Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

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 25+bn of A-shares on low gross volume but a huge Friday playing catchup to a massive up-week in HK shares. </li>
<li>H outperformed As and it feels like the massive day Friday was just to play reversion on underperformance vs HK shares.</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 25+bn of A-shares on low gross volume but a huge Friday playing catchup to a massive up-week in HK shares. 
H outperformed As and it feels like the massive day Friday was just to play reversion on underperformance vs HK shares.


Mainland Connect NORTHBOUND Flows (To 26 Apr 2024): Big NB Buy Friday

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 April 3rd.</li>
<li>We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.</li>
<li>We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.
We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.
We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.


<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials, Consumer Staples, Financials led the inflows while Health Care led the outflows.</li>
<li>We highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec, Foxconn, Mindray.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials, Consumer Staples, Financials led the inflows while Health Care led the outflows.
We highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec, Foxconn, Mindray.


Northbound Flows (Mar): $3.7bn of Inflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.</li>
<li>We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.</li>
<li>We highlight flows for stocks including Wuliangye, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.
We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.
We highlight flows for stocks including Wuliangye, China Merchants Bank.


Northbound Flows (Mar 28th): Wuliangye, CMB

Contemporary Amperex Technology (CATL) / 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 5.4bn of A-shares on decent volume after buying RMB 25bn net the two weeks before.</li>
<li>The volume is still chasing momentum, and dip buying on the buys. Selling dips on losers. CATL the big buy, and less passive-feeling than last week.</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 5.4bn of A-shares on decent volume after buying RMB 25bn net the two weeks before.
The volume is still chasing momentum, and dip buying on the buys. Selling dips on losers. CATL the big buy, and less passive-feeling than last week.


Mainland Connect NORTHBOUND Flows (To 28 Mar 2024): NB Turns Net Buyer Again, Flows Go Idiosyncratic

China

Luzhou Laojiao Co., Ltd. manufactures and sells spirits products worldwide. The Company also produces glass products, manages hotels, and invests in the real estate business.

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. operates in the winery business. The Company's products include Fen wine, Zhuyeqing, and other white spirits.

Shanxi Xinghuacun Fen Wine Factory Co (600809 CH)

Jiangsu Yanghe Brewery Joint-Stock Company Ltd. manufactures spirits. The Company's products include white spirits, top-graded gifts liquor, and liquor for daily consumption.

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

Budweiser Brewing Company APAC Limited is a company principally engaged in the brewing and distribution of beer. The Company produces, imports, markets, distributes over 50 brands including Budweiser, Stella Artois, Corona, Hoegaarden, Cass, and Harbin. The principal markets include China, South Korea, India and Vietnam.

Anhui Gujing Distillery Co., Ltd. produces and markets distilled spirits and wine.

Anhui Yingjia Distillery Co., Ltd. develops, produces and sells liquor products. The Company operates in China.

Jiangsu King's Luck Brewery JSC Ltd. operates as a wine company. The Company produces and distributes wine, liquor, and other related products.

Jiangsu King's Luck Brewery JS (603369 CH)

Beijing Yanjing Brewery Co., Ltd. operates in the brewery industry.  The Company's products include beer, spring water, beer raw materials, feeds, yeast, and other related products.

Beijing Yanjing Brewery Co, Ltd. (000729 CH)

Chongqing Brewery Co., Ltd. manufactures and markets beer products.  The Company also produces medical preparations and capsules.

Anheuser-Busch InBev NV brews beer.  The Company manufactures ale, lager, stout, and bitter beer.  Anheuser-Busch InBev owns brands that are both nationally and internationally prominent.  The Company has production plants in Europe, the Americas, and Asia.

Diageo plc produces, distills and markets alcoholic beverages.  The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Brown-Forman Corporation manufactures, bottles, imports, exports, and markets a wide variety of alcoholic beverage brands. The Company's products include branded whiskey, vodka, wines, tequila, bourbon, and gin.

Monster Beverage Corporation is a holding company based in Corona, California. The Company, through its consolidated subsidiaries, markets and distributes energy drinks worldwide.

Coca-Cola Enterprises Inc. markets, sells, manufactures, and distributes non-alcoholic beverages.  The Company provides refreshments, including sparkling waters, juices, isotonics, teas, and sodas.  Coca-Cola Enterprises operates internationally.

Constellation Brands, Inc. produces and markets alcoholic beverages in North America, Europe, and Australia, and New Zealand. The Company has a portfolio of brands across the wine, imported beer, and distilled spirits categories. Constellation conducts its business through wholly owned subsidiaries as well as through a variety of joint ventures with various other entities.

Keurig Dr Pepper Inc. manufactures and distributes non-alcoholic beverages. The Company offers soft drinks, juices, teas, mixers, water, and other beverages. Keurig Dr Pepper serves customers in the United States, Canada, and Mexico.

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

Pernod Ricard SA produces wines and spirits.  The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums.  Pernod Ricard markets its products worldwide.

Wuliangye Yibin Co., Ltd. manufactures and markets Wuliangye series of liquors. Through its subsidiaries, the Company also manufactures carbon and lactic acid and has operation in printing and packaging materials businesses.

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Wuliangye Yibin Co Ltd A (000858 CH)

Mainland Connect NORTHBOUND Flows (To 26 Apr 2024): Big NB Buy Friday

A big net buy week for NORTHBOUND Mainland Connect on relatively low gross volume, indicating a soft week but big allocation Friday. Probably...

Travis Lundy

Northbound Flows (Apr 3rd): CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Moutai. Not e that connect scheme was closed...

Ke Yan, CFA, FRM

Northbound Flows (Mar): $3.7bn of Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for March and highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec,...

Ke Yan, CFA, FRM

Northbound Flows (Mar 28th): Wuliangye, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Wuliangye, China Merchants Bank.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 28 Mar 2024): NB Turns Net Buyer Again, Flows Go Idiosyncratic

Mainland NORTHBOUND Connect saw net buying, rebounding from last week's net sell. Foreigners are buying the dip again. Flows are becoming more...

Travis Lundy

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