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 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):

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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 17th.</li>
<li>We estimate the weekly inflows to be US$1,460.9 million, led by financials, information technology, industrials sectors, and offset by utilities, communication services, energy.</li>
<li>We highlight flows for Luxshare Precision, China Merchants Bank, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 17th.
We estimate the weekly inflows to be US$1,460.9 million, led by financials, information technology, industrials sectors, and offset by utilities, communication services, energy.
We highlight flows for Luxshare Precision, China Merchants Bank, Midea.


Northbound Flows (May 17th): Luxshare Precision, CMB, Midea

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.</li>
<li>We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.</li>
<li>We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.
We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.
We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.


Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024<em> Int'l Compass</em>
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 <em>Int'l Compass. </em>This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.</li>
<li>We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.</li>
<li>We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.
We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.
We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.


Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

Price Gauge
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Zhongji Innolight (300308 CH)

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

Northbound Flows (May 17th): Luxshare Precision, CMB, Midea

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Luxshare Precision, CMB, Midea.

Ke Yan, CFA, FRM

Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, CMB, Inovance, Haier Smart Home, Luxshare...

Ke Yan, CFA, FRM

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zijin Mining, China Tourism, Foxconn Industrial...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)