Founder of Antler Capital

Stanley Tsai, CFA

Thematic (Sector/Industry)

<ul>
<li>We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.</li>
<li>Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.</li>
<li>We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.</li>
</ul>


We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.
Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.
We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.


China Financials Weekly: Jan 30 | A Bubbly Opening

Macroeconomics

<ul>
<li>The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.</li>
<li>The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.</li>
<li>It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.</li>
</ul>


The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.
The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.
It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.


China's Fledgling Pensions Market: Are You Positioned to Cash In?

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 109.2% as of Jan 6th.</li>
<li>The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.
The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.</li>
<li>The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.
The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.


A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.</li>
<li>The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.
The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.


A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

China

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

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GF Securities (H) (1776 HK)

China Financials Weekly: Jan 30 | A Bubbly Opening

We expect a strong start to the week for the China financials space, after a new year holiday that confirms investors' hopes for a speedy recovery...

Stanley Tsai, CFA

China's Fledgling Pensions Market: Are You Positioned to Cash In?

China's aging population has captured investors' attention of late. What opportunities will shifting demographics bring to the fledgling private...

Stanley Tsai, CFA

A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Ganfeng Lithium, Shanghai Fudan, Red Star...

Ke Yan, CFA, FRM

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52-week Range

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