Morgan Stanley-China Equity Strategy 1Q24 Pre-announcements Similar Patte...-107901840

MApril29,202409:00PMGMTIdeaChinaEquityStrategyAsiaPacificMorganStanleyAsiaLimited++8522848-6853+656834-81721Q24Pre-announcements:LauraWangSimilarPatternto1Q/3Qwith+8523963-4186LimitedIndicativePowerEquityStrategist+8522848-7293Laura.Wang@morganstanley.com1Q24A-sharepre-announcementsarenetpositive,areboundfrom4Q23,buttheirindicativepowermaybelimitedduetoMorganStanleyAsia(Singapore)Pte.+smallsamplesize.JonathanFGarnerAsofApril26,2024,~200A-sharecompanies(~4%ofallA-sharelistings)havereleased1Q24pre-announcementsvs.~300in1Q23and3Q23,duetoadisclosureEquityStrategistrulechangethatbecameeffectivein1Q22andmakesQ1andQ3pre-Jonathan.Garner@morganstanley.comannouncementsvoluntaryforA-shares.MorganStanleyAsiaLimited+Net2.2%ofA-shares(bynumberofcompanies)postedpositivepre-announcements,anotableimprovementvs.4Q23(-14.5%),whilelargelytheCatherineChensamevs.3Q23and1Q23(2.7%and2.1%,respectively).However,theindicativepowerfor1Q23earningsdeliverymaybelimitedduetoitsvoluntarynature.InEquityStrategist3Q23,A-sharepre-announcementswerenet2.7%positive(Exhibit1),buttheactualCatherine.Chen@morganstanley.comearningsdeliverygreatlydisappointed.RaymondKLiuHongKong-listedcompaniesareonlyrequiredtoreportsemi-annually,andUS-listedChinesecompaniesarenotsubjecttopre-announcementrequirements.WeprovideEquityStrategistMSCIChinaconstituents'1Q24pr...