Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Suntien Green Energy / Event-Driven

<div>
<p>Several weeks ago, I gave the warning H/A spreads had moved tighter - too far too fast. The next week, spreads widened, they bounced back with a vengeance, then slightly wider in the short week at the start of Chinese New Year, and bouncing back in the post-CNY week.</p>
<p>They have started to move wider again, and given the global form in risk and higher volatility right now, I would not be surprised if they continued a bit wider.</p>
</div><div>
<p>Last week, in the first full week after the end of all the Chinese New Year festivities, all but one sector saw average spreads widen, and market-wide, spreads had their worst week in quite a while.</p>
<table class="table table-striped"><tbody>
<tr>
<td style="width: 198.182px;"><p>Sector</p></td>
<td style="text-align: right; width: 103.636px;"><p>Last Week</p></td>
<td style="text-align: right; width: 135.455px;"><p>Previous Week</p></td>
<td style="text-align: right; width: 100px;"><p>3wks Ago</p></td>
<td style="text-align: right; width: 102.727px;"><p>4wks Ago</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Consumer</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  1.65%</p></td>
<td style="text-align: right; width: 135.455px;"><p>-  1.20%</p></td>
<td style="text-align: right; width: 100px;"><p>+ 2.55%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 2.32%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Energy</p></td>
<td style="text-align: right; width: 103.636px;"><p>+ 0.67%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 1.43%</p></td>
<td style="text-align: right; width: 100px;"><p>-  1.64%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 1.98%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Financials &amp; Real Estate</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  1.12%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 0.10%</p></td>
<td style="text-align: right; width: 100px;"><p>+ 0.29%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 0.62%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Health Care &amp; Info Tech</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  2.86%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 1.45%</p></td>
<td style="text-align: right; width: 100px;"><p>-  1.52%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 2.29%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Industrials</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  1.20%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 0.26%</p></td>
<td style="text-align: right; width: 100px;"><p>-  0.62%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 2.48%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Materials</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  0.84%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 3.08%</p></td>
<td style="text-align: right; width: 100px;"><p>-  0.57%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 2.66%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Utilities</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  0.14%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 0.99%</p></td>
<td style="text-align: right; width: 100px;"><p>+ 0.25%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 1.06%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p>Sector Average</p></td>
<td style="text-align: right; width: 103.636px;"><p>-  1.02%</p></td>
<td style="text-align: right; width: 135.455px;"><p>+ 0.87%</p></td>
<td style="text-align: right; width: 100px;"><p>-  0.18%</p></td>
<td style="text-align: right; width: 102.727px;"><p>+ 1.92%</p></td>
</tr>
<tr>
<td style="width: 198.182px;"><p><strong>All Market Average</strong></p></td>
<td style="text-align: right; width: 103.636px;"><p><strong>-  1.22%</strong></p></td>
<td style="text-align: right; width: 135.455px;"><p><strong>+ 0.76%</strong></p></td>
<td style="text-align: right; width: 100px;"><p><strong>-  0.33%</strong></p></td>
<td style="text-align: right; width: 102.727px;"><p><strong>+ 1.80%</strong></p></td>
</tr>
</tbody></table>
<p>Developers saw their Hs rise dramatically on the week on new rules about land sales which would appear to favor large developers over smaller developers, but few have an H/A spread presence.</p>
</div><div><div>
<hr>
<h3>The H/A Spread Market</h3>
</div></div><div>
<p>The past week has seen H-shares come off sharply and spreads widen reasonably dramatically. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/191/379/original/Screenshot+2021-02-28+at+7.50.25+PM.png?1614513037" class="editor-image img-responsive" data-smartkarma-image-id="191379"></figure></section>
</div><p>The average discount appears not to want to tighten. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/191/402/original/Screenshot+2021-02-28+at+9.36.30+PM.png?1614519456" class="editor-image img-responsive" data-smartkarma-image-id="191402"></figure></section><p></p><h2>Last Week's Recommendations</h2><ul>
<li>There were 78 recommendations last week. </li>
<li>The 33 short recommendations gained an average of 1.70%, outperforming the market as a whole (which saw the average spread widen 1.22%). That is alpha of 48bp.</li>
<li>The 45 long recommendations averaged losses of 76bp during the week, outperforming the market as a whole by 46bp. The combined total package was up 0.27% for the week, with 92bp of alpha on the cross-bias. </li>
</ul><hr><section><div><h2>Consumer Sector</h2></div>
<div><p>The first sector discussed is Consumer, where liquid H/A spreads widened on average 1.65% over the past week, with the sector continuing to see significant bumpiness. </p></div>
<div><ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> saw its spread move 2.9% narrower last week after widening 3.1% in the previous two weeks. It is now 3.7% narrower over four weeks.  <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> narrowed too, but the others in the space widened. </li>
<li>All but one stock in the sector saw its H-share decline in double digit percentages. The average H in the sector moved down 15.9% in the week. Only <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> was spared that indignity, seeings its H fall 'only' 9.7%.</li>
<li>Southbound was a net seller of nearly HK$2bn of stock since the 10th of February, purchasing only <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> on a net basis.</li>
</ul></div>
<div><div><div class="content-highlight">
<p>Last week, I recommended staying long the <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, and short <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a>, and <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> H vs A. </p>
<p>Those four trades gained an average of 3.58% in spread terms on the week.</p>
</div></div></div>
<section><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/191/384/original/Screenshot+2021-02-28+at+8.09.50+PM.png?1614514204" class="editor-image img-responsive" data-smartkarma-image-id="191384"></figure><p></p></section></section></section><section><em>For this week's recommendations on Consumer, and discussion of the Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities sectors, and all trade recommendations, please read on.</em></section></section>


