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HK and China Market:Picking a new constituent stock for HSI

Sina News, on 10Aug, quoted that Hang Seng Index (HSI) will
likelyinclude another qualified stock to substitute the delisted
BelleInternational. We shortlist the top 100qualified HK stocks based
onHSI Index method criteria. Sunny Optical (2382.HK) is the one
highlyappraised by the market, and #3highest ranked hardware stock in
ourHSI eligibility list (after AAC Tech and ZTE). While Standard
CharteredBank (2888.HK, NR) and CSPC (1093.HK, NR) are the top
rankedeligible stocks in (non-H shares) financial and healthcare
sectorsrespectively.

    Southbound funds buy more, sell less; full-year net buying may
exceed HK$350bnAverage daily southbound trading turnover decreased by
17% WoW to HK$12.1bn lastweek, falling below the Nov average of
HK$14.6bn; as a result, southbound trading’smarket share in the Hong
Kong market fell to just 9.2% last Friday. However, southboundfunds have
further increased their net buying, as daily average net buying
increasedfurther by 28% WoW last week to HK$2,609m, back to the Nov
average (HK$2,651m),showing that mainland investors have regained
interest in the Hong Kong market after atemporary cool down due to the
volatile market the week before. In fact, as of Nov totalnet buying from
southbound funds has already exceeded HK$309bn, and with the
currenttrend, total net buying in 2017 is likely to exceed HK$350bn, up
42% YoY.

    Hang Seng Index dropped 446 points and closed at 29,177 points.
HSCEI closed at11,475 points, decreasing 172 points. Turnover was $171.9
billion. Tencent (700)dropped more than 3%, while individual handset
component manufacturer lostmore than 6%. 1-month Hibor hit 9 year-high,
supporting local banking stocks. Ofwhich Bank of East Asia(0023) rose
nearly 3%.

    Any potential changes in constituent stocks will also affect the
eligible stock list for southboundStock Connect. Given the increasing
participation of Mainland investors throughsouthbound trading, it will
be a major share price catalyst if a stock is included in the HangSeng
Large Cap, Mid Cap or Small Cap Indices. We believe investors should pay
attentionto these candidates: China Literature (0772.HK), Yixin Group
(2858.HK), Razer (1337.HK),Crystal International (2232.HK), Virscend
Education (1565.HK), Wisdom Education(6068.HK), China New Higher
Education (2001.HK), Yongda Auto (3669.HK), Zhongyu Gas(3633.HK),
Tianlun Gas (1600.HK) and Xiabuxiabu (0520.HK).

    HSI opened 116pts higher and stabilized last Friday. Eventually,
both of the index and HSCEI closed up by 0.44%. The transaction volume
recorded as HKD 85.240bn. Amongst, GEELY AUTO (00175) extended the
upward trend and increased by 1.20%, being the best performing blue
chip.

    In the Shenzhen southbound connect, Tencent, ZTE (763 HK, NR) and
SMIC (981 HK,NR) recorded net buying, showing that Shenzhen investors
continue to prefer tech stocks.

    Besides, all changes of Hang Seng Index quarter review will be
effective aftertoday market close, those affected component stocks would
be today’s marketfocus.

    Large cap IPOs, especially TMT related, are likely to be the focus.
We believe ChinaLiterature, Yixin Group, Razer and Crystal International
should easily be able to meet themarket cap and trading volume
requirements. China Literature, Yixin Group and Razer, inparticular,
should be well received by Mainland investors if they are added to the
Stock Connectlist, as they are TMT or fintech related.

    European stocks ended higher generally last Friday helped by the
strong performance of auto sector. Couple capital inflow towards the
regionalstocks, the major European stock indexes closed up.

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