Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Research from Quam Securities, Quam Securities

Quam Securities Research

Macroeconomics

<ul><li>PBOC had net injection of Rmb224bn today (20 Feb 20223), which resulted in YTD net injection of Rmb158bn.</li><li>This is in contrast to historical seasonality as 1Q tend to have the highest expansion of liquidity in terms of net increase in total social financing (TSF) and the BPOC tends to counter that with net withdrawal of liquidity.</li><li>For the past 10 years (2013-2022), the PBOC had 7 net withdrawal in liquidity vs 2 net injection in 1Q with a zero change for 1Q22.</li></ul>

PBOC had net injection of Rmb224bn today (20 Feb 20223), which resulted in YTD net injection of Rmb158bn.This is in contrast to historical seasonality as 1Q tend to have the highest expansion of liquidity in terms of net increase in total social financing (TSF) and the BPOC tends to counter that with net withdrawal of liquidity.For the past 10 years (2013-2022), the PBOC had 7 net withdrawal in liquidity vs 2 net injection in 1Q with a zero change for 1Q22.

China Macro - PBOC’s Visible Hand