Several weeks ago, I gave the warning H/A spreads had moved tighter - too far too fast. The next week, spreads widened, they bounced back with a vengeance, then slightly wider in the short week at the start of Chinese New Year, and bouncing back in the post-CNY week.
They have started to move wider again, and given the global form in risk and higher volatility right now, I would not be surprised if they continued a bit wider.

Last week, in the first full week after the end of all the Chinese New Year festivities, all but one sector saw average spreads widen, and market-wide, spreads had their worst week in quite a while.


Sector
Last Week
Previous Week
3wks Ago
4wks Ago


Consumer
-  1.65%
-  1.20%
+ 2.55%
+ 2.32%


Energy
+ 0.67%
+ 1.43%
-  1.64%
+ 1.98%


Financials &amp; Real Estate
-  1.12%
+ 0.10%
+ 0.29%
+ 0.62%


Health Care &amp; Info Tech
-  2.86%
+ 1.45%
-  1.52%
+ 2.29%


Industrials
-  1.20%
+ 0.26%
-  0.62%
+ 2.48%


Materials
-  0.84%
+ 3.08%
-  0.57%
+ 2.66%


Utilities
-  0.14%
+ 0.99%
+ 0.25%
+ 1.06%


Sector Average
-  1.02%
+ 0.87%
-  0.18%
+ 1.92%


All Market Average
-  1.22%
+ 0.76%
-  0.33%
+ 1.80%


Developers saw their Hs rise dramatically on the week on new rules about land sales which would appear to favor large developers over smaller developers, but few have an H/A spread presence.


The H/A Spread Market

The past week has seen H-shares come off sharply and spreads widen reasonably dramatically. 

The average discount appears not to want to tighten. Last Week's Recommendations
There were 78 recommendations last week. 
The 33 short recommendations gained an average of 1.70%, outperforming the market as a whole (which saw the average spread widen 1.22%). That is alpha of 48bp.
The 45 long recommendations averaged losses of 76bp during the week, outperforming the market as a whole by 46bp. The combined total package was up 0.27% for the week, with 92bp of alpha on the cross-bias. 
Consumer Sector
The first sector discussed is Consumer, where liquid H/A spreads widened on average 1.65% over the past week, with the sector continuing to see significant bumpiness. 


BYD (1211 HK) saw its spread move 2.9% narrower last week after widening 3.1% in the previous two weeks. It is now 3.7% narrower over four weeks.  Great Wall Motor (2333 HK) narrowed too, but the others in the space widened. 
All but one stock in the sector saw its H-share decline in double digit percentages. The average H in the sector moved down 15.9% in the week. Only Guangzhou Automobile Group (2238 HK) was spared that indignity, seeings its H fall 'only' 9.7%.
Southbound was a net seller of nearly HK$2bn of stock since the 10th of February, purchasing only Fuyao Glass Industry Group (3606 HK) on a net basis.


