Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China has unveiled measures to emphasize a major push for passenger and freight movement by railroad</li>
<li>Rolling stock companies  play catch-up from the COVID under-investment years</li>
<li>High speed freight trains on near term horizon to compete with highway for e-commerce business</li>
</ul>


China has unveiled measures to emphasize a major push for passenger and freight movement by railroad
Rolling stock companies  play catch-up from the COVID under-investment years
High speed freight trains on near term horizon to compete with highway for e-commerce business


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <em>Somewhat</em>-Brand-Spanking New (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.</li>
<li>The last 10wks (since the start of the new Tracker and Portfolio 11 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%, -68%.</li>
</ul>


The Somewhat-Brand-Spanking New (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
The last 10wks (since the start of the new Tracker and Portfolio 11 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%, -68%.


Quiddity A/H Premium Tracker (To Oct20): Volatility Up Further, Wide Spreads Even Wider. Messy²

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  </li>
<li>Chinese banks dominated the list with below-book A-shares. <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:16221:1" rel="noopener">China Everbright Bank (6818 HK)</a>, <a href="https://www.smartkarma.com/entities/china-citic-bank-corp-ltd-ea6c25fd-4b20-45cb-a4a6-df7a60136f03" target="_blank" data-smartkarma-citation="entities:653:1" rel="noopener">China Citic Bank H (998 HK)</a>, and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> are the prime beneficiaries.</li>
<li>Infrastructure construction companies <a href="https://www.smartkarma.com/entities/china-railway-construction-corp-limited" target="_blank" data-smartkarma-citation="entities:263:1" rel="noopener">China Railway Cons Corp (1186 HK)</a>, <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group H (390 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Comm Cons (1800 HK)</a> are also well-positioned to gain.</li>
</ul>


CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  
Chinese banks dominated the list with below-book A-shares. China Everbright Bank (6818 HK), China Citic Bank H (998 HK), and ICBC (H) (1398 HK) are the prime beneficiaries.
Infrastructure construction companies China Railway Cons Corp (1186 HK), China Railway Group H (390 HK), and China Comm Cons (1800 HK) are also well-positioned to gain.


China & HK Strategy: Names to Watch for Market Value Management

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 172% versus the CSI 300 Index’s return of 62%</li>
</ul>


We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, seven new join the fray
Since inception, it has gained 172% versus the CSI 300 Index’s return of 62%


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 November 1st.</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 Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.


Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

China

Guangshen Railway Company Limited provides railroad passenger, freight transportation, railway facilities, and technical services.  The Company also sells food, beverages and merchandise on aboard and in train stations.

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Guangshen Railway Co Ltd H (525 HK)

China Railway Stocks Back on Track

China has announced two significant launches in its High Speed Rail network. The HK-Beijing and HK-Shanghai sleeper trains will cut travel time in...

David Mudd

Quiddity A/H Premium Tracker (To Oct20): Volatility Up Further, Wide Spreads Even Wider. Messy²

The Quiddity A/H Premium Tracker. Tables, Charts, Flows, Positions (both SB and NB). This week was AGAIN messy. Pairwise volatility is up. universe...

Travis Lundy

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

The Stocks to Own in China – Vol. 34

We highlight 10 China A stocks that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, seven new join...

A. Stotz Investment Research

Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar,...

Ke Yan, CFA, FRM

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52-week Range

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