Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 6.7bn of A-shares on decent volume. A-shares out-performed H-shares quite dramatically, taking back H-share gains from the week before, which reversed prior weeks.</li>
<li>This week saw net buying of semiconductor/chip names, and net selling of the EV/Solar/Battery space and buying of the Ping Ans, but most notable was liquid A vs H performance.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 6.7bn of A-shares on decent volume. A-shares out-performed H-shares quite dramatically, taking back H-share gains from the week before, which reversed prior weeks.
This week saw net buying of semiconductor/chip names, and net selling of the EV/Solar/Battery space and buying of the Ping Ans, but most notable was liquid A vs H performance.


Mainland Connect NORTHBOUND Flows (To 19 Apr 2024): NB Net Seller; Semi-Tech Buys, Renewables Sold

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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.</li>
<li>We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.</li>
<li>We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.
We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.
We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.


Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.</li>
<li>The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.
The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.
We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.


A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

<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 a net buyer every day since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.</li>
<li>For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).</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 a net buyer every day since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.
For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).


A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>China-Latin America / In Depth: China-Latin America ties deepen amid boom in cross-border auto trade, e-commerce</li><li>Social security /: China to allow social security fund to buy domestic pension products, futures</li><li>Citic /: China picks new party chief for Citic Group</li></ul>

China-Latin America / In Depth: China-Latin America ties deepen amid boom in cross-border auto trade, e-commerceSocial security /: China to allow social security fund to buy domestic pension products, futuresCitic /: China picks new party chief for Citic Group

CX Daily: China-Latin America Ties Deepen Amid Boom in Cross-Border Auto Trade, E-Commerce 

China

China CITIC Bank Corporation Limited provides banking services. The Company offers deposits, loans, domestic settlement,  currency trading, bank guarantee, and other services. China CITIC Bank provides its services to individuals, enterprises, and other clients.

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China CITIC Bank (601998 CH)

Mainland Connect NORTHBOUND Flows (To 19 Apr 2024): NB Net Seller; Semi-Tech Buys, Renewables Sold

NORTHBOUND Connect was again a seller this past week, with batteries/EVs/solar seeing net selling, and banks seeing net buying. As significantly...

Travis Lundy

Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zijin Mining, China Tourism, Foxconn Industrial...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 15 Mar 2024): Liquid AH Premia Starting to Narrow

AH Premia narrowed more on liquid narrow premia than on less liquid and wide premia. This is a new development. Energy and Utilities saw Hs rebound...

Travis Lundy

CX Daily: China-Latin America Ties Deepen Amid Boom in Cross-Border Auto Trade, E-Commerce

China-Latin America / In Depth: China-Latin America ties deepen amid boom in cross-border auto trade, e-commerce Twenty-five kilometers north of...

Caixin Global

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