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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).


Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>'s rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. </li>
<li>Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.</li>
<li>Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.</li>
</ul>



Anjoy Foods Group (2648 HK)'s rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. 
Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.
Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.


Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</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 China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>, a quick-frozen food company in China,  raised around US$350m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Anjoy Foods Group (2648 HK), a quick-frozen food company in China,  raised around US$350m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

China

Yihai International Holding Ltd. engages in the condiment industry. The Company produces hot pot seasonings and other sauce products. Yihai markets worldwide.

Price Gauge
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Yihai Int’L Holding (1579 HK)

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

​Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

Anjoy Foods Group A/H Trading - Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...