In today’s briefing:
- Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank
- TWSE Short Interest Weekly (Apr 28th): Unimicron Tech, Evergreen, Taiwan Cement, Polaris, Largan
- A-H Premium Weekly (Apr 28th): Sinopec, China Shenhua, CRRC, Tigermed, GWM
- Downside Betas Vs Downside Correlations
- Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB
Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank
- We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.
- The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
- We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.
TWSE Short Interest Weekly (Apr 28th): Unimicron Tech, Evergreen, Taiwan Cement, Polaris, Largan
- We analyzed the changes in short interest of TWSE Stocks as of Apr 28th which has an aggregated short interest worth USD12.6bn.
- We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
- We highlight short interest changes in Unimicron Tech, Evergreen Marine, Taiwan Cement, Polaris, Largan Precision, Micro-Star Intl, King Yuan Elec, Powertech, Hiwin Tech.
A-H Premium Weekly (Apr 28th): Sinopec, China Shenhua, CRRC, Tigermed, GWM
- We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.3% as of Apr 28th.
- The average A-H premium changed by 0.8ppt week on week, led by consumer staples, consumer discretionary, health care and offset by information technology, energy, real estate.
- We highlight weekly changes in A-H premium for Postal Savings, BankComm, CCB, Sinopec, China Shenhua, CRRC, Tigermed, GWM.
Downside Betas Vs Downside Correlations
- Investors typically use correlation to identify diversifying strategies, but the metric can be misleading
- Upside and downside betas and correlations provide a better perspective
- Common hedge fund strategies failed to provide attractive diversification benefits
Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB
- We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.
- We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.
- We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.
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