Last week, I recommended staying long the Great Wall Motor (2333 HK), and short BYD (1211 HK), Hisense Home Appliances Group Co., Ltd. H (921 HK), and Fuyao Glass Industry Group (3606 HK) H vs A. 
Those four trades gained an average of 3.58% in spread terms on the week.

For this week's recommendations on Consumer, and discussion of the Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities sectors, and all trade recommendations, please read on.

Quiddity Weekly H/A: Strong Dispersion, Strong Alpha; Brokers Beat Banks

<p>Four weeks ago, I gave the warning that H/A spreads had moved tighter - too far too fast. The next week, spreads widened, they bounced back with a vengeance, then slightly wider in the short week at the start of Chinese New Year, and bouncing back in the post-CNY week.</p><p>In the two weeks from before to after Chinese New Year, the average sector spread moved about 70bp tighter, but the average spread moved only 42bp tighter.</p><table class="table table-striped"><tbody>
<tr>
<td><p>Sector</p></td>
<td style="text-align: right;"><p>Last<br>Week</p></td>
<td style="text-align: right;"><p>Previous<br>Week</p></td>
<td style="text-align: right;"><p>3wks<br>Ago</p></td>
<td style="text-align: right;"><p>4wks<br>Ago</p></td>
</tr>
<tr>
<td><p>Consumer</p></td>
<td style="text-align: right;"><p>-  1.20%</p></td>
<td style="text-align: right;"><p>+ 2.55%</p></td>
<td style="text-align: right;"><p>+ 2.32%</p></td>
<td style="text-align: right;"><p>-  2.62%</p></td>
</tr>
<tr>
<td><p>Energy</p></td>
<td style="text-align: right;"><p>+ 1.43%</p></td>
<td style="text-align: right;"><p>-  1.64%</p></td>
<td style="text-align: right;"><p>+ 1.98%</p></td>
<td style="text-align: right;"><p>-  0.59%</p></td>
</tr>
<tr>
<td><p>Financials &amp; Real Estate</p></td>
<td style="text-align: right;"><p>+ 0.10%</p></td>
<td style="text-align: right;"><p>+ 0.29%</p></td>
<td style="text-align: right;"><p>+ 0.62%</p></td>
<td style="text-align: right;"><p>-  1.73%</p></td>
</tr>
<tr>
<td><p>Health Care &amp; Info Tech</p></td>
<td style="text-align: right;"><p>+ 1.45%</p></td>
<td style="text-align: right;"><p>-  1.52%</p></td>
<td style="text-align: right;"><p>+ 2.29%</p></td>
<td style="text-align: right;"><p>-  0.27%</p></td>
</tr>
<tr>
<td><p>Industrials</p></td>
<td style="text-align: right;"><p>+ 0.26%</p></td>
<td style="text-align: right;"><p>-  0.62%</p></td>
<td style="text-align: right;"><p>+ 2.48%</p></td>
<td style="text-align: right;"><p>-  1.30%</p></td>
</tr>
<tr>
<td><p>Materials</p></td>
<td style="text-align: right;"><p>+ 3.08%</p></td>
<td style="text-align: right;"><p>-  0.57%</p></td>
<td style="text-align: right;"><p>+ 2.66%</p></td>
<td style="text-align: right;"><p>-  0.95%</p></td>
</tr>
<tr>
<td><p>Utilities</p></td>
<td style="text-align: right;"><p>+ 0.99%</p></td>
<td style="text-align: right;"><p>+ 0.25%</p></td>
<td style="text-align: right;"><p>+ 1.06%</p></td>
<td style="text-align: right;"><p>-  2.45%</p></td>
</tr>
<tr>
<td><p>Sector Average</p></td>
<td style="text-align: right;"><p>+ 0.87%</p></td>
<td style="text-align: right;"><p>-  0.18%</p></td>
<td style="text-align: right;"><p>+ 1.92%</p></td>
<td style="text-align: right;"><p>-  1.41%</p></td>
</tr>
</tbody></table><p>This week, the data is a bit cut short as the China Securities Depository and Clearing has not reported Southbound position data since the 10th as far as I can tell. </p><div class="content-highlight"><p>There were 75 recommendations last week.  The 32 short recommendations lost an average of 48bp, slightly underperforming the market as a whole. The 43 long recommendations averaged gains of 50bp over the two weeks, outperforming the market as a whole. The combined total package was up 0.084% over the two weeks. </p></div><div><div><h3>The H/A Spread Market</h3></div></div><div>
<p>The past two weeks straddling Chinese New Year saw mixed movement in H/A spreads, with 63 of 98 liquid spreads (64%) narrowing an average of 42bp. They are on average 92bp tighter over four weeks. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/832/original/Screenshot+2021-02-20+at+5.17.17+PM.png?1613812651" class="editor-image img-responsive" data-smartkarma-image-id="189832"></figure></section><hr>
</div><div><div><h3>Consumer Sector</h3></div></div><div>
<p>The first sector discussed is Consumer, where liquid H/A spreads narrowed on average 1.35% over the two weeks, but with some bumpiness. </p>
<p><a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> saw its spread move 3.1% wider over the two weeks and is now 7.1% wider over four weeks and it is no longer the narrowest liquid H/A spread in the sector, with <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> taking its place moving 2.4% in the two weeks and 10.7% in four.</p>
</div><div class="content-highlight">
<p>Two weeks ago, I recommended staying long the <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, and short <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a>, and <a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> H vs A. </p>
<p>Those four trades gained an average of 1.67% in spread terms on the week.</p>
</div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/833/original/Screenshot+2021-02-20+at+5.28.45+PM.png?1613813350" class="editor-image img-responsive" data-smartkarma-image-id="189833"></figure></section><p>For this week's recommendations on Consumer, and discussion of the Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities sectors, and all trade recommendations, please read on.</p>

