Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shanghai Junshi Biosciences  / Event-Driven

<ul>
<li>The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished. </li>
<li>
<strong>Time to go long Hs vs As for the new year at 52wk wide discounts.</strong> 3 Short H/A pairs now switched to long. 3 new pairs long this week. </li>
</ul>


The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished. 

Time to go long Hs vs As for the new year at 52wk wide discounts. 3 Short H/A pairs now switched to long. 3 new pairs long this week. 


A/H Premium Tracker (To 15 Dec 23): Time To Go Long Hs Vs As.

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 December 15th.</li>
<li>We estimate the weekly outflows to be US$2,746.9 million, led by consumer staples, information technology, and offset by utilities, real estate.</li>
<li>We highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye, Inner Mongolia Yili Industrial, Chongqing Sokon Industry Group Stock, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 15th.
We estimate the weekly outflows to be US$2,746.9 million, led by consumer staples, information technology, and offset by utilities, real estate.
We highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye, Inner Mongolia Yili Industrial, Chongqing Sokon Industry Group Stock, Ping An Insurance.


Northbound Flows (Dec 15th): China Yangtze Power, Mindray, BYD, Wuliangye

Chongqing Changan Automobile Company / 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 to play with.</li>
<li>Last week saw NORTHBOUND net sell RMB 5.8bn of A-sharesin higher-than-normal activity.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start).</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 to play with.
Last week saw NORTHBOUND net sell RMB 5.8bn of A-sharesin higher-than-normal activity.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start).


Mainland Connect NORTHBOUND Flows (To 8 Dec 23): Net Sales Again on Midea and Wuliangye Yibin

Shenzhen Inovance Technology Co., / Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>Kweichow Moutai and Contemporary Amperex continue in the top 5 of gross flows but BYD and Chongking Changan Auto are now in the top 5 of nets <em>and</em> gross.</li>
<li>Last week, NORTHBOUND were net buyers of RMB 1.61bn. BYD, Wuxi Apptec, and Chongking Changan Auto were joined by Shenzhen Inovance and Beijing-Shanghai High Speed Rail in the top five.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
Kweichow Moutai and Contemporary Amperex continue in the top 5 of gross flows but BYD and Chongking Changan Auto are now in the top 5 of nets and gross.
Last week, NORTHBOUND were net buyers of RMB 1.61bn. BYD, Wuxi Apptec, and Chongking Changan Auto were joined by Shenzhen Inovance and Beijing-Shanghai High Speed Rail in the top five.


Mainland Connect NORTHBOUND Flows (To 1 Dec 23): Back to Net Buying Led by Autos, SZ Inovance, HSR

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Staples (inflows of $818 million) led the inflows. Financials ($1,109 million worth of outflows), Materials ($1,131 million worth of outflows) led the outflows.</li>
<li>We highlight inflows into Moutai, Hygon Information Technology, Shanghai United Imaging Healthcare, Mindray, China Yangtze Power, Shenzhen Inovance Technology.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Staples (inflows of $818 million) led the inflows. Financials ($1,109 million worth of outflows), Materials ($1,131 million worth of outflows) led the outflows.
We highlight inflows into Moutai, Hygon Information Technology, Shanghai United Imaging Healthcare, Mindray, China Yangtze Power, Shenzhen Inovance Technology.


Northbound Flows (November): Inflows (Consumer Staples, Healthcare) Offset by Outflows (Financials)

China

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)

A/H Premium Tracker (To 15 Dec 23): Time To Go Long Hs Vs As.

A/H Premiums reached their highest average (arithmetic - not the HS Index) in a year on Monday. And then turned. Overseas liquidation feels...

Travis Lundy

Northbound Flows (Dec 15th): China Yangtze Power, Mindray, BYD, Wuliangye

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 8 Dec 23): Net Sales Again on Midea and Wuliangye Yibin

Mainland Connect NORTHBOUND flows were negative again. RMB 5.8bn to sell this week. This is a strong trend. This week saw reversionary flows on a...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 1 Dec 23): Back to Net Buying Led by Autos, SZ Inovance, HSR

Quiddity NORTHBOUND Mainland Connect Monitor: Net buying resumes. EVs see rebound flows on BYD. Shenzhen Innovance and Beijing Shanghai HSR are two...

Travis Lundy

Northbound Flows (November): Inflows (Consumer Staples, Healthcare) Offset by Outflows (Financials)

We analyzed the Shanghai/Shenzhen Connect Scheme for November and highlight flows for Moutai, Hygon Information Technology, Shanghai United Imaging...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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