Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry</li>
<li>Overall, net inflow was ~US$1.9bn, split US$0.7bn for Shanghai and US$1.2bn for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>and <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. The largest outflow was in <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>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry
Overall, net inflow was ~US$1.9bn, split US$0.7bn for Shanghai and US$1.2bn for Shenzhen.
The largest inflows were into CNOOC Ltd (883 HK)and Meituan (3690 HK). The largest outflow was in ICBC (H) (1398 HK).


Shanghai/​​​​Shenzhen Southbound Connect: Weekly Moves (17 June 2022)

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry. </li>
<li>Overall, the total value increased US$12.5bn in the past week, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is the dominant holding across both programs</li>
<li>
<a href="https://www.smartkarma.com/entities/glory-sun-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:17758:1" rel="noopener">Glory Sun Financial Group Limited (1282 HK)</a> saw the biggest upward movement as the chairman sold to pay off debt. <a href="https://www.smartkarma.com/entities/china-south-city-holdings" target="_blank" data-smartkarma-citation="entities:8205:1" rel="noopener">China South City (1668 HK)</a> was reduced by both programs. </li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry. 
Overall, the total value increased US$12.5bn in the past week, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Tencent (700 HK) is the dominant holding across both programs

Glory Sun Financial Group Limited (1282 HK) saw the biggest upward movement as the chairman sold to pay off debt. China South City (1668 HK) was reduced by both programs. 


Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<ul>
<li>Stocks in the China Property Services industry have taken a beating over the last year on heightened regulatory fears, placements and potential stake sales by their large property developer holders.</li>
<li>The Hang Seng Property Service and Management Index (HSPSM) has underperformed the Hang Seng Mainland Property Index (HSMPI) over the last 3 months and there could be some recovery.</li>
<li>We take a look at some pair trades that could provide outperformance in the short-term with a lower level of risk.</li>
</ul>


Stocks in the China Property Services industry have taken a beating over the last year on heightened regulatory fears, placements and potential stake sales by their large property developer holders.
The Hang Seng Property Service and Management Index (HSPSM) has underperformed the Hang Seng Mainland Property Index (HSMPI) over the last 3 months and there could be some recovery.
We take a look at some pair trades that could provide outperformance in the short-term with a lower level of risk.


China Property Services: Pair Trades in a Beaten Down Industry

Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

<ul>
<li>Quality developers are said to be supported by NAFMII to issue M&amp;A bonds with a long maturity to acquire real estate projects from troubled developers</li>
<li>This adds further fuel to the rumour that financing for M&amp;A activity will be outside of the three red lines</li>
<li>The Politburo December meeting provided a positive signal for property policy that is expected to be echoed in the Central Economic Work Conference statement this week</li>
</ul>


Quality developers are said to be supported by NAFMII to issue M&amp;A bonds with a long maturity to acquire real estate projects from troubled developers
This adds further fuel to the rumour that financing for M&amp;A activity will be outside of the three red lines
The Politburo December meeting provided a positive signal for property policy that is expected to be echoed in the Central Economic Work Conference statement this week


China State-Owned Developer Plans to Issue M&A Bonds on Interbank Market

<ul>
<li>The National Association of Financial Market Institutional Investors (NAFMII), held a discussion meeting joined by representatives from real estate developers.</li>
<li>The meeting could signal that regulators might ease domestic bond issuance for developers.</li>
<li>We believe that the market has been over-pessimistic on the real estate sector.</li>
</ul>


The National Association of Financial Market Institutional Investors (NAFMII), held a discussion meeting joined by representatives from real estate developers.
The meeting could signal that regulators might ease domestic bond issuance for developers.
We believe that the market has been over-pessimistic on the real estate sector.


Developers Said To Plan Raising Funds Through Interbank Debt Issuance

China

Poly Property Services Co., Ltd. provides property services. The Company offers property management, property projects pre-consultation, post-delivery evaluation and analysis, professional equipment and facilities maintenance, housekeeping, and other services. Poly Property Services provides services in China.

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Poly Property Services (6049 HK)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (17 June 2022)

Overall, net inflow was ~US$1.9bn, split US$0.7bn for the Shanghai Southbound Connect and US$1.2bn for Shenzhen Southbound Connect.

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

Overall, the total value increased US$12.5bn, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Glory Sun saw the biggest upward...

David Blennerhassett

China Property Services: Pair Trades in a Beaten Down Industry

Stocks from the China Property Management industry have been beaten down over the last year on increased regulation and potential stake sales by...

Brian Freitas

China State-Owned Developer Plans to Issue M&A Bonds on Interbank Market

The new move adds further fuel to the rumour that financing for M&A activity will be outside of the three red lines,This is a crucial development...

Li Tang

Developers Said To Plan Raising Funds Through Interbank Debt Issuance

We believe that the market has been over-pessimistic on the real estate sector. The meeting could signal that regulators might ease domestic bond...

Li Tang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​Shenzhen Southbound Connect: Weekly Moves (17 June 2022)

Overall, net inflow was ~US$1.9bn, split US$0.7bn for the Shanghai Southbound Connect and US$1.2bn for Shenzhen Southbound Connect.

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (20 May 2022)

Overall, the total value increased US$12.5bn, with Shanghai accounting for US$5.7bn and Shenzhen US$6.8bn. Glory Sun saw the biggest upward...

David Blennerhassett

China Property Services: Pair Trades in a Beaten Down Industry

Stocks from the China Property Management industry have been beaten down over the last year on increased regulation and potential stake sales by...

Brian Freitas

China State-Owned Developer Plans to Issue M&A Bonds on Interbank Market

The new move adds further fuel to the rumour that financing for M&A activity will be outside of the three red lines,This is a crucial development...

Li Tang

Developers Said To Plan Raising Funds Through Interbank Debt Issuance

We believe that the market has been over-pessimistic on the real estate sector. The meeting could signal that regulators might ease domestic bond...

Li Tang

Shanghai/Shenzhen Southbound Connect: Weekly Moves (17 June 2022)