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 analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.7% as of Nov 22nd.</li>
<li>The average A-H premium changed by -1.0ppt week-on-week, led by communication services, industrials, financials and offset by consumer staples, health care, utilities.</li>
<li>We highlight weekly changes in A-H premium for InnoCare, Shanghai Pharma, First Tractor, Air China.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.7% as of Nov 22nd.
The average A-H premium changed by -1.0ppt week-on-week, led by communication services, industrials, financials and offset by consumer staples, health care, utilities.
We highlight weekly changes in A-H premium for InnoCare, Shanghai Pharma, First Tractor, Air China.


A-H Premium Weekly (Nov 22nd): InnoCare, Shanghai Pharma, First Tractor, Air China

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 104.8% as of Nov 15th.</li>
<li>The average A-H premium changed by 6.9ppt week-on-week, led by financials, information technology, consumer discretionary and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Chalco, CICC, HUAHONG GROUP, CanSinoBIO.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 104.8% as of Nov 15th.
The average A-H premium changed by 6.9ppt week-on-week, led by financials, information technology, consumer discretionary and offset by communication services.
We highlight weekly changes in A-H premium for Chalco, CICC, HUAHONG GROUP, CanSinoBIO.


A-H Premium Weekly (Nov 15th):Chalco, CICC, HUAHONG GROUP, CanSinoBIO

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 8th.</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 Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC.


Hong Kong Connect Flows (Nov 8th): Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.</li>
<li>
<a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-securities-co-4f5d644c-0051-426f-9706-eaa74b0ba280" target="_blank" data-smartkarma-citation="entities:22738:1" rel="noopener">China Merchants Securities Co Ltd (H) (6099 HK)</a> benefits from increased market turnover.   <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> beat consensus for 3Q24 earnings and will continue its buyback program.</li>
</ul>


Hong Kong markets continue to outperform this year with the HSCEI up 30% year to date.  Market breadth continues to be healthy with 80% of stocks over &gt; 200 DMA.

XPeng (9868 HK) announced its new hybrid technology which gives vehicles a range of more than 870 miles (1400 Kms).  The company has delivered more than 120k vehicles YTD.

China Merchants Securities Co Ltd (H) (6099 HK) benefits from increased market turnover.   Yum China Holdings (9987 HK) beat consensus for 3Q24 earnings and will continue its buyback program.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.6% as of Nov 1st.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by utilities, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.6% as of Nov 1st.
The average A-H premium changed by 2.7ppt week-on-week, led by utilities, information technology, materials.
We highlight weekly changes in A-H premium for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.


A-H Premium Weekly (Nov 1st):Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO

China


Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

Price Gauge
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Everbright Securities (H) (6178 HK)

A-H Premium Weekly (Nov 22nd): InnoCare, Shanghai Pharma, First Tractor, Air China

We analyzed A-H premium changes in the past week and highlight A-H premium changes for InnoCare, Shanghai Pharma, First Tractor, Air China.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 15th):Chalco, CICC, HUAHONG GROUP, CanSinoBIO

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chalco, CICC, HUAHONG GROUP, CanSinoBIO.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 8th): Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC

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

Ke Yan, CFA, FRM

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 7)

Hong Kong markets are among the top performers this year. Short selling has declined as Southbound buying increases. Xpeng introduced a new hybrid...

David Mudd

A-H Premium Weekly (Nov 1st):Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)