IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (CH3456 CH)</a>, a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.</li>
<li>Chery is the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally. </li>
<li>The bull case rests on market share gains, encouraging NEV segmental performance, good margin profile and cash generation.</li>
</ul>



Chery Automobile (CH3456 CH), a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.
Chery is the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally. 
The bull case rests on market share gains, encouraging NEV segmental performance, good margin profile and cash generation.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.
The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.
We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.


A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.
The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.


A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.</li>
<li>The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> if added to the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> due to a FAF increase.</li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.
The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.
The largest inflows will be in Geely Auto if added to the HSTECH, Pop Mart if added to the HSCEI and HSI, and Horizon Robotics due to a FAF increase.


Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.</li>
<li>The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.</li>
<li>We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.
The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.
We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.


A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

Chery Automobile IPO: The Bull Case

Chery Automobile, a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO. In this note, I discuss the...

Arun George

A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

Hang Seng Indexes: Announcement Tomorrow; Potential Changes & Updated Flows

Hang Seng announces after market close on Friday. The net round-trip trade across the stocks is estimated at HK$54.3bn. There is positioning in the...

Brian Freitas

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)