Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.</li>
<li>Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 21 Nov 2025):  Hs Sharply Underperform As. Year-End Unwinding?

<ul>
<li>"Beautiful Skew" showed up slightly as Hs underperformed their As across the board (every sector, every premium tranche), but more on narrow AH Premia. </li>
<li>Last week's short reco on <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> saw the H-share underperform its A by 2.54% and it outright fell 3.14%. OK week. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


"Beautiful Skew" showed up slightly as Hs underperformed their As across the board (every sector, every premium tranche), but more on narrow AH Premia. 
Last week's short reco on China Merchants Bank H (3968 HK) saw the H-share underperform its A by 2.54% and it outright fell 3.14%. OK week. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (To 26 Sep 2025):  AH Premia Rise Across the Board

<ul>
<li>"Beautiful Skew" nowhere this past week. The meat of the wider parts of the AH premia curve saw Hs underperform even as liquid Hs outperformed As average by 0.6%.</li>
<li>Last week's long reco on <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> saw the H-share underperform its A by 6.56%. It was a bad week. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


"Beautiful Skew" nowhere this past week. The meat of the wider parts of the AH premia curve saw Hs underperform even as liquid Hs outperformed As average by 0.6%.
Last week's long reco on CNOOC Ltd (883 HK) saw the H-share underperform its A by 6.56%. It was a bad week. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.


A/H Premium Tracker (To 19 Sep 2025):  AH Premia Contract More, Spreads Still Volatile

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

<ul>
<li>AH premia down, bouncing back. "Beautiful Skew" continues generally, but curve skew less pronounced. Average AH moves remain volatile - often the sign of significant distribution changes.</li>
<li>The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH premia down, bouncing back. "Beautiful Skew" continues generally, but curve skew less pronounced. Average AH moves remain volatile - often the sign of significant distribution changes.
The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 8 Aug 2025):  Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

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China Merchants Bank H (3968 HK)

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A/H Premium Tracker (To 26 Sep 2025): AH Premia Rise Across the Board

AH Premia rose this week despite sharp SOUTHBOUND net buying. Feels like narrow AH premia could widen further though it will be a stunted AH week...

Travis Lundy

A/H Premium Tracker (To 19 Sep 2025): AH Premia Contract More, Spreads Still Volatile

Spreads are contracting, still. But they are volatile where they need not be, and H Premia stocks finally saw As outperform again.

Travis Lundy

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 8 Aug 2025): Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

Hs generally outperformed their As last week in volatile fashion. Super-liquid Hs trading at a premium to As lost. Second good week in a row for...

Travis Lundy

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