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 Apr 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 Hang Seng Bank (11 HK), Xiaomi (1810 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), CK Asset (1113 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hang Seng Bank (11 HK), Xiaomi (1810 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), CK Asset (1113 HK).


Hong Kong Buybacks Weekly (Apr 26th): Hang Seng Bank, Xiaomi, Wuxi Biologics

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Theoretically, there’s no need to doubt WuXi XDC's growth momentum. What needs to be proven is how large the actual ADC market is, which determines how much valuation it deserves.</li>
<li>However, the biggest problem currently is geopolitical risks, which make performance forecasts groundless. In the context of Sino-US confrontation, there is “a hesitation” towards sustained high growth of WuXi XDC.</li>
<li>If several pieces of news are put together, this is not just about China CXO/TikTok being sanctioned by US. New balance point in the game between great powers will emerge.</li>
</ul>


Theoretically, there’s no need to doubt WuXi XDC's growth momentum. What needs to be proven is how large the actual ADC market is, which determines how much valuation it deserves.
However, the biggest problem currently is geopolitical risks, which make performance forecasts groundless. In the context of Sino-US confrontation, there is “a hesitation” towards sustained high growth of WuXi XDC.
If several pieces of news are put together, this is not just about China CXO/TikTok being sanctioned by US. New balance point in the game between great powers will emerge.


WuXi XDC Cayman (2268.HK) - Don't Rush to Bottom Fish This Stock

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.


HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND a net buyer <em>every day</em> since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.</li>
<li>For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND a net buyer every day since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.
For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).


A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow

<ul>
<li>A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.</li>
<li>Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. </li>
</ul>


A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.
Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. 


HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

Hong Kong Buybacks Weekly (Apr 26th): Hang Seng Bank, Xiaomi, Wuxi Biologics

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Hang Seng Bank (11...

Ke Yan, CFA, FRM

WuXi XDC Cayman (2268.HK) - Don't Rush to Bottom Fish This Stock

Due to geopolitical conflicts, there is “a hesitation” towards sustained high growth of WuXi XDC. This helps explain why WuXi XDC posted high...

Xinyao (Criss) Wang

HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

We analyzed the latest HK SFC report for aggregate short position as of Mar 15th and highlight short interest changes in Techtronic Ind, Zijin...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 15 Mar 2024): Liquid AH Premia Starting to Narrow

AH Premia narrowed more on liquid narrow premia than on less liquid and wide premia. This is a new development. Energy and Utilities saw Hs rebound...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

HK SOUTHBOUND Connect saw big net buying again. This week over HK$21bn. SOUTHBOUND has net bought every single day since the end of CNY. Starting...

Travis Lundy

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