Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Semiconductor Manufacturing International Corp (SMIC) / Event-Driven

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net inflow over the past week was ~US$0.5bn, split (+US$0.26bn) for Shanghai and (+US$0.24bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International (981 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~US$0.5bn, split (+US$0.26bn) for Shanghai and (+US$0.24bn) for Shenzhen.
The largest inflows were into Tracker Fund of Hong Kong Ltd (2800 HK) and Tencent (700 HK). The largest outflows were in Meituan (3690 HK) and Semiconductor Manufacturing International (981 HK).


Shanghai/​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (14 October 2022)

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net inflow over the past week was ~US$0.75bn, split (+US$0.35bn) for Shanghai and (+US$0.40bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index (2828 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely (175 HK)</a> and <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~US$0.75bn, split (+US$0.35bn) for Shanghai and (+US$0.40bn) for Shenzhen.
The largest inflows were into Hang Seng H Share Index (2828 HK) and Wuxi Biologics (2269 HK). The largest outflows were in Geely (175 HK) and AIA Group (1299 HK).


Shanghai/​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (7 October 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 Hong Kong Connect flows with our data engine for the month of September.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Wuxi Biologics, China Mobile, CNOOC, BYD and outflows from Geely, Sunny Optical, Kuaishou, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month of September.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Wuxi Biologics, China Mobile, CNOOC, BYD and outflows from Geely, Sunny Optical, Kuaishou, HKEx.


Hong Kong Connect Flows Monthly: $4.4bn Inflows in September

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 23rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Auto and Sunny Optical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 23rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Auto and Sunny Optical.


HK Short Interest Weekly: Li Auto, Sunny Optical

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>Chinese banks remain broadly out of favour due to growth and property sector concerns; we see some value opportunities</li>
<li>We like PingAn Bank, in particular, for its attractive valuations, compelling PEG ratio and potential for higher returns; we also remain positive on CCB</li>
<li>We remain negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage</li>
</ul>


Chinese banks remain broadly out of favour due to growth and property sector concerns; we see some value opportunities
We like PingAn Bank, in particular, for its attractive valuations, compelling PEG ratio and potential for higher returns; we also remain positive on CCB
We remain negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage


China Banks Screener; PingAn Bank Is Our Top Pick, Followed by CCB

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

Price Gauge
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China Construction Bank H (939 HK)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (14 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.15bn, split between Shanghai...

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (7 October 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$0.75bn, split (-US$0.35bn)...

David Blennerhassett

Hong Kong Connect Flows Monthly: $4.4bn Inflows in September

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for Tencent, Wuxi Biologics, China Mobile, CNOOC, BYD and...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Li Auto, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position and highlight short interest changes in Li Auto, Sunny Optical.

Ke Yan, CFA, FRM

China Banks Screener; PingAn Bank Is Our Top Pick, Followed by CCB

We like PingAn Bank for its attractive valuations, compelling PEG ratio and potential for higher returns, we also remain positive on CCB; avoid...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (14 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.15bn, split between Shanghai...

David Blennerhassett

Shanghai/​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (7 October 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$0.75bn, split (-US$0.35bn)...

David Blennerhassett

Hong Kong Connect Flows Monthly: $4.4bn Inflows in September

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for Tencent, Wuxi Biologics, China Mobile, CNOOC, BYD and...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Li Auto, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position and highlight short interest changes in Li Auto, Sunny Optical.

Ke Yan, CFA, FRM

China Banks Screener; PingAn Bank Is Our Top Pick, Followed by CCB

We like PingAn Bank for its attractive valuations, compelling PEG ratio and potential for higher returns, we also remain positive on CCB; avoid...

Victor Galliano

Shanghai/Shenzhen Southbound Connect: Weekly Moves (14 October 2022)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (7 October 2022)