Four weeks ago, I gave the warning that H/A spreads had moved tighter - too far too fast. The next week, spreads widened, they bounced back with a vengeance, then slightly wider in the short week at the start of Chinese New Year, and bouncing back in the post-CNY week.In the two weeks from before to after Chinese New Year, the average sector spread moved about 70bp tighter, but the average spread moved only 42bp tighter.

Sector
Last Week
Previous Week
3wks Ago
4wks Ago


Consumer
-  1.20%
+ 2.55%
+ 2.32%
-  2.62%


Energy
+ 1.43%
-  1.64%
+ 1.98%
-  0.59%


Financials &amp; Real Estate
+ 0.10%
+ 0.29%
+ 0.62%
-  1.73%


Health Care &amp; Info Tech
+ 1.45%
-  1.52%
+ 2.29%
-  0.27%


Industrials
+ 0.26%
-  0.62%
+ 2.48%
-  1.30%


Materials
+ 3.08%
-  0.57%
+ 2.66%
-  0.95%


Utilities
+ 0.99%
+ 0.25%
+ 1.06%
-  2.45%


Sector Average
+ 0.87%
-  0.18%
+ 1.92%
-  1.41%

This week, the data is a bit cut short as the China Securities Depository and Clearing has not reported Southbound position data since the 10th as far as I can tell. There were 75 recommendations last week.  The 32 short recommendations lost an average of 48bp, slightly underperforming the market as a whole. The 43 long recommendations averaged gains of 50bp over the two weeks, outperforming the market as a whole. The combined total package was up 0.084% over the two weeks. The H/A Spread Market
The past two weeks straddling Chinese New Year saw mixed movement in H/A spreads, with 63 of 98 liquid spreads (64%) narrowing an average of 42bp. They are on average 92bp tighter over four weeks. 

Consumer Sector
The first sector discussed is Consumer, where liquid H/A spreads narrowed on average 1.35% over the two weeks, but with some bumpiness. 
BYD (1211 HK) saw its spread move 3.1% wider over the two weeks and is now 7.1% wider over four weeks and it is no longer the narrowest liquid H/A spread in the sector, with Fuyao Glass Industry Group (3606 HK) taking its place moving 2.4% in the two weeks and 10.7% in four.

Two weeks ago, I recommended staying long the Great Wall Motor (2333 HK), and short BYD (1211 HK), Hisense Home Appliances Group Co., Ltd. H (921 HK), and Fuyao Glass Industry Group (3606 HK) H vs A. 
Those four trades gained an average of 1.67% in spread terms on the week.
For this week's recommendations on Consumer, and discussion of the Energy, Financials &amp; Real Estate, Health Care, Tech, Industrials, Materials, and Utilities sectors, and all trade recommendations, please read on.

