Smartkarma Daily Briefs

The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND flows flat/light and NORTHBOUND flows a significant net buy, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 200+bp.
STILL time to go long Hs vs As for the new year. 52wk wide discounts were just last week. Wide A/H premia in renewables space look vulnerable.

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Jan 08

Daily Brief TMT/Internet: Alibaba (ADR), Tower Bersama Infrastructure, China Mobile, Taiwan Semiconductor (TSMC) – ADR, Hollysys Automation Technologies, TDCX and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Alibaba (BABA US): No Where to Go but Up
LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves
HK Connect SOUTHBOUND Flows (To 5 Jan 2024); High Div SOEs Still Strongly Bought
Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels
Hollysys (HOLI US): Vote on 8 February as Hopes of a Rival Offer Fade
TDCX (TDCX US): Laurent Junique’s NBIO

Alibaba (BABA US): No Where to Go but Up

By Eric Chen

Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.
While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.
This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.

HK Connect SOUTHBOUND Flows (To 5 Jan 2024); High Div SOEs Still Strongly Bought

SOUTHBOUND flows showing momentum tendencies this past week on a single-stock basis, still. Hs gave up some ground vs As in Week One.
SOUTHBOUND saw HK$14.4bn of net IN-flows in the 4-day week to 5 Jan 2024. Total flows were HK$96bn.
SOUTHBOUND start the year by buying ETFs, high-div SOEs like China Mobile and CNOOC, coal names, and sports/consumer names.

Taiwan Dual-Listings Monitor: TSMC Contraction Continues; ASE & Chunghwa at Historically Rare Levels

By Vincent Fernando, CFA

TSMC: 7.7% Premium — Spread Has Fallen Further, Likely Can Short a Bit Further
ASE: Drops to 5.1% Premium — Can Consider Going Long at Current Level Due to Maxed Headroom & ASE’s Strong Advanced Chip Packaging Story
CHT: Trading at -0.9% Discount — Good Level to Long the Spread, Rare Discount

Hollysys (HOLI US): Vote on 8 February as Hopes of a Rival Offer Fade

Hollysys Automation Technologies (HOLI US) shareholders vote on Ascendent’s US$26.50 offer on 8 February. The special meeting will not be held as the 30% shareholding threshold is no longer satisfied.
The proxy statement shows that despite Dazheng Consoritum’s competing public campaign, it has withdrawn its court injunction and has struggled to provide proof of financing.
The proxy statement suggests that the special committee ran a fair process. While shareholders should approve Ascendent’s offer, the 0.2% gross spread indicates an unfavourable risk/reward profile.

TDCX (TDCX US): Laurent Junique’s NBIO

By David Blennerhassett

TDCX (TDCX US), a Singapore-headquartered digital customer experience (CX) provider, has announced a preliminary non-binding proposal from Laurent Junique, founder/CEO, and largest shareholder (98.3% of the voting power).
Junique is offering US$6.60/ADS, a 39% premium to the 30-day VWAP, but a 63% discount to its IPO price a little over two years ago.
One issue dogging TDCX is the key man risk given Junique’s almost absolute control. Now he’s trying to take the company private on the cheap.

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Jan 08

Daily Brief Industrials: Inabata & Co, Comfortdelgro Corp, Millennium Services Group Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical
Comfortdelgro (CD): The Chinese Is Back
Millennium Services Group Ltd – Bid Implies an EV/EBITDA Multiple In-Line with Peers

Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical

By Research as a Service (RaaS)

On Friday after the close, Inabata & Co (8098 JP) announced Sumitomo Chemical (4005 JP) would sell down a large stake in a ~$200mm secondary equity offering.
Mizuho Bank’s Retirement Benefit Trust account sells down too. Sumitomo Chem will keep 10+% and other crossholders remain.
This is “big” at 80 days of ADV with limited early index demand, but a 10% fall would make this cheap enough to buy vs Peers.

Comfortdelgro (CD): The Chinese Is Back

By Henry Soediarko

The share price has increased by around 20% since mid-last year.
A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before.
Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024.

Millennium Services Group Ltd – Bid Implies an EV/EBITDA Multiple In-Line with Peers

Human services company Millennium Services Group Ltd (ASX:MIL) has entered a Scheme of Arrangement with an entity associated with Softbank Robotics Singapore for the acquisition of 100% of shares at $1.15/share cash.
Shareholders also have the option to accept a mix of cash and scrip in the new unlisted entity, with certain management committing not less than a total of 30% for this option.
The bid price represents an 89% premium to the last RaaS update note (October 23) and 360% premium from July 1, 2023.

