Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.</li>
<li>Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.</li>
<li>Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.</li>
</ul>


A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.
Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.
Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.


HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

<ul>
<li>A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit. </li>
<li>Net SOUTHBOUND selling was HK$9.4bn on the week, with net selling every day as the market fell hard - both in HK and the mainland.</li>
<li>Remarkable this past week was the tendency to net sell names which were down hard, and net buy names which have been performing well. </li>
</ul>


A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit. 
Net SOUTHBOUND selling was HK$9.4bn on the week, with net selling every day as the market fell hard - both in HK and the mainland.
Remarkable this past week was the tendency to net sell names which were down hard, and net buy names which have been performing well. 


HK Connect SOUTHBOUND Flows (To 2 Feb 2024); Net Selling (Much Tech), Net SOE Buying, Still

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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the Jan batch. The number of games approved has increased compared to recent months.</li>
<li>The pace of China game approval appears to be accelerating, to the same level as pre-tightening.</li>
<li>Tencent gets one game approved but we don't see that the acceleration of game approval benefits big names proportionally.</li>
</ul>


China announced game approval for the Jan batch. The number of games approved has increased compared to recent months.
The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
Tencent gets one game approved but we don't see that the acceleration of game approval benefits big names proportionally.


Tencent/Netease: Game Approval Accelerates, but Not for Big Names

Hisense Home Appliances Group Co., Ltd. H / Event-Driven

Hisense Home Appliances Group Co., Ltd. H

<ul>
<li>An ugly week for HK stocks but SOUTHBOUND flows showed decent net buying at HK$14.7bn on the week. High-Div SOEs continue to be in favour.</li>
<li>What appears to have been strong net selling on the mainland combined with CBBC unwinds in Hong Kong related to mainland-linked stocks caused HK to have a baaaaad week.</li>
<li>The separately published AH Monitor highlights a Really Tough Week. Hs got KILLED vs their A-share counterparts as CBBCs sold the HK names and National Team bought A-shares.</li>
</ul>


An ugly week for HK stocks but SOUTHBOUND flows showed decent net buying at HK$14.7bn on the week. High-Div SOEs continue to be in favour.
What appears to have been strong net selling on the mainland combined with CBBC unwinds in Hong Kong related to mainland-linked stocks caused HK to have a baaaaad week.
The separately published AH Monitor highlights a Really Tough Week. Hs got KILLED vs their A-share counterparts as CBBCs sold the HK names and National Team bought A-shares.


HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

<ul>
<li>China announced game approval for the December batch. The number of games approved has increased compared to recent months.</li>
<li>The pace of China game approval appears to be accelerating, to the same level as pre-tightening.</li>
<li>Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.</li>
</ul>


China announced game approval for the December batch. The number of games approved has increased compared to recent months.
The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.


Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

China

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

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Kingsoft Corp (3888 HK)

HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

SOUTHBOUND saw net buying on this shortened week pre-CNY as stocks rebounded from the previous week's dramatic selloff. High Div SOEs were bought...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 2 Feb 2024); Net Selling (Much Tech), Net SOE Buying, Still

SOUTHBOUND Connect saw net outflows every day and ended the week at -9.4bn HKD. Lots of tech selling. Lots of momentum-action (selling what was...

Travis Lundy

Tencent/Netease: Game Approval Accelerates, but Not for Big Names

China's game approval process is picking up pace, with an increased number of games approved, but big names like Tencent are not benefiting...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

HK Southbound Connect saw large net buying by mainland investors. ETFs did not play a major role in net flows. Tencent did. High-div SOEs were...

Travis Lundy

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

SOUTHBOUND saw net buying on this shortened week pre-CNY as stocks rebounded from the previous week's dramatic selloff. High Div SOEs were bought...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 2 Feb 2024); Net Selling (Much Tech), Net SOE Buying, Still

SOUTHBOUND Connect saw net outflows every day and ended the week at -9.4bn HKD. Lots of tech selling. Lots of momentum-action (selling what was...

Travis Lundy

Tencent/Netease: Game Approval Accelerates, but Not for Big Names

​China's game approval process is picking up pace, with an increased number of games approved, but big names like Tencent are not benefiting...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

HK Southbound Connect saw large net buying by mainland investors. ETFs did not play a major role in net flows. Tencent did. High-div SOEs were...

Travis Lundy

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

​China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

China's game approval process is picking up pace, with an increased number of games approved, but big names like Tencent are not benefiting...

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...