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 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ubtech Robotics, Innovent Biologics, AIA, Trip.Com.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 5th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ubtech Robotics, Innovent Biologics, AIA, Trip.Com.


HK Short Interest Weekly: Ubtech Robotics, Innovent Biologics, AIA, Trip.Com

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.</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 Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.


HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>We believe in 2025 HK/China shall outperform EM. While the undervalued and under-owned characteristic of the China market is well-known, monetizability of China’s technological capabilities has become apparent only recently.</li>
<li>Policy stimuli during the upcoming NPC could catalyze consumer sentiment and market performance. China’s structural hurdles, Debt, Demographics and Deflation, remain. But correct stock and sector selection can generate alpha.</li>
<li>We prefer the internet platforms, consumer discretionary and high dividend yield, the latter largely SOEs. Our “China Twelve” are mostly reasonably valued (low teen PE), with double digit EPS growth.</li>
</ul>


We believe in 2025 HK/China shall outperform EM. While the undervalued and under-owned characteristic of the China market is well-known, monetizability of China’s technological capabilities has become apparent only recently.
Policy stimuli during the upcoming NPC could catalyze consumer sentiment and market performance. China’s structural hurdles, Debt, Demographics and Deflation, remain. But correct stock and sector selection can generate alpha.
We prefer the internet platforms, consumer discretionary and high dividend yield, the latter largely SOEs. Our “China Twelve” are mostly reasonably valued (low teen PE), with double digit EPS growth.


Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In the post-CNY return, SOUTHBOUND gross trading activity was stronger per day than the previous several weeks, but SB Net Buying was not. </li>
<li>Tech ended up being a big net buy, but <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> a big net sell. </li>
<li>Lower-Than-Expected tariff rates against China meant foreigners are back to buying Chinese stocks for the time being which may lower SB net buys near-term.</li>
</ul>


In the post-CNY return, SOUTHBOUND gross trading activity was stronger per day than the previous several weeks, but SB Net Buying was not. 
Tech ended up being a big net buy, but Tencent (700 HK) a big net sell. 
Lower-Than-Expected tariff rates against China meant foreigners are back to buying Chinese stocks for the time being which may lower SB net buys near-term.


HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Information technology very strong with AAC Tech, Sunny Optical, Kingdee Int’l and Byd Elec all posting &gt; 10% weekly gains.</li>
<li>Gains were positive with helpful seasonals but not as widespread as last week with fewer singles stocks and Sectors participating in the rally.</li>
<li>China Vanke has big increase in option trading, in particular Calls, with implied vols also rising. </li>
</ul>


Information technology very strong with AAC Tech, Sunny Optical, Kingdee Int’l and Byd Elec all posting &gt; 10% weekly gains.
Gains were positive with helpful seasonals but not as widespread as last week with fewer singles stocks and Sectors participating in the rally.
China Vanke has big increase in option trading, in particular Calls, with implied vols also rising. 


EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
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Tencent Holdings (ADR) (TCEHY US)

HK Short Interest Weekly: Ubtech Robotics, Innovent Biologics, AIA, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Dec 5th and highlight short interest changes in Ubtech Robotics, Innovent...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

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

Ke Yan, CFA, FRM

Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...

Manishi Raychaudhuri

HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Post Chinese New Year, SOUTHBOUND activity is heavy but with low net buying. Tech was net bought last week, and high div SOEs were sold. Foreigners...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Ubtech Robotics, Innovent Biologics, AIA, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Dec 5th and highlight short interest changes in Ubtech Robotics, Innovent...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

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

Ke Yan, CFA, FRM

Asian Equities: It's China's Year - Our "China Twelve" In the Year of the Snake

​In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...

Manishi Raychaudhuri

HK Connect SOUTHBOUND Flows (To 7 Feb 2025); Busy Start Post CNY But Clear Selling of High Div SOEs

Post Chinese New Year, SOUTHBOUND activity is heavy but with low net buying. Tech was net bought last week, and high div SOEs were sold. Foreigners...

Travis Lundy

EQD | Hong Kong Single Stock Options Weekly (January 20 – 24): Rally Continues on Less Participation

​Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.

John Ley

In 25 HK/China should outperform. Monetization of China's tech capability, policy stimulus during NPC are catalysts. Structural issues- Debt,...

Strong gains in information technology stocks AAC Tech, Sunny Optical, Kingdee Int’l, and Byd Elec, but rally not as widespread as last week.