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Jan 08

Daily Brief Health Care: Wuxi Biologics, Caregen Co Ltd, Innovent Biologics Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

FXI Rebalance Preview: Two Potential Changes in March
Caregen (214370 KS): ProGsterol May Rebound in 2024; Ophthalmic and COVID-19 Pipeline To Watch
2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook

FXI Rebalance Preview: Two Potential Changes in March

By From 0 to 1 in the Stock Market

With a few weeks to go in the review period, CGN Power (1816 HK) and Yankuang Energy Group (1171 HK) could be added to the ETF in March.
China Resources Beer Holdings (291 HK) and Wuxi Biologics (2269 HK) are potential deletions while there is another stock close to deletion zone.
There are a lot of shorts on Yankuang Energy in terms of days of ADV and as a percentage of float while short interest on the other stocks is lower.

Caregen (214370 KS): ProGsterol May Rebound in 2024; Ophthalmic and COVID-19 Pipeline To Watch

By Tina Banerjee

Riding on multiple export contracts, Caregen Co Ltd (214370 KS) was confident of achieving KRW60–100B revenue from ProGsterol in 2023. However, during 9M23, ProGsterol clocked revenue of KRW8.5B.
ProGsterol should rebound in this year, with the resumption of registration process in each country. Direct entry in the U.S. should be the strong catalyst for ProGsterol revenue this year.
Caregen is developing an eye drop for wet macular degeneration. This is in phase 1 trial. The compay is preparing for phase 2 trial for COVID-19 nasal spray in Israel.

2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook

By Xinyao (Criss) Wang

Innovent has launched head-to-head phase III clinical trial of Mazdutide and Semaglutide. If the challenge is successful, it will have milestone significance. Domestic sales of Mazdutide will look very promising.
Innovent received negative news on CEACAM5 ADC/KRAS G12C.When independent R&D cannot be relied upon, Innovent has to seek new sources of growth to make up for the remaining sales gap.
There’s nothing wrong with Innovent’s development strategy by balancing both success rate and efficiency, although Innovent is hard to become a leader in cutting-edge R&D. We remain optimistic on Innovent.

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Jan 08

Daily Brief Financials: Hang Seng Index, SPDR S&P 500, Israel Acquisitions , Yanlord Land and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

EQD | Tears and Despair for the Hang Seng Index May Not Be Over (Yet)
2023 Shareholder Letter
Next-Gen Amusement
Morning Views Asia: China Jinmao Holdings, Lippo Malls Indonesia Retail Trust, Yanlord Land

EQD | Tears and Despair for the Hang Seng Index May Not Be Over (Yet)

By Nico Rosti

The HSI INDEX index closed December (barely) up, no rally, nullifying completely the MONTHLY time bar count pattern suggesting a LONG MONTHLY trade (the 1-bar reversal has already happened).
The index is approaching the Q3 support at 16449. A WEEKLY bounce is possible from that level, but we don’t know if the bounce can last more than 1 week.
If the index keeps going down this week, it could find support between 16500 and 16000. A longer correction could end in the 15800-15600 price area. Use tight stops.

2023 Shareholder Letter

The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.
Refining thoughts and the mental mechanism I utilize to approach portfolio management should lead to success, or at least that is my hypothesis.
Continuous learning allows for building more solid premises. Given time, compound interest sharpens them to the point where chances of error are minimum.

Next-Gen Amusement

By subSPAC

The first week of trading in 2024 was packed with deals and updates for SPACs.
Three new deals were announced, including a SPAC taking an amusement park-focused tech firm, a helium exploration company, and an insurance brokerage firm public.
Also, a film studio completes an acquisition ahead of its merger, and a sponsor sells its stake in a SPAC. Read on to find out the latest about all things SPACs.

Morning Views Asia: China Jinmao Holdings, Lippo Malls Indonesia Retail Trust, Yanlord Land

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

China Jinmao Holdings
Lippo Malls Indonesia Retail Trust
Yanlord Land

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Jan 08

Daily Brief Consumer: Ola Electric, Weiqiao Textile Co, Anta Sports Products, BYD , PDD Holdings, BYD, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Weekly Deals Digest (07 Jan) – Ola Electric, Mixue, Aoki Super, Hollysys, Weiqiao Textile, Vinda
Merger Arb Mondays (08 Jan) – Weiqiao Textile, IRC, Aoki Super, Hollysys, OreCorp, Tietto, Pact
Anta Sports (2020 HK): In-Line 4Q23 Operational Update + Submission Of Amer Sports Listing On NYSE
Anta Sports (2020 HK): An Updated Look at Implications of Amer Sports’ IPO
Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought
Temu Versus Dollar Tree: More Online & Offline Adventures in Pursuit of Ultra-Cheap Stuff
China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu
“Requests” Through Overseas Investor Engagement Will Continue to Be More Effective than TSE Requests

Weekly Deals Digest (07 Jan) – Ola Electric, Mixue, Aoki Super, Hollysys, Weiqiao Textile, Vinda

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Aoki Super (9977 JP), Hollysys Automation Technologies (HOLI US), Weiqiao Textile Co (2698 HK), Vinda International (3331 HK).

