HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The Government Work Report as revealed in the NPC has put increased emphasis on the agricultural sector and heightened the need to support the industry in the 2022 Work Plan.</li>
<li>
<a href="https://www.smartkarma.com/entities/first-tractor-co-ltd" target="_blank" data-smartkarma-citation="entities:24643:1" rel="noopener">First Tractor (601038 CH)</a> is a potential beneficiary as the government strives to increase the farmland area, improve well-being of farmers and upgrade agricultural machinery and equipment. </li>
<li>Russia-Ukraine war has caused a surge in fertiliser prices, and <a href="https://www.smartkarma.com/entities/china-bluechemical-ltd-h" target="_blank" data-smartkarma-citation="entities:894:1" rel="noopener">China Bluechemical H (3983 HK)</a>, <a href="https://www.smartkarma.com/entities/sinofert-holdings-ltd" target="_blank" data-smartkarma-citation="entities:893:1" rel="noopener">Sinofert (297 HK)</a> and <a href="https://www.smartkarma.com/entities/china-xlx-fertiliser-ltd" target="_blank" data-smartkarma-citation="entities:5679:1" rel="noopener">China Xlx Fertiliser (1866 HK)</a> may benefit in the near term. </li>
</ul>


The Government Work Report as revealed in the NPC has put increased emphasis on the agricultural sector and heightened the need to support the industry in the 2022 Work Plan.

First Tractor (601038 CH) is a potential beneficiary as the government strives to increase the farmland area, improve well-being of farmers and upgrade agricultural machinery and equipment. 
Russia-Ukraine war has caused a surge in fertiliser prices, and China Bluechemical H (3983 HK), Sinofert (297 HK) and China Xlx Fertiliser (1866 HK) may benefit in the near term. 


China Agricultural Sector: Implications of NPC and Russia-Ukraine War

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 Hong Kong Connect flows with our data engine for holding position as of September 6th.</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 HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015 HK), Tencent (700 HK). 


Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.
We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.


A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.</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 Tencent (700 HK) , China Mobile (941 HK) .</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent (700 HK) , China Mobile (941 HK) .


Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC, Meituan, HKEx, China Hongqiao, CNOOC. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC, Meituan, HKEx, China Hongqiao, CNOOC. 


Hong Kong Connect Flows (July): 11 Months of Inflows

China

First Tractor Company Limited manufactures and sells agricultural tractors, road rollers, and other construction machines.  The Company also manufactures and sells harvesting machines and biochemical products as well as provides financial services.

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First Tractor Co H (38 HK)

China Agricultural Sector: Implications of NPC and Russia-Ukraine War

NPC reveals support for better well-being of farmers and upgrade of agricultural equipment, while the Russia-Ukraine war have escalated prices of...

Osbert Tang, CFA

Hong Kong Connect Flows (Sep 6th): Inflows into ETF, Li Auto, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for HSI ETF (2800 HK), HSCEI ETF (2828 HK), Li Auto (2015...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK) , China Mobile (941 HK) .

Ke Yan, CFA, FRM

Hong Kong Connect Flows (July): 11 Months of Inflows

We analyzed the Hong Kong Connect Scheme for July and highlighted inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)