Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. The first three weeks in April were HK$168bn. The next two weeks flat.</li>
<li>Two weeks ago saw SOEs sold quite heavily in somewhat weaker volume. This past week saw only 3 days of SOUTHBOUND trading and saw net selling of big internet names.</li>
<li>This week threatens to be quiet as well, as tariff news moves away from China for a little while, and towards foreign auto exporters, Canada, Mexico, and "trade frameworks."</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by &gt;HK$100bn. The first three weeks in April were HK$168bn. The next two weeks flat.
Two weeks ago saw SOEs sold quite heavily in somewhat weaker volume. This past week saw only 3 days of SOUTHBOUND trading and saw net selling of big internet names.
This week threatens to be quiet as well, as tariff news moves away from China for a little while, and towards foreign auto exporters, Canada, Mexico, and "trade frameworks."


HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week

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 May 2nd.</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 flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

Tracker Fund of Hong Kong  / Equity Bottom-Up

<ul>
<li>If a sustainable bottom was made in January, which sectors are best to invest?</li>
<li>China State Owned Enterprises fit the current uncertain investment climate</li>
<li>The Hang Seng China Affiliated Index (red chips) provides some good ideas</li>
</ul>


If a sustainable bottom was made in January, which sectors are best to invest?
China State Owned Enterprises fit the current uncertain investment climate
The Hang Seng China Affiliated Index (red chips) provides some good ideas


Further Opportunities in the Hong Kong Market

China Communications Services Corp Ltd. / Equity Bottom-Up

<ul>
<li>Stable, Steady, State-owned Enterprise with upside from policy push on AI</li>
<li>Lowly rated company with a new cyclical growth story in a strategic sector</li>
<li>Good balance sheet with the opportunity to raise payouts and yields.</li>
</ul>


Stable, Steady, State-owned Enterprise with upside from policy push on AI
Lowly rated company with a new cyclical growth story in a strategic sector
Good balance sheet with the opportunity to raise payouts and yields.


China Communications Services Corp. (552.HK)-Riding the AI Wave...

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>HK/China markets have entered a Bull market trend which was sparked by Beijing's multi-faceted stimulus program.</li>
<li>An overhang of extreme pessimism on China's economy and markets will gradually dissipate as the media/analyst narrative will follow the market higher.</li>
<li>As discussed in previous insights, a turn in sentiment is the key to not only moving the market but also to reviving the Chinese consumer.</li>
</ul>


HK/China markets have entered a Bull market trend which was sparked by Beijing's multi-faceted stimulus program.
An overhang of extreme pessimism on China's economy and markets will gradually dissipate as the media/analyst narrative will follow the market higher.
As discussed in previous insights, a turn in sentiment is the key to not only moving the market but also to reviving the Chinese consumer.


OVER THE HORIZON: HK/CHINA No Longer the Stock Market Pinata!

Hong Kong

Tracker Fund of Hong Kong (TraHK) is an ETF registered in Hong Kong. The Fund seeks to provide investment results that closely correspond to the performance of the Hang Seng Index through investing all, or substantially all, of the Fund's assets in Index Shares in substantially the same weightings as they appear in the Hang Seng Index.

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Tracker Fund of Hong Kong (2800 HK)

HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week

Volume was weaker in the 3-day week ahead of a long weekend. Nothing stood out except selling of tech and consumer discretionary (BYD and BABA). We...

Travis Lundy

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

Further Opportunities in the Hong Kong Market

As global and emerging market funds return to Hong Kong, some underperforming index names will attract flows. Seeing good technical action, volume...

Rikki Malik

China Communications Services Corp. (552.HK)-Riding the AI Wave...

The company is quietly making 52-week highs as sentiment improves around Chinese technology, AI and data centres. The news on GDS Holdings spin off...

Rikki Malik

OVER THE HORIZON: HK/CHINA No Longer the Stock Market Pinata!

HK/China markets have entered a BULL market with excessive pessimism on the economy and markets about to change. With sentiment improving China's...

David Mudd

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