Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China has unveiled measures to emphasize a major push for passenger and freight movement by railroad</li>
<li>Rolling stock companies  play catch-up from the COVID under-investment years</li>
<li>High speed freight trains on near term horizon to compete with highway for e-commerce business</li>
</ul>


China has unveiled measures to emphasize a major push for passenger and freight movement by railroad
Rolling stock companies  play catch-up from the COVID under-investment years
High speed freight trains on near term horizon to compete with highway for e-commerce business


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.</li>
<li>For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.</li>
<li>I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.</li>
</ul>


AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.
For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.
I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.


A/H Premium Tracker (To 11 Apr 2025):  Sharp AH Premia Widening

<ul>
<li>AH Premia bounce higher. Spread curve torsion was as expected. Narrow spreads saw Hs suffer more. Wide spreads saw H outperformance. </li>
<li>The last few weeks I said warning signs were flashing and spreads could widen. This week they widened despite big SOUTHBOUND buying.</li>
<li>I expect the right thing to do is hunker down and be flat H/A risk.</li>
</ul>


AH Premia bounce higher. Spread curve torsion was as expected. Narrow spreads saw Hs suffer more. Wide spreads saw H outperformance. 
The last few weeks I said warning signs were flashing and spreads could widen. This week they widened despite big SOUTHBOUND buying.
I expect the right thing to do is hunker down and be flat H/A risk.


A/H Premium Tracker (To 28 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

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 analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.
The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.


A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 14th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Techtronic (669 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Crrc Times Electric (3898 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 14th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Techtronic (669 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Cnbm (3323 HK), Swire Pacific (19 HK), Crrc Times Electric (3898 HK).


Hong Kong Buybacks Weekly (Mar 14th): Cnbm, Swire Pacific, Techtronic

China

Zhuzhou CRRC Times Electric Co., Ltd. provides and integrates train-borne electrical systems for the PRC Railway industry.  The Company also develops, manufactures, and sells train power converters, auxiliary power supply equipment and control systems for trains for urban rail systems

Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)

China Railway Stocks Back on Track

China has announced two significant launches in its High Speed Rail network. The HK-Beijing and HK-Shanghai sleeper trains will cut travel time in...

David Mudd

A/H Premium Tracker (To 11 Apr 2025): Sharp AH Premia Widening

Significant widening this week, even after a big rebound by Hs on Friday. Some of this may reverse next week, but I think the trade is still to see...

Travis Lundy

A/H Premium Tracker (To 28 Mar 2025): AH Premia Still Falling; Expect Curve Torsion or AH Widening

AH Premia were up for the week despite net SB buying. Finally, H/A reflects local market benchmarks. A long trend may now be ending (I'm not clear...

Travis Lundy

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Mar 14th): Cnbm, Swire Pacific, Techtronic

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Cnbm (3323 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)