Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

CGN New Energy Holdings / Equity Bottom-Up

<ul>
<li>A "<em>valuation system with Chinese characteristics</em>" has the media, ostensibly, discussing whether this implies a premium for SOEs and companies aligned with national goals.</li>
<li>In early 2020, SOE-backed clean energy play <strong><a href="https://www.smartkarma.com/entities/cgn-new-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4295:1" rel="noopener">CGN New Energy Holdings (1811 HK)</a></strong> was subject to a potential privatisation from its parent; but it failed to materialise. </li>
<li>During the 14th and 15th Five-Year Plans (2021-30) period, China's installed capacity for wind and solar power is expected double.</li>
</ul>


A "valuation system with Chinese characteristics" has the media, ostensibly, discussing whether this implies a premium for SOEs and companies aligned with national goals.
In early 2020, SOE-backed clean energy play CGN New Energy Holdings (1811 HK) was subject to a potential privatisation from its parent; but it failed to materialise. 
During the 14th and 15th Five-Year Plans (2021-30) period, China's installed capacity for wind and solar power is expected double.


CGN New Energy Holdings: Character Building

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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.


Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in CSPC Pharma, Hygeia, GCL Technology, SHK Properties, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in CSPC Pharma, Hygeia, GCL Technology, SHK Properties, Techtronic.


HK Short Interest Weekly: CSPC Pharma, Hygeia, GCL Technology, SHK Properties, Techtronic

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

Event-Driven

<ul>
<li>Currently at 69 index members, we just could reach 80 constituents at the December rebalance. That would leave the index committee to plan the move to 100 constituents in 2023.</li>
<li>We list 10 potential inclusions to the index in December. One-way turnover is just under 4% and inclusions of all stocks will increase index market cap coverage significantly.</li>
<li>Shorts are more than 3% of free float on five of the potential inclusions and these stocks could see some short covering ahead of the announcement of the changes.</li>
</ul>


Currently at 69 index members, we just could reach 80 constituents at the December rebalance. That would leave the index committee to plan the move to 100 constituents in 2023.
We list 10 potential inclusions to the index in December. One-way turnover is just under 4% and inclusions of all stocks will increase index market cap coverage significantly.
Shorts are more than 3% of free float on five of the potential inclusions and these stocks could see some short covering ahead of the announcement of the changes.


HSI Index Rebalance Preview: Small Step or Giant Leap?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Gcl Poly Energy Holdings Limited / Equity Bottom-Up

<div><div><div><div><ul><li>Xuzhou production base (100% interest): The new granular capacity of 30kt commenced in Jun and is expected to reach full utilization in 3Q.</li><li>Leshan base (57.76%): Granular capacity of 100kt commenced operation in late Jul.</li><li>Baotou base (57.54%): Planned capacity of 100kt (phase 1) is under construction. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Xuzhou production base (100% interest): The new granular capacity of 30kt commenced in Jun and is expected to reach full utilization in 3Q.Leshan base (57.76%): Granular capacity of 100kt commenced operation in late Jul.Baotou base (57.54%): Planned capacity of 100kt (phase 1) is under construction. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GCL Technology (3800 HK) – NDR takeaways: On-track capacity growth & cost reduction

Hong Kong

GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar grade polysilicon and operates cogeneration plants and in China.

Gcl Poly Energy Holdings Limited (3800 HK)

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Gcl Poly Energy Holdings Limited (3800 HK)

CGN New Energy Holdings: Character Building

During the 14th and 15th Five-Year Plans (2021-30) period, China's installed capacity for wind and solar power is expected double. CGNNE appears...

David Blennerhassett

Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, Tsingtao Brewery.

Ke Yan, CFA, FRM

HK Short Interest Weekly: CSPC Pharma, Hygeia, GCL Technology, SHK Properties, Techtronic

We analyzed the latest HK SFC report for aggregate short position and highlight short interest changes in CSPC Pharma, Hygeia, GCL Technology, SHK...

Ke Yan, CFA, FRM

HSI Index Rebalance Preview: Small Step or Giant Leap?

Currently at 73 constituents, we could get to 80 stocks at the Dec rebalance. That would leave the slate clean to plan the move to 100 stocks in...

Brian Freitas

GCL Technology (3800 HK) – NDR takeaways: On-track capacity growth & cost reduction

Xuzhou production base (100% interest): The new granular capacity of 30kt commenced in Jun and is expected to reach full utilization in 3Q.

CMB International

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52-week Range

Market Cap (USDm)

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