Merger Arb Mondays (08 Jan) – Weiqiao Textile, IRC, Aoki Super, Hollysys, OreCorp, Tietto, Pact

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Aoki Super (9977 JP), Hollysys Automation Technologies (HOLI US), JSR Corp (4185 JP), Shinko Electric Industries (6967 JP), Probiotec Ltd (PBP AU), Adbri (ABC AU).
Lowest spreads – Pact Group Holdings (PGH AU), T&K Toka Co Ltd (4636 JP), A2B Australia (A2B AU), Tietto Minerals Ltd (TIE AU), IJTT Co., Ltd. (7315 JP).

Anta Sports (2020 HK): In-Line 4Q23 Operational Update + Submission Of Amer Sports Listing On NYSE

By Steve Zhou, CFA

Anta Sports Products (2020 HK) announced a set of in-line 4Q23 operating data.
In addition, the company has filed a registration statement with the U.S. SEC on January 4 for a proposed listing of Amer Sports on the New York Stock Exchange.
Anta currently trades at a forward PE of 17x based on estimated 2024 earnings, compared to a historical forward PE of 24x since 2017.

Anta Sports (2020 HK): An Updated Look at Implications of Amer Sports’ IPO

By Osbert Tang, CFA

Amer Sports, 52.7% owned by Anta Sports Products (2020 HK), has finally filed a US IPO registration. This is positive for Anta Sports as it can realise Amer’s value.
Reported losses at Amer have increased YoY for 9M23 due to higher finance cost. But, its gross, operating, and adjusted EBITDA margins have all recorded solid improvements.
Assuming Amer is listed at the sector’s average FY23 P/S of 1.6x, Anta Sports may book deemed disposal gain of HK$13.5bn, or about 6.8% of its market capitalisation.

Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

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 SELL RMB 5.5bn of A-shares on lighter average activity. BIG net selling flows on the first day of the year for HK going north.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.

Temu Versus Dollar Tree: More Online & Offline Adventures in Pursuit of Ultra-Cheap Stuff

By Daniel Hellberg

A recent report shows apparent gains by Temu against US “dollar” store chains
In this insight we introduce the “dollar” store concept and share our experiences
We conclude that Temu & SHEIN don’t likely view some categories as priorities

China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu

By Ming Lu

Chinese NEV (new energy vehicle) producers’ deliveries grew rapidly in 2023.
PDD closed most “local life” businesses, including hotel booking, movie ticketing, etc.
Jack Ma is no longer the controller of AliPay, the largest online payment app.

“Requests” Through Overseas Investor Engagement Will Continue to Be More Effective than TSE Requests

By Aki Matsumoto

In Japan, many companies have large gap between their stock price and their intrinsic value due to issues related to the use of assets and other resources or cash flow.
Companies want to use the example of “improvement measures” to be released by TSE in January as a template, so we can’t expect “management is serious about tackling this issue.”
The fact that ROE has improved modestly over the past decade indicates that management hasn’t made fundamental changes to traditional management strategies to address the challenges faced by individual companies.

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Jan 08

Most Read: Shriram Finance , Alibaba (ADR), CNOOC Ltd, Aoki Super, Wuxi Biologics, Inabata & Co, Celltrion Pharm, Tower Bersama Infrastructure, Ola Electric, Weiqiao Textile Co and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK
Alibaba (BABA US): No Where to Go but Up
A/H Premium Tracker (To 5 Jan 2024): STAY Long Hs Vs As: A Premia Still Wide, High Div SOEs Moving
Aoki Super (9977 JP): MBO Tender Offer at JPY3,800
FXI Rebalance Preview: Two Potential Changes in March
Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical
Last Week in Event SPACE: HS Holdings, Celltrion Pharm, NISA, PICC/PICC P&C
LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves
Weekly Deals Digest (07 Jan) – Ola Electric, Mixue, Aoki Super, Hollysys, Weiqiao Textile, Vinda
Merger Arb Mondays (08 Jan) – Weiqiao Textile, IRC, Aoki Super, Hollysys, OreCorp, Tietto, Pact

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

Posco DX (022100 KS) continues to drop following its section transfer from the KOSDAQ market to the KOSPI market. Short interest in the stock nearly halved in December.
There were big net inflows to China ETFs with creations in CSI 300 Index ETFs and redemptions in ETFs tracking the CSI 500 Index and CSI 1000 Index.
Creations continued in the iShares Emerging Markets ex China (EMXC US) ETF with units outstanding reaching a new high.

