Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Street observers&nbsp;are blaming the slow down in visitor traffic from mainland as a result of the pro-democratic Occupy Central,&nbsp;increasing tension between Hongkongers and mainland Chinese, and anti-corruption campaign in China for the weak retail sales in Hong Kong.Would this be a one off event?Behind the scene, however, we think there are three important long term bearish structural trends that will have persistent&nbsp;impact on Hong Kong's tourism industry:&nbsp;<ul><li>We examined how Hong Kong is loosing its attractiveness to mainland Chinese.</li><li>We looked at how&nbsp;it is getting easier for Chinese to explore the world</li><li>We highlight some factors that are deterring Chinese from choosing Hong Kong &nbsp;as their holiday destination</li></ul>

Street observers&nbsp;are blaming the slow down in visitor traffic from mainland as a result of the pro-democratic Occupy Central,&nbsp;increasing tension between Hongkongers and mainland Chinese, and anti-corruption campaign in China for the weak retail sales in Hong Kong.Would this be a one off event?Behind the scene, however, we think there are three important long term bearish structural trends that will have persistent&nbsp;impact on Hong Kong's tourism industry:&nbsp;We examined how Hong Kong is loosing its attractiveness to mainland Chinese.We looked at how&nbsp;it is getting easier for Chinese to explore the worldWe highlight some factors that are deterring Chinese from choosing Hong Kong &nbsp;as their holiday destination

Hong Kong's Future? 3 structural bears for retailer/tourism

Hong Kong

China Innovation Investment Limited is an investment holdings company. The Company invests in listed and unlisted companies in Hong Kong and China.

Value Convergence Holdings Limited operates securities brokerage, commodities trading, and corporate finance businesses under the VC CFN and VC CEF brand names via traditional means and the Internet.

Core Economy Investment Group Limited operates as an investment company. The Company engages principally in investment and trading of listed and unlisted equity securities. Core Economy Investment Group focuses on Hong Kong market.

Chinese Energy Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on management services, investment in financial and investment products. Chinese Energy Holdings serves customers in Hong Kong.

Southwest Securities International Securities Limited is financial services company. The Company provides securities brokerage, investment banking, asset management, and securities proprietary business.

Southwest Securities Intl Securities (812 HK)

UBA Investments Limited is an investment company.  The investment objective of the Company is to achieve medium term capital appreciation through investments in listed and unlisted companies in Hong Kong and mainland China.

China Financial Leasing Group Ltd. is an investment company and is principally engaged in investing in listed and unlisted companies in the Asia Pacific Region, mainly the PRC and other Asian countries, with a focus on the financial leasing market of the PRC.

Oriental Explorer Holdings Ltd., through its subsidiaries, manufactures and trades electronic products. The Company is also involved in property investment, trading of securities and investment holding.

CL Group Holdings Limited provides brokerage services to clients for trading in securities listed on the stock exchange.

Cocoon Holdings Limited offers financial services. The Company invests in securities listed on recognized stock exchanges and unlisted investments with a potential for earnings growth and capital appreciation. Cocoon Holdings primarily invests in companies in Hong Kong.

K2 Asset Management Holdings Ltd is an Australian based fund holding company. The Company through its subsidiary manages mutual funds.

PT Panca Global Securities Tbk provides securities trading and investment management services.

Keybridge Capital Ltd is an investor in structured finance transactions including leasing, infrastructure, property and fixed income.

Premier Capital Services  Limited provides financial services.

NSX Limited is the ultimate parent company of the Stock Exchange of Newcastle Limited (SENL).  SENL is an Australian Markets Licensee allowing the operation of a market in the trading of securities.  The primary focus of NSX is to enable the creation of secondary markets in securities, by owning an Australian Market Licensee which has operating rules.

NCL Research and Financial Services Limited engages in the trading of textiles products in India. The Company is involved in the trading of finished fabrics and invests in shares and securities.

NCL Research & Financial Servi (NCLRF IN)

Asia Development Capital Co., Ltd. is an investment holdings company and makes investments in Japan and China. The Company links business partners in both countries to form joint businesses for the development of Japan and China. Their focused area of investments includes private welfare in aging society, urban problem, and recyclable energy.

Sharp Investments Ltd operates as a non-banking financial company.

Globon Co., Ltd. is a venture capital firm supporting new technology financing for small and medium-sized companies through equity investment, corporate bonds, and investment funds.  The Company also offers management and technology consulting.

AFC Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers investment management services.

South China Financial Holdings Ltd., through its subsidiaries, provides securities brokerage services; bullion, forex and commodities trading; share margin financing; money lending; lease financing; and corporate advisory and underwriting services.

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South China Financial Holdings (619 HK)

Hong Kong's Future? 3 structural bears for retailer/tourism

Street observers are blaming the slow down in visitor traffic from mainland as a result of the pro-democratic Occupy Central, increasing tension...

Ke Yan, CFA, FRM

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