Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow over the past week was ~US$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group (000333 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/nari-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4364:1" rel="noopener">NARI Technology (600406 CH)</a> and <a href="https://www.smartkarma.com/entities/china-yangtze-power-co-ltd" target="_blank" data-smartkarma-citation="entities:3210:1" rel="noopener">China Yangtze Power  (600900 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Midea Group (000333 CH). The largest outflows were in NARI Technology (600406 CH) and China Yangtze Power  (600900 CH).


Shanghai/​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

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>Audit / Cover Story: Breaking the ice in the China-U.S. audit standoff</li><li>Attackers / Eight Tangshan police officers detained in women’s assault case</li><li>Bankruptcy / Two rural lenders in northeastern China set to enter bankruptcy</li></ul>

Audit / Cover Story: Breaking the ice in the China-U.S. audit standoffAttackers / Eight Tangshan police officers detained in women’s assault caseBankruptcy / Two rural lenders in northeastern China set to enter bankruptcy

CX Daily: Breaking the Ice in the China-U.S. Audit Standoff

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.</li>
<li>Banks led the outflow as offshore investors are concerned about the risk from property sectors.</li>
<li>We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Banks led the outflow as offshore investors are concerned about the risk from property sectors.
We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.


Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into consumer staple were offset by the outflows from materials.</li>
<li>We highlight inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into consumer staple were offset by the outflows from materials.
We highlight inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei.


Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

China Specialist, Auto and Industrial Specialist

Victoria Li

Equity Bottom-Up

Chongqing Changan Automobile C / Equity Bottom-Up

We believe Chongqing Changan's share price has overshot compared to its fundamental outlook. Its local brand contributed first positive operating profit in 1Q2021, which is exciting. However its 24x.3 P/E on 2021E Bloomberg consensus has fully priced in this positive. Current valuation may also have priced in positive effect from Changan's planned brand new EV model with HI(Huawei Inside) system, which is still at very initial stage; and possible IPOs of Avetar Technology (previously known as Changan NIO) and Changan New Energy, whose business plans are still very blurry.Fundamentally, earnings outlook for Changan Ford, Chongqing Changan's key earnings contributor, is unclear. Changan Ford's Acceleration plan started in 2019 would not be able to bring this company's earnings back to a reasonable level by the end of 2021. While its outlook for the next three years is unclear after latest leadership change.

We believe Chongqing Changan's share price has overshot compared to its fundamental outlook. Its local brand contributed first positive operating profit in 1Q2021, which is exciting. However its 24x.3 P/E on 2021E Bloomberg consensus has fully priced in this positive. Current valuation may also have priced in positive effect from Changan's planned brand new EV model with HI(Huawei Inside) system, which is still at very initial stage; and possible IPOs of Avetar Technology (previously known as Changan NIO) and Changan New Energy, whose business plans are still very blurry.Fundamentally, earnings outlook for Changan Ford, Chongqing Changan's key earnings contributor, is unclear. Changan Ford's Acceleration plan started in 2019 would not be able to bring this company's earnings back to a reasonable level by the end of 2021. While its outlook for the next three years is unclear after latest leadership change.

Chongqing Changan: Local Brand Turning Profitable Alone Cannot Justify Share Price

China

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Chongqing Changan Automobile Company (200625 CH)

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$5.7bn, split between Shanghai...

David Blennerhassett

CX Daily: Breaking the Ice in the China-U.S. Audit Standoff

Cover Story: Breaking the ice in the China-U.S. audit standoff. Eight Tangshan police officers detained in women’s assault case

Caixin Global

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

We highlight northbound Hong Kong Connect inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei from offshore investors.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$5.7bn, split between Shanghai...

David Blennerhassett

CX Daily: Breaking the Ice in the China-U.S. Audit Standoff

Cover Story: Breaking the ice in the China-U.S. audit standoff. Eight Tangshan police officers detained in women’s assault case

Caixin Global

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

We highlight northbound Hong Kong Connect inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei from offshore investors.

Ke Yan, CFA, FRM

Chongqing Changan: Local Brand Turning Profitable Alone Cannot Justify Share Price

We believe Chongqing Changan's share price has overshot compared to its fundamental outlook. Its local brand contributed first positive operating...

Victoria Li

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)