Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>Two of the biggest deals in the Hong Kong pipeline are A/H listings for <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group (000333 CH)</a>, both looking to raise around US$3bn.</li>
<li>Prior to the deals going live, we had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.</li>
<li>Overall, most of the recent A/H listings haven’t done much in the near term.</li>
</ul>


Two of the biggest deals in the Hong Kong pipeline are A/H listings for S.F. Holding (002352 CH) and Midea Group (000333 CH), both looking to raise around US$3bn.
Prior to the deals going live, we had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.
Overall, most of the recent A/H listings haven’t done much in the near term.


Past A/H Listings Performance - Have Been a Mixed Bag

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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 inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.</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 inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.


Hong Kong Connect Flows (October): Four Months of Inflows

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.</li><li>It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.</li><li>We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD Company (002594 CH) – Profit May Continue to Beat in Next Few Quarters

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 20th.</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, Hkex, Shenzhou Intl, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Anta Sports, Hkex, Shenzhou Intl, China Mobile.


HK Short Interest Weekly: Anta Sports, Hkex, Shenzhou Intl, China Mobile

<ul><li>Upgrade to BUY. Although BYD’s share price has been between -10% and +15% of our previous target price of HK$ 240, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.</li><li>It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.</li><li>We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. Unlike some investors,</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Upgrade to BUY. Although BYD’s share price has been between -10% and +15% of our previous target price of HK$ 240, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. Unlike some investors,Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD Company (1211 HK) – Profit May Continue to Beat in Next Few Quarters

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

Past A/H Listings Performance - Have Been a Mixed Bag

Two of the biggest deals in the Hong Kong pipeline are A/H listings for S.F. Holding (002352 CH) and Midea Group (000333 CH). In this note, we have...

Sumeet Singh

Hong Kong Connect Flows (October): Four Months of Inflows

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Meituan, Wuxi Biologics, SMIC, Great Wall Motor, HKEX.

Ke Yan, CFA, FRM

BYD Company (002594 CH) – Profit May Continue to Beat in Next Few Quarters

It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.

CMB International

HK Short Interest Weekly: Anta Sports, Hkex, Shenzhou Intl, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Oct 20th and highlight short interest changes in Anta Sports, Hkex,...

Ke Yan, CFA, FRM

BYD Company (1211 HK) – Profit May Continue to Beat in Next Few Quarters

It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.

CMB International

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