Alibaba (BABA US): No Where to Go but Up

By Eric Chen

Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.
While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.
This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.

A/H Premium Tracker (To 5 Jan 2024): STAY Long Hs Vs As: A Premia Still Wide, High Div SOEs Moving

The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND flows flat/light and NORTHBOUND flows a significant net buy, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 200+bp.
STILL time to go long Hs vs As for the new year. 52wk wide discounts were just last week. Wide A/H premia in renewables space look vulnerable.

Aoki Super (9977 JP): MBO Tender Offer at JPY3,800

Aoki Super (9977 JP) has recommended an MBO tender offer of JPY3,800 per share, a 43.9% premium to the undisturbed (5 January).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 13.35% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 28.6% minority acceptance rate. This acceptance rate is achievable as the offer represents an all-time high.

FXI Rebalance Preview: Two Potential Changes in March

With a few weeks to go in the review period, CGN Power (1816 HK) and Yankuang Energy Group (1171 HK) could be added to the ETF in March.
China Resources Beer Holdings (291 HK) and Wuxi Biologics (2269 HK) are potential deletions while there is another stock close to deletion zone.
There are a lot of shorts on Yankuang Energy in terms of days of ADV and as a percentage of float while short interest on the other stocks is lower.

Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical

On Friday after the close, Inabata & Co (8098 JP) announced Sumitomo Chemical (4005 JP) would sell down a large stake in a ~$200mm secondary equity offering.
Mizuho Bank’s Retirement Benefit Trust account sells down too. Sumitomo Chem will keep 10+% and other crossholders remain.
This is “big” at 80 days of ADV with limited early index demand, but a 10% fall would make this cheap enough to buy vs Peers.

Last Week in Event SPACE: HS Holdings, Celltrion Pharm, NISA, PICC/PICC P&C

By David Blennerhassett

Stay long in HS Holdings (8699 JP).But beware. It is possible that there is a slightly uncomfortable outcome.
Celltrion Pharm (068760 KS) is up 37% since the Celltrion Inc (068270 KS)/Celltrion Healthcare (091990 KS) merger completed; and Inc is up 22%. That’s A LOT of expectation baked in.
NEW NISA details are cute, but governance and corporate buybacks matter more. If better education induces a swing from cash/deposits to risky assets, much of that will happen outside NISA.

LQ45 Index Rebalance Preview (Jan): Reading the Tea Leaves

The review period for the LQ45 Index ended on 29 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
The impact of passive trading will be higher on the deletions than the inclusions since lower liquidity stocks are replaced with higher liquidity stocks.

Weekly Deals Digest (07 Jan) – Ola Electric, Mixue, Aoki Super, Hollysys, Weiqiao Textile, Vinda

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Aoki Super (9977 JP), Hollysys Automation Technologies (HOLI US), Weiqiao Textile Co (2698 HK), Vinda International (3331 HK).

Merger Arb Mondays (08 Jan) – Weiqiao Textile, IRC, Aoki Super, Hollysys, OreCorp, Tietto, Pact

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Aoki Super (9977 JP), Hollysys Automation Technologies (HOLI US), JSR Corp (4185 JP), Shinko Electric Industries (6967 JP), Probiotec Ltd (PBP AU), Adbri (ABC AU).
Lowest spreads – Pact Group Holdings (PGH AU), T&K Toka Co Ltd (4636 JP), A2B Australia (A2B AU), Tietto Minerals Ltd (TIE AU), IJTT Co., Ltd. (7315 JP).

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Jan 08

Daily Brief Quantitative Analysis: Hong Kong Connect Flows (Jan 5th): China Mobile and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC
A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan
Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai
HK Short Interest Weekly: Link Reit, Kuaishou, Ntes, Wuxi Bio
Hong Kong Connect Flows (December): Six Months of Inflows
Northbound Flows (December): Five Months of Outflows

Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight HK Connect flows for China Mobile, and CNOOC.

A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.8% as of Jan 5th.
The average A-H premium changed by -0.5ppt week-on-week, led by information technology, consumer staples, communication services and offset by utilities.
We highlight weekly changes in A-H premium for BYD, Fuyao Glass, China Southern, China Longyuan.

Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.
We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.
We highlight flows for Chongqing Changan Automobile, CATL and Moutai.

HK Short Interest Weekly: Link Reit, Kuaishou, Ntes, Wuxi Bio

We analyzed the latest HK SFC report for aggregate short position as of Dec 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Link Reit, Kuaishou, Ntes, Wuxi Bio.

Hong Kong Connect Flows (December): Six Months of Inflows

We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, CNOOC, PICC P&C, China Mobile, and outflows from Tencent, Xiaomi, HKEx, Wuxi Biologics, CCB.

Northbound Flows (December): Five Months of Outflows