Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a>. Dai-Ichi Life can pay more, if pushed on pricing. May not be huge, but it could be a few percent or even 10%. </li>
<li>
<a href="https://www.smartkarma.com/entities/hankook-company-co-ltd" target="_blank" data-smartkarma-citation="entities:19369:1" rel="noopener">Hankook &amp; Company (000240 KS)</a>'s family feud goes public. The public tender looks set to fail. Coal in stockings all-round.</li>
<li>If you had any <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> left over from the rally up to ¥1,300+, get out. There may be a better opportunity later, but not here.</li>
</ul>


Stay long Benefit One (2412 JP). Dai-Ichi Life can pay more, if pushed on pricing. May not be huge, but it could be a few percent or even 10%. 

Hankook &amp; Company (000240 KS)'s family feud goes public. The public tender looks set to fail. Coal in stockings all-round.
If you had any Toyo Construction (1890 JP) left over from the rally up to ¥1,300+, get out. There may be a better opportunity later, but not here.


Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem

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 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.</li>
<li>The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.
The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.
We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.


A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.</li>
<li>The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.
The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.


A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

Travis Lundy

<ul>
<li>The New and Better (17 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>Hs with H/A pairs under-perform their As on average by 220+bp. Liquid HK H/A Pairs saw H/As -244bp. H/A Pair intracorrelation is up and A premia continue to trend better.</li>
<li>SOUTHBOUND and NORTHBOUND were net buys overall but Hs had a VERY BAD WEEK vs their A-Shares where pairs were concerned.</li>
</ul>


The New and Better (17 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.
Hs with H/A pairs under-perform their As on average by 220+bp. Liquid HK H/A Pairs saw H/As -244bp. H/A Pair intracorrelation is up and A premia continue to trend better.
SOUTHBOUND and NORTHBOUND were net buys overall but Hs had a VERY BAD WEEK vs their A-Shares where pairs were concerned.


A/H Premium Tracker (To 1 Dec 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.


Hong Kong Connect Flows (November): Five Months of Inflows Despite New Low

China

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (3759 HK)

Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Tourism, Ping An Insurance, BYD.

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance and Beigene.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 1 Dec 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

Last week was a miserable week for H/A Pairs from the HK side. The A/H premia expanded, with four-week A/H outperformance at 4.8%, every sector but...

Travis Lundy

Hong Kong Connect Flows (November): Five Months of Inflows Despite New Low

We analyzed the Hong Kong Connect Scheme for November and highlight flows for TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)