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 Sep 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.


HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>Dongfeng has now released the <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof for VOYAH</a>, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.</li>
<li>The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.


Dongfeng (489 HK): On VOYAH's Updated Financials

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.


CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA EASTERN AIRLINES, CSSC, BYD, GREE ELECTRIC APPLIANCES, NATIONAL SILICON INDUSTRY, Xinjiang Daqo, BankComm, CHINA SHIPBUILDING INDUSTRY, Cssc, BYD, China Shipbuilding Industry, Bankcomm.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA EASTERN AIRLINES, CSSC, BYD, GREE ELECTRIC APPLIANCES, NATIONAL SILICON INDUSTRY, Xinjiang Daqo, BankComm, CHINA SHIPBUILDING INDUSTRY, Cssc, BYD, China Shipbuilding Industry, Bankcomm.


CSI 300 Index Earning Revision (Sep): CHINA EASTERN AIRLINES, BYD, GREE ELECTRIC APPLIANCES

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for 8 prominent Hong Kong stocks and the benchmark index.</li>
<li>
Highlights: In contrast, Alibaba’s IV remains rich, while Hang Seng Index IV is cheap across the curve, offering attractive hedge entry points.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for 8 prominent Hong Kong stocks and the benchmark index.

Highlights: In contrast, Alibaba’s IV remains rich, while Hang Seng Index IV is cheap across the curve, offering attractive hedge entry points.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI

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)

HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 26th and highlight short interest changes in CSPC Pharma, HSBC, Wuxi...

Ke Yan, CFA, FRM

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

We analyzed CSI 100's consensus for Sep 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CMB (600036 CH), CSSC (600150 CH),...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Sep): CHINA EASTERN AIRLINES, BYD, GREE ELECTRIC APPLIANCES

We analyzed CSI 300's consensus for Sep 2025 and highlighted changes of EPS in CHINA EASTERN AIRLINES (600115 CH), CSSC (600150 CH), BYD (002594...

Ke Yan, CFA, FRM

Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI

Volatility cones reveal contrasting signals — Alibaba’s IV stays rich, Tencent trades nearly cheap, and the Hang Seng Index shows low IV,...

Gaudenz Schneider

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