Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Luxshare Precision Industry / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, sector outperformers being bought.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, sector outperformers being bought.


Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 13.9bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 13.9bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought.


Mainland Connect NORTHBOUND Flows (To 5 July 2024): Finance, Consumer, IT Sold, Utilities Bought

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 16.1bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.</li>
<li>Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 16.1bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.
Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.


Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 8.8bn of A-shares on lower gross volumes. NORTHBOUND bought Luxshare, CMB, and CATL. AH Premia now lowest in 4yrs.</li>
<li>Foreign attitudes to HK stocks different than to mainland stocks. This may continue.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 8.8bn of A-shares on lower gross volumes. NORTHBOUND bought Luxshare, CMB, and CATL. AH Premia now lowest in 4yrs.
Foreign attitudes to HK stocks different than to mainland stocks. This may continue.


Mainland Connect NORTHBOUND Flows (To 17 May 2024):

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.</li><li>MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.</li><li>US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.</li></ul>

Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

NORTHBOUND saw net buying. Significant volume spread across a LOT of names, not index-weighted. The weights indicate some short-covering ahead of...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 5 July 2024): Finance, Consumer, IT Sold, Utilities Bought

NORTHBOUND Flows were quite low this week on a gross basis. On a net basis, they were still a net sell and consumer names and finance names were...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 21 June 2024): BIG Consumer Name Selling Again

NORTHBOUND Mainland Connect flows were again starkly negative this week on low gross volumes. Foreigners are selling consumer names - Kweichow and...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 17 May 2024):

NORTHBOUND net flows continue to be positive, belying the mainland story that foreigners are being bad. But they aren't keeping pace with HK.

Travis Lundy

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

Apple diversifies supply chain to Southeast Asia, MediaTek aims for market share growth in China, US probe into China's RISC-V role could impact...

Tech Supply Chain Tracker

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