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 analyzed the latest HK SFC report for aggregate short position as of Dec 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 13th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.


HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  </li>
<li>Chinese banks dominated the list with below-book A-shares. <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:16221:1" rel="noopener">China Everbright Bank (6818 HK)</a>, <a href="https://www.smartkarma.com/entities/china-citic-bank-corp-ltd-ea6c25fd-4b20-45cb-a4a6-df7a60136f03" target="_blank" data-smartkarma-citation="entities:653:1" rel="noopener">China Citic Bank H (998 HK)</a>, and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> are the prime beneficiaries.</li>
<li>Infrastructure construction companies <a href="https://www.smartkarma.com/entities/china-railway-construction-corp-limited" target="_blank" data-smartkarma-citation="entities:263:1" rel="noopener">China Railway Cons Corp (1186 HK)</a>, <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group H (390 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Comm Cons (1800 HK)</a> are also well-positioned to gain.</li>
</ul>


CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  
Chinese banks dominated the list with below-book A-shares. China Everbright Bank (6818 HK), China Citic Bank H (998 HK), and ICBC (H) (1398 HK) are the prime beneficiaries.
Infrastructure construction companies China Railway Cons Corp (1186 HK), China Railway Group H (390 HK), and China Comm Cons (1800 HK) are also well-positioned to gain.


China & HK Strategy: Names to Watch for Market Value Management

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Jd, Meituan, Tracker Fund, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 6th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Jd, Meituan, Tracker Fund, HSBC.


HK Short Interest Weekly: Midea, Xpeng, Jd, Meituan, Tracker Fund, HSBC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.


HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Chailease offers an alternative view on China lending than the large mainstream banks there</li>
<li>Data through 9M24 shows very high growth of its China impairment costs at +62% YoY</li>
<li>Its lending in China is slowing sharply, often a reaction to worsening credit metrics</li>
</ul>


Chailease offers an alternative view on China lending than the large mainstream banks there
Data through 9M24 shows very high growth of its China impairment costs at +62% YoY
Its lending in China is slowing sharply, often a reaction to worsening credit metrics


Chailease - A Window on China Lending, +62% Impairment Costs, Decelerating Loan Growth in China

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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Ping An Insurance (H) (2318 HK)

HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

We analyzed the latest HK SFC report for aggregate short position as of Dec 13th and highlight short interest changes in Hkex, Tracker Fund, Midea,...

Ke Yan, CFA, FRM

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

HK Short Interest Weekly: Midea, Xpeng, Jd, Meituan, Tracker Fund, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Dec 6th and highlight short interest changes in Xpeng, Jd, Meituan, Tracker...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

We analyzed the latest HK SFC report for aggregate short position as of Nov 29th and highlight short interest changes in Anta Sports, Trip.Com,...

Ke Yan, CFA, FRM

Chailease - A Window on China Lending, +62% Impairment Costs, Decelerating Loan Growth in China

Chailease offers an alternative view on China lending, where its loan growth is slowing sharply, where credit costs to loans are rising...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

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