In today’s briefing:
- HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying
- SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics
HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying
- SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.
- Alibaba Group Holding (9988 HK) was again the top buy and Tencent (700 HK) and Meituan (3690 HK) the top two sells. Tech is having a mixed outing now.
- Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.
SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics
- SF’s revenue base is far larger, and in Q324 SF’s revenue also grew faster than JD Logistics
- SF and JD Log reported similar EBITDA margins in Q324, & both enjoyed Y/Y improvement
- JD Log appears far cheaper on EV/Revenue, perhaps due to its reliance on parent JD.com
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