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 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 ~HK$3.4bn, split (+HK$1.58bn) for Shanghai and (+HK$1.82bn) for Shenzhen.</li>
<li>The largest inflows were in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. The largest outflows were in <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/gcl-new-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19717:1" rel="noopener">Gcl New Energy (451 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 ~HK$3.4bn, split (+HK$1.58bn) for Shanghai and (+HK$1.82bn) for Shenzhen.
The largest inflows were in Tencent (700 HK) and Meituan (3690 HK). The largest outflows were in Hang Seng H Share Index (2828 HK) and Gcl New Energy (451 HK).


Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (3 November 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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 127.4% as of Oct 21st.</li>
<li>The average A-H premium changed by -2.8ppt weeok on week, led by consumer staples, consumer discretionary, energy and offset by financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 127.4% as of Oct 21st.
The average A-H premium changed by -2.8ppt weeok on week, led by consumer staples, consumer discretionary, energy and offset by financials.
We highlight weekly changes in A-H premium for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life.


A-H Premium Weekly (Oct 21st): Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.</li>
<li>The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.
The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.


A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

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)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>We see three new listings as potential inclusions to the HSCI in December. One is already in Stock Connect, one will be added to Stock Connect while one will not.</li>
<li>Given the large market moves, there will be many changes to the HSCI in March 2023. Quite a few stocks could remain in the HSCI but drop out of Connect.</li>
<li>Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.</li>
</ul>


We see three new listings as potential inclusions to the HSCI in December. One is already in Stock Connect, one will be added to Stock Connect while one will not.
Given the large market moves, there will be many changes to the HSCI in March 2023. Quite a few stocks could remain in the HSCI but drop out of Connect.
Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.


HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There's a Lot!)

China

Cosco Shipping Specialised Carriers Co. provides marine and coastal freight transportation services.  The Company also operates in wholesale and retail trading, acts as a shipping agency, as well as provides loading and unloading, storage, and labor services.

Cosco Shipping Specialised Carriers  (600428 CH)

Cosco Shipping Development Co., Ltd is a container shipping company based in China.  The Company owns, charters, and operates container vessels for the provision of international and domestic container marine transportation services.

Hainan Strait Shipping Co., Ltd. offers domestic coastal passenger and cargo marine transportation services.

Bohai Ferry Company Limited is a passenger liner transportation enterprise. The Company mainly operates passenger vessel transport for the Yantai-Dalian and Penglai-Dalian sea routes.

Ningbo Marine Co., Ltd. provides freight transportation on the inland waters, as well as between the ports of Ningbo and Southeast Asian countries and Japan. The Company also invests in the transportation facility construction business and processes steel product.

Tianjin Tianhai Investment Co., Ltd. provides marine transportation services in China and internationally. The company operates container transportation and related business. Its principal routes include international container regular freight transportation lines to South Korea and Southeast Asia with Tianjin, Qingdao, Quanzhou, and Shantou as the base ports, as well as domestic freight transportation lines to Yingkou, Qingdao, Rizhao, and Longkou with Quanzhou and Shantou as the base ports. The company was formerly known as Tianjin Marine Shipping Co., Ltd. and changed its name to Tianjin Tianhai Investment Co., Ltd. in July 2015. Tianjin Tianhai Investment Co., Ltd. is based in Tianjin, China.

Lanhai Medical Investment Co., Ltd. provides domestic and international water transportation for bulk cargos.  The Company also trades petrochemical products and provides storage service.

Lanhai Medical Investment Co.,  (600896 CH)

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

Shandong Hi-speed Co Ltd. operates and maintains toll roads, bridges, tunnels, and other infrastructure facilities.  The Company operates the Jiqing Highway, the Taiqu Road, the Jinan-Huanghe Bridge, the Pingyin Bridge, and the Binzhou Bridge. Shandong Hi-speed also retails petroleum products.

Matson Inc., is involved in transportation and logistics.  The Company offers provides  multimodal transportation services to the North American market, including domestic and international rail intermodal service, long haul and regional highway brokerage, supply chain services and LTL transportation services, as well as third-party logistics services.

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

SITC International Holdings Company Ltd. offers marine shipping services.  The Company offers container liner shipping, freight forwarding, customs clearance, shipping agency, and ship brokerage services.  SITC operates in Asia.

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

MISC Berhad owns ships and operates shipping and related services. Through its subsidiaries, the Company provides trucking, warehousing and forwarding service, containers and prime movers repair, and container haulage. MISC Berhad also has operation in trucking and launch operator.

Golden Ocean Group Limited operates as an international dry bulk shipping company based in Bermuda. The Company mainly operates in the Capesize and Panamax market segments. Golden Ocean Group's fleet is managed by Golden Ocean Group Management (Bermuda) Limited.

Star Bulk Carriers Corp. is a holding company, which engages in the marine transportation of dry bulk vessels. It ships iron ore, coal, grain, bauxite, fertilizers, and steel products. The company was founded by Petros Alexandros Pappas on December 13, 2006 and is headquartered in Athens, Greece.

Wallenius Wilhelmsen ASA provides shipping and logistics services. The Company offers ocean transportation for cars, trucks, buses, rolling equipment, and breakbulk cargo, as well as supply chain services. Wallenius Wilhelmsen serves agricultural, automotive, and aviation industries worldwide.

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

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Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.4bn, split (+HK$1.58bn)...

David Blennerhassett

A-H Premium Weekly (Oct 21st): Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

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

HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There's a Lot!)

There could be 3 adds in December while there will be MANY more changes in March. The adds should outnumber the deletes, but there will be many...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.4bn, split (+HK$1.58bn)...

David Blennerhassett

A-H Premium Weekly (Oct 21st): Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

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

HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There's a Lot!)

There could be 3 adds in December while there will be MANY more changes in March. The adds should outnumber the deletes, but there will be many...

Brian Freitas

Shanghai/Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

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