Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Fund manager <strong><a href="https://www.smartkarma.com/entities/china-everbright-ltd" target="_blank" data-smartkarma-citation="entities:167:1" rel="noopener">China Everbright (165 HK)</a></strong>'s implied stub and simple ratio (CEL / <strong><a href="https://www.smartkarma.com/entities/everbright-securitie-co-a" target="_blank" data-smartkarma-citation="entities:15343:1" rel="noopener">Everbright Securities Co (A) (601788 CH)</a></strong>)) are at multi-year lows.</li>
<li>Preceding my comments on China Everbright are the weekly setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Fund manager China Everbright (165 HK)'s implied stub and simple ratio (CEL / Everbright Securities Co (A) (601788 CH))) are at multi-year lows.
Preceding my comments on China Everbright are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: China Everbright (165 HK) Trading Wide

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 143 stocks over the last week. The average A-H premium was 111.6% as of May 12th.</li>
<li>The average A-H premium changed by 0.4ppt week on week, led by real estate, financials, utilities and offset by consumer staples, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for CCB, BoC, China Shenhua, Yankuang Energy, CHina Life.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of May 12th.
The average A-H premium changed by 0.4ppt week on week, led by real estate, financials, utilities and offset by consumer staples, consumer discretionary, energy.
We highlight weekly changes in A-H premium for CCB, BoC, China Shenhua, Yankuang Energy, CHina Life.


A-H Premium Weekly (May 12th): CCB, BoC, China Shenhua, Yankuang Energy, CHina Life

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.


Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.</li>
<li>The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.
The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.
We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.


A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.
The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.


A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

China


Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

Price Gauge
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Everbright Securities (H) (6178 HK)

StubWorld: China Everbright (165 HK) Trading Wide

A 77% discount to NAV is wide by any measure. Everbright Securities Co is trading full. I'd look to buy CEL outright, or hedge with ESC. Pushback?...

David Blennerhassett

A-H Premium Weekly (May 12th): CCB, BoC, China Shenhua, Yankuang Energy, CHina Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CCB, BoC, China Shenhua, Yankuang Energy, CHina Life.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)