Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The HSCEI sees 4 names out, 4 names in. The ADDs are <a href="https://www.smartkarma.com/entities/petrochina-co-ltd-h" target="_blank" data-smartkarma-citation="entities:262:1" rel="noopener">PetroChina (857 HK)</a>, <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>, <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. </li>
<li>The DELETEs are <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, <a href="https://www.smartkarma.com/entities/china-gas-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14315:1" rel="noopener">China Gas Holdings (384 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, and <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili (9626 HK)</a>. </li>
<li>One way volume is just under 4.7% with all the name changes, FAF changes, and capping flows.</li>
</ul>


The HSCEI sees 4 names out, 4 names in. The ADDs are PetroChina (857 HK), Zhongsheng Group (881 HK), Li Auto (2015 HK), Haier Smart Home Co Ltd (6690 HK). 
The DELETEs are Alibaba Health Information Technology (241 HK), China Gas Holdings (384 HK), Innovent Biologics Inc (1801 HK), and Bilibili (9626 HK). 
One way volume is just under 4.7% with all the name changes, FAF changes, and capping flows.


HSCEI Dec 2022 Rebalance - 4 IN, 4 OUT, 3% One-Way Flow

<ul>
<li>The Hang Seng Tech Index Review was announced on Friday after the close. There are no name changes but there is decent flow. 3% one-way turnover.</li>
<li>There are five capping changes and one very large share count change making things interesting.</li>
<li>All told, this is less impactful than it was last time, and less impactful than the other index rebalances announced. </li>
</ul>


The Hang Seng Tech Index Review was announced on Friday after the close. There are no name changes but there is decent flow. 3% one-way turnover.
There are five capping changes and one very large share count change making things interesting.
All told, this is less impactful than it was last time, and less impactful than the other index rebalances announced. 


Hang Seng Tech Rebalance Dec 2022 - No Name Changes, Decent Flow

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 Hong Kong Connect flows with our data engine for holding position as of November 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Tencent, HKEx, Country Garden and outflows from Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent, HKEx, Country Garden and outflows from Meituan.


Hong Kong Connect Flows (Nov 18th): Tencent, HKEx, Country Garden, Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Li Ning, SHK PPT, CSPC Pharma, Fosun Pharma, Kingsoft.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 11th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Li Ning, SHK PPT, CSPC Pharma, Fosun Pharma, Kingsoft.


HK Short Interest Weekly: AIA, Li Ning, SHK PPT, CSPC Pharma, Fosun Pharma, Kingsoft

David Blennerhassett

<ul>
<li>The in-specie distribution is basically a forward block sale of <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. You know it's coming. You don't know how large it is. It is not unlike a lockup situation. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> will start with 36% in <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>. Founders and friends have ~10%. Getting to 50%+ will be easy.</li>
<li>The <a href="https://www.smartkarma.com/entities/swire-pacific-ltd" target="_blank" data-smartkarma-citation="entities:23726:1" rel="noopener">Swire Pacific (B)</a> / <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A)</a> ratio is near a 19-year low. The last time it dipped to 6% under its 3mo average, it bounced back in 4 weeks. </li>
</ul>


The in-specie distribution is basically a forward block sale of Meituan (3690 HK). You know it's coming. You don't know how large it is. It is not unlike a lockup situation. 

China Hainan Rubber Industry (601118 CH) will start with 36% in Halcyon Agri (HACL SP). Founders and friends have ~10%. Getting to 50%+ will be easy.
The Swire Pacific (B) / Swire Pacific (A) ratio is near a 19-year low. The last time it dipped to 6% under its 3mo average, it bounced back in 4 weeks. 


Last Week in Event SPACE: Tencent/Meituan, Halcyon Agri, Swire Pac, Perpetual/Pendal, OZ Minerals

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

HSCEI Dec 2022 Rebalance - 4 IN, 4 OUT, 3% One-Way Flow

The HSCEI Index has seen significant pain year-to date and there is less to trade than before, but one-way turnover is ~4.7% and a bare minimum of...

Travis Lundy

Hang Seng Tech Rebalance Dec 2022 - No Name Changes, Decent Flow

The HS Tech Index sees no name changes for the second quarter in a row, but there are lots of capping flows to reduce and raise weights. For that,...

Travis Lundy

Hong Kong Connect Flows (Nov 18th): Tencent, HKEx, Country Garden, Meituan

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, Hong Kong Exchange and Clearing, Country Garden, Meituan.

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Li Ning, SHK PPT, CSPC Pharma, Fosun Pharma, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of Nov 11th and highlight short interest changes in AIA, Li Ning, SHK PPT,...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Tencent/Meituan, Halcyon Agri, Swire Pac, Perpetual/Pendal, OZ Minerals

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

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