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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, Xiaomi, HSTECH ETF, CNOOC, ICBC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, Xiaomi, HSTECH ETF, CNOOC, ICBC.


Hong Kong Connect Flows (November): Alibaba, Xiaomi

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 21st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.


HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.


HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Suzhou Novosense Microelectron / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-novosense-microelectron" target="_blank" data-smartkarma-citation="entities:36368:1" rel="noopener">Suzhou Novosense Microelectron (688052 CH)</a>, an analog chips producer, aims to raise around US$500m in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

China

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Hong Kong Connect Flows (November): Alibaba, Xiaomi

We estimate inflows into Hong Kong stocks via Southbound connect scheme amount to USD 17.7 bn in November. Inflows were led by Alibaba, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Nov 21st and highlight short interest changes in CATL, Csop Hsi (2X Inv),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.

Ke Yan, CFA, FRM

Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

The deal is now live with the company looking to raise a smaller amount of US$285m, as expected. We will follow-up with another note looking at...

Sumeet Singh

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

BIG Net flows - averaging US$1bn a day - as HK shares fall sharply on the week. Alibaba and Info Tech see renewed big inflows. Some ETF buying last...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)