HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China International Capital Corporation / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a> is a laggard among the Chinese securities companies. With the rebound in HSI and Shanghai Composite, such divergence should narrow.</li>
<li>The investment banking business should recover following the rebound in the secondary market and equity valuations. HK's IPO funds raised are forecast to double in 2024.</li>
<li>At 0.4x 12-month P/B, the market has deeply discounted CICC's earnings outlook. However, as earnings recovery will be fast, its share price will react rapidly.</li>
</ul>



China International Capital Corporation (3908 HK) is a laggard among the Chinese securities companies. With the rebound in HSI and Shanghai Composite, such divergence should narrow.
The investment banking business should recover following the rebound in the secondary market and equity valuations. HK's IPO funds raised are forecast to double in 2024.
At 0.4x 12-month P/B, the market has deeply discounted CICC's earnings outlook. However, as earnings recovery will be fast, its share price will react rapidly.


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 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.
The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.


A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

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>TikTok /: ByteDance holds firm against selling TikTok despite U.S. ban threat</li><li>Corruption /: Head of Chinese Football Association sentenced to life in prison</li><li>CMB /: Exclusive: China Merchants Bank punishes two private banking executives, sources say</li></ul>

TikTok /: ByteDance holds firm against selling TikTok despite U.S. ban threatCorruption /: Head of Chinese Football Association sentenced to life in prisonCMB /: Exclusive: China Merchants Bank punishes two private banking executives, sources say

CX Daily: ByteDance Holds Firm Against Selling TikTok Despite U.S. Ban Threat

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.


HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.</li>
<li>Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.</li>
<li>Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.</li>
</ul>


A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.
Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.
Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.


HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

China

CITIC Securities Co., Ltd. provides securities services. The Company provides securities brokerage, securities trading, securities underwriting, and other services. CITIC Securities also provides investment banking, asset management, investment consulting, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Citic Securities (A) (600030 CH)

CICC (3908 HK): Soon to Be Its Time

CICC is a laggard among Chinese securities companies. With the market rebound, its earnings and share price are set to improve rapidly. Its 0.4x P...

Osbert Tang, CFA

A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium,...

Ke Yan, CFA, FRM

CX Daily: ByteDance Holds Firm Against Selling TikTok Despite U.S. Ban Threat

TikTok /: ByteDance holds firm against selling TikTok despite U.S. ban threat Corruption /: Head of Chinese Football Association sentenced to life...

Caixin Global

HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

We analyzed the latest HK SFC report for aggregate short position as of Mar 15th and highlight short interest changes in Techtronic Ind, Zijin...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

SOUTHBOUND saw net buying on this shortened week pre-CNY as stocks rebounded from the previous week's dramatic selloff. High Div SOEs were bought...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CICC (3908 HK): Soon to Be Its Time

​CICC is a laggard among Chinese securities companies. With the market rebound, its earnings and share price are set to improve rapidly. Its 0.4x P...

Osbert Tang, CFA

A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium,...

Ke Yan, CFA, FRM

CX Daily: ByteDance Holds Firm Against Selling TikTok Despite U.S. Ban Threat

TikTok /: ByteDance holds firm against selling TikTok despite U.S. ban threat Corruption /: Head of Chinese Football Association sentenced to life...

Caixin Global

HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

We analyzed the latest HK SFC report for aggregate short position as of Mar 15th and highlight short interest changes in Techtronic Ind, Zijin...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

SOUTHBOUND saw net buying on this shortened week pre-CNY as stocks rebounded from the previous week's dramatic selloff. High Div SOEs were bought...

Travis Lundy

CICC is a laggard among Chinese securities companies. With the market rebound, its earnings and share price are set to improve rapidly. Its 0.4x P...