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

China Consumer Discretionary: Reducing The Underweight

Research from Quam Securities, Quam Securities

Quam Securities Research

Thematic (Sector/Industry)

Hong kong Industrials / Thematic (Sector/Industry)

<ul><li>As we highlighted in a separate note published today, there are moves in easing of Covid-policy in cities like Shenzhen and Shanghai over the weekend scrapping the requirement for commuters to present PCR test results to travel on public transport, following similar moves by Tianjin, Chengdu, and Chongqing.</li><li>People in Beijing, Guzhou, Zhejiang province, and other cities could buy drugs to ease coronavirus symptoms without real-name registration.</li><li>We believe these are precursors to further relaxation and opening of China.</li></ul>

As we highlighted in a separate note published today, there are moves in easing of Covid-policy in cities like Shenzhen and Shanghai over the weekend scrapping the requirement for commuters to present PCR test results to travel on public transport, following similar moves by Tianjin, Chengdu, and Chongqing.People in Beijing, Guzhou, Zhejiang province, and other cities could buy drugs to ease coronavirus symptoms without real-name registration.We believe these are precursors to further relaxation and opening of China.

Market Strategy - A New Base Case as China Is Finally Rescuing Itself