Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.</li>
<li>To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.</li>
<li>Lots of spreads see the HA premium less than 15%. That is historically tight.</li>
</ul>


AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.
To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.
Lots of spreads see the HA premium less than 15%. That is historically tight.


A/H Premium Tracker (To 14 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul>
<li>AH Premia are lower again (new 5yr low) in the first full week after the CNY holiday. HK stocks up BIG vs A-shares. H/A discounts <em>slightly</em> narrower on average.</li>
<li>That tells you that the big winners in HK the past two weeks are those stocks without A-shares. This past week Healthcare sector pairs saw the best relative H-share performance.</li>
<li>Foreigners returning to HK markets but less to the H in H/A pairs. They are buying HK/China "foreign-investor beta" not China breadth. Feels spivvy, and short-term.</li>
</ul>


AH Premia are lower again (new 5yr low) in the first full week after the CNY holiday. HK stocks up BIG vs A-shares. H/A discounts slightly narrower on average.
That tells you that the big winners in HK the past two weeks are those stocks without A-shares. This past week Healthcare sector pairs saw the best relative H-share performance.
Foreigners returning to HK markets but less to the H in H/A pairs. They are buying HK/China "foreign-investor beta" not China breadth. Feels spivvy, and short-term.


A/H Premium Tracker (To 14 Feb 2025):  AH Premia Fall but Foreigners Buying Non-H/A Pair HK Stocks

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 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.


A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

<ul>
<li>AH Premia are all over the place this week. Despite that, pairwise intracorrelation is.... up? Yup. Average Pairwise Volatility is up even more.</li>
<li>Some of this may be stocks being bullied by large SOUTHBOUND flows in a quieter end-of-year market. </li>
<li>Finance is seeing big net SOUTHBOUND buying but that is not showing up in A/H premia. I expect things stay noisy through year-end.</li>
</ul>


AH Premia are all over the place this week. Despite that, pairwise intracorrelation is.... up? Yup. Average Pairwise Volatility is up even more.
Some of this may be stocks being bullied by large SOUTHBOUND flows in a quieter end-of-year market. 
Finance is seeing big net SOUTHBOUND buying but that is not showing up in A/H premia. I expect things stay noisy through year-end.


A/H Premium Tracker (To 20 Dec 2024): Pairwise Intracorrelation and Vol Even Higher

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Price Gauge
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Great Wall Motor (2333 HK)

A/H Premium Tracker (To 14 Mar 2025): AH Premia Still Falling; Expect Curve Torsion or AH Widening

AH Premia still falling at a slower pace. Hs outperform As despite HK underperforming A-share blue chips. Lots of AH premia <20%. Vol dropping...

Travis Lundy

A/H Premium Tracker (To 14 Feb 2025): AH Premia Fall but Foreigners Buying Non-H/A Pair HK Stocks

New 5yr low for AH Premia but HK indices beat A-shares by far more than Hs in H/A Pairs outperformed their As. AGAIN. This dichotomy tells you the...

Travis Lundy

A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Petrochemical, Datang Intl Power Gen, Beigene,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 20 Dec 2024): Pairwise Intracorrelation and Vol Even Higher

AH Premia are noisy as the year winds down. Premia rose slightly this week, especially for the narrowest group. Some of this looks like profit...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 14 Mar 2025): AH Premia Still Falling; Expect Curve Torsion or AH Widening

AH Premia still falling at a slower pace. Hs outperform As despite HK underperforming A-share blue chips. Lots of AH premia <20%. Vol dropping...

Travis Lundy

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

A/H Premium Tracker (To 14 Feb 2025): AH Premia Fall but Foreigners Buying Non-H/A Pair HK Stocks

New 5yr low for AH Premia but HK indices beat A-shares by far more than Hs in H/A Pairs outperformed their As. AGAIN. This dichotomy tells you the...

Travis Lundy

A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Petrochemical, Datang Intl Power Gen, Beigene,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 20 Dec 2024): Pairwise Intracorrelation and Vol Even Higher

AH Premia are noisy as the year winds down. Premia rose slightly this week, especially for the narrowest group. Some of this looks like profit...

Travis Lundy