Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 15th.</li>
<li>We estimate the weekly outflows to be US$2,170.6 million, led by industrials, information technology, and offset by health care, consumer discretionary, utilities.</li>
<li>We highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi Green, Boe Technology, China Tourism, China Petroleum And Chemical.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 15th.
We estimate the weekly outflows to be US$2,170.6 million, led by industrials, information technology, and offset by health care, consumer discretionary, utilities.
We highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi Green, Boe Technology, China Tourism, China Petroleum And Chemical.


Northbound Flows (Sep 15th): Six Weeks of Outflows

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guoquan-food-shanghai" target="_blank" data-smartkarma-citation="entities:36899:1" rel="noopener">Guoquan Food (Shanghai) (1786512D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>Guoquan Food (Shanghai) is a home meal solutions provider in China.</li>
<li>Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. </li>
</ul>



Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22. 


Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> raised around US$676m in its Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



ZJLD Group (ZJLD HK) raised around US$676m in its Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we will talk about the trading dynamics and valuation.


ZJLD Group IPO Trading - Subscription Rates Better than Recent Large HK Deals

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>ZJLD Group, a founder-led baijiu company, backed by PE firm KKR priced its Hong Kong IPO at HK$10.82/share. ZJLD Group shares are expected to start trading on Thursday, Apr.27.</li>
<li>The company’s IPO price implies a market cap of ~$4.6B, making it the Hong Kong’s largest IPO this year. Goldman Sachs and China Securities International acted as joint sponsors. </li>
<li>Baijiu is the world's most consumed liquor and accounted for ~70% of the alcoholic beverage market in China in 2021. Baijiu has a history of more than 5,000 years.</li>
</ul>


ZJLD Group, a founder-led baijiu company, backed by PE firm KKR priced its Hong Kong IPO at HK$10.82/share. ZJLD Group shares are expected to start trading on Thursday, Apr.27.
The company’s IPO price implies a market cap of ~$4.6B, making it the Hong Kong’s largest IPO this year. Goldman Sachs and China Securities International acted as joint sponsors. 
Baijiu is the world's most consumed liquor and accounted for ~70% of the alcoholic beverage market in China in 2021. Baijiu has a history of more than 5,000 years.


ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise around US$811m in its Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we will look at deal dynamics and share our thoughts on valuation.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise around US$811m in its Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we will look at deal dynamics and share our thoughts on valuation.


ZJLD Group IPO - Sentiment Could See a Positive Shift, Mid-Bottom End Digestible

China

Jiangsu Yanghe Brewery Joint-Stock Company Ltd. manufactures spirits. The Company's products include white spirits, top-graded gifts liquor, and liquor for daily consumption.

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Jiangsu Yanghe Brewery A (002304 CH)

Northbound Flows (Sep 15th): Six Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zhongji Innolight, CATL, Moutai, Wuliangye, Longi...

Ke Yan, CFA, FRM

Guoquan Food Pre-IPO - Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. Guoquan Food (Shanghai) is a home meal...

Clarence Chu

ZJLD Group IPO Trading - Subscription Rates Better than Recent Large HK Deals

ZJLD Group (ZJLD HK) raised around US$676m in its Hong Kong IPO. In this note, we will talk about the trading dynamics and valuation.

Clarence Chu

ZJLD Group: Limited Near-Term Post-IPO Upside, but Long-Term Prospects Indicate a Promising Future

ZJLD Group is a high-quality long-term growth story in the baijiu industry in China. The company’s IPO price implies a market cap of ~$4.6B, making...

Andrei Zakharov

ZJLD Group IPO - Sentiment Could See a Positive Shift, Mid-Bottom End Digestible

ZJLD Group (ZJLD HK) is looking to raise around US$811m in its Hong Kong IPO. In this note, we will look at deal dynamics and share our thoughts on...

Clarence Chu

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