as well as...

Ke Yan, CFA, FRM

A-H Premium Weekly: Asymchem Lab, Shanghai Junshi, Great Wall Motor

We highlight A-H premium changes of Asymchem Lab, Shanghai Junshi, Great Wall Motor, Shandong Xinhua, Conch Cement, BBMG, and Sinopec Oilfield last...

Ke Yan, CFA, FRM

A-H Premium Weekly: Asymchem Lab, China Comm Construction

We highlight weekly A-H premium changes of Asymchem Lab, China Comm Construction, Conch Cement, Zhesheng Bank, Anhui Express, and CICITC Securities.

Ke Yan, CFA, FRM

Conch Venture (586 HK): Improving Risk-Reward Profile

Following CCEP spin-off and recent share price decline, Conch Venture is now at more attractive valuation level. In the medium term, upside will...

Osbert Tang, CFA

Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 June 2022)