Quiddity Weekly H/A: High Volatility in Materials and Industrials and Spreads Over Lunar New Year

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/gcl-poly-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:3708:1" rel="noopener">Gcl Poly Energy Holdings Limited (3800 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/smoore-international" target="_blank" data-smartkarma-citation="entities:28241:1" rel="noopener">Smoore International (6969 HK)</a>, <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/haidilao-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao (6862 HK)</a>. Shorts increased on Financials, Information Technology, Communication Services and Health Care, and decreased on Real Estate.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/seiko-epson-corp" target="_blank" data-smartkarma-citation="entities:16793:1" rel="noopener">Seiko Epson (6724 JP)</a>, <a href="https://www.smartkarma.com/entities/zenkoku-hosho-co-ltd" target="_blank" data-smartkarma-citation="entities:5537:1" rel="noopener">Zenkoku Hosho (7164 JP)</a> and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>, <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a>, <a href="https://www.smartkarma.com/entities/thk-co-ltd" target="_blank" data-smartkarma-citation="entities:19572:1" rel="noopener">Thk Co Ltd (6481 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>. Sectorally, shorts increased on Consumer Staples and Financials, while decreasing on Information Technology and Industrials.</p></div><div><p>In Korea, there were short positions put on in <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a> and <a href="https://www.smartkarma.com/entities/kia-motors-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Motors Corp (000270 KS)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>, <a href="https://www.smartkarma.com/entities/posco-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Chemical Co Ltd (003670 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electro-mechanics-co" target="_blank" data-smartkarma-citation="entities:539:1" rel="noopener">Samsung Electro Mechanics Co, Ltd. (009150 KS)</a> and <a href="https://www.smartkarma.com/entities/mirae-asset-daewoo-co-ltd-b50c4d95-1687-46cb-9b58-f79ce0e72670" target="_blank" data-smartkarma-citation="entities:12061:1" rel="noopener">Mirae Asset Daewoo (006800 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/e-sun-financial-holding-co" target="_blank" data-smartkarma-citation="entities:719:1" rel="noopener">E.Sun Financial Holding Co (2884 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" data-smartkarma-citation="entities:17677:1" rel="noopener">Cathay Financial Holding Co (2882 TT)</a> and <a href="https://www.smartkarma.com/entities/china-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:603:1" rel="noopener">China Life Insurance (2823 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Xiaomi Corp (1810 HK), Ping An Insurance (H) (2318 HK), Gcl Poly Energy Holdings Limited (3800 HK) and Alibaba Group (9988 HK) while there was short covering on Smoore International (6969 HK), Great Wall Motor (2333 HK), China Mobile (941 HK), BYD (1211 HK) and Haidilao (6862 HK). Shorts increased on Financials, Information Technology, Communication Services and Health Care, and decreased on Real Estate.In Japan, stocks that saw the most shorts were Lasertec Corp (6920 JP), Seiko Epson (6724 JP), Zenkoku Hosho (7164 JP) and Itochu Corp (8001 JP) while shorts decreased on Advantest Corp (6857 JP), Shionogi &amp; Co (4507 JP), Thk Co Ltd (6481 JP) and Anritsu Corp (6754 JP). Sectorally, shorts increased on Consumer Staples and Financials, while decreasing on Information Technology and Industrials.In Korea, there were short positions put on in Celltrion Inc (068270 KS), Hyundai Motor Co (005380 KS), Doosan Infracore (042670 KS) and Kia Motors Corp (000270 KS) while shorts were covered in Amorepacific Corp (090430 KS), Posco Chemical Co Ltd (003670 KS), Samsung Electro Mechanics Co, Ltd. (009150 KS) and Mirae Asset Daewoo (006800 KS). Stocks in Taiwan that saw the highest increase in shorts were E.Sun Financial Holding Co (2884 TT), Taiwan Cement (1101 TT), Cathay Financial Holding Co (2882 TT) and China Life Insurance (2823 TT) while shorts were covered on Largan Precision (3008 TT), Evergreen Marine Corp (2603 TT), Walsin Technology (2492 TT) and TSMC (2330 TT). 

Asia Short Interest: Tencent, Xiaomi, GCL Poly, Mobile, BYD, Lasertec, Advantest, Celltrion, Largan

David Blennerhassett

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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 manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs. Great Wall Motor conducts business in China, USA, Japan, Canada, Korea, and other regions.

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Great Wall Motor (601633 CH)

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