Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shenzhen Mindray Bio-Medical Electronics / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts to play with.</li>
<li>Last week saw NORTHBOUND net sell RMB 18.6bn of A-shares on slightly lighter activity. Friday saw large NORTHBOUND net buys early in the day but ended a net sell.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts to play with.
Last week saw NORTHBOUND net sell RMB 18.6bn of A-shares on slightly lighter activity. Friday saw large NORTHBOUND net buys early in the day but ended a net sell.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still. 


Mainland Connect NORTHBOUND Flows (To 15 Dec 23): Mindray Consistently Bought, Midea Sold

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>9995 HK：Chinese BsAb ADC developer wins US$8.4 billion license out deal from Bristol-Myers Squibb(-)</li>
<li>LKNCY: Luckin Coffee raised subsidy to franchisees in winter season(-)</li>
<li>1211.HK/300750.CH: LGES signs multi-hundred-million dollar contract with Poland electric bus manufacturer(-)</li>
</ul>


9995 HK：Chinese BsAb ADC developer wins US$8.4 billion license out deal from Bristol-Myers Squibb(-)
LKNCY: Luckin Coffee raised subsidy to franchisees in winter season(-)
1211.HK/300750.CH: LGES signs multi-hundred-million dollar contract with Poland electric bus manufacturer(-)


[Blue Lotus Daily]：LKNCY/1211 HK/300750 CH/TSLA/9995 HK

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Li Auto’s deliveries and revenues surged by three digits since 3Q23.</li>
<li>The company is building new factories in Changzhou and Beijing. </li>
<li>However, we believe the stock is overvalued apart from comparing with Tesla.</li>
</ul>


Li Auto’s deliveries and revenues surged by three digits since 3Q23.
The company is building new factories in Changzhou and Beijing. 
However, we believe the stock is overvalued apart from comparing with Tesla.


Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>REPT BATTERO, a Chinese Li-ion battery manufacturer, announced terms for its IPO in Hong Kong. The initial public offering price is expected to be between HK$18.20 and HK$20.60 per share.  </li>
<li>The company plans to raise ~HK$2.1B of net proceeds at HK$19.40/share. REPT BATTERO will begin trading on the Hong Kong Stock Exchange under the stock code 0666 on December 18.</li>
<li>I have a negative view of the upcoming REPT BATTERO IPO and expect the stock will underperform during the first trading day as a publicly listed company. </li>
</ul>


REPT BATTERO, a Chinese Li-ion battery manufacturer, announced terms for its IPO in Hong Kong. The initial public offering price is expected to be between HK$18.20 and HK$20.60 per share.  
The company plans to raise ~HK$2.1B of net proceeds at HK$19.40/share. REPT BATTERO will begin trading on the Hong Kong Stock Exchange under the stock code 0666 on December 18.
I have a negative view of the upcoming REPT BATTERO IPO and expect the stock will underperform during the first trading day as a publicly listed company. 


REPT BATTERO IPO Preview and Valuation Analysis: Burning Cash and Rising Debt Ahead of the IPO

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Shenzhen Senior Technology-A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology-A (300568 CH)</a> is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.</li>
<li>As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.</li>
<li>However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.</li>
</ul>



Shenzhen Senior Technology-A (300568 CH) is looking to raise around US$275m in its upcoming Switzerland GDR listing. The bookrunner on the deal is Huatai International.
As per media reports, the firm was earlier looking to raise between US$300-400m via a Swiss GDR issuance, having secured approval earlier to sell up to 128m A-shares.
However, given its lackluster share price performance over the past year, the eventual deal size would be capped at around US$275m.


Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

Mainland Connect NORTHBOUND Flows (To 15 Dec 23): Mindray Consistently Bought, Midea Sold

NORTHBOUND Mainland Connect saw significant net outflows. It would have been a lot smaller but Friday mid-day saw a HUGE net buy day become a net...

Travis Lundy

[Blue Lotus Daily]：LKNCY/1211 HK/300750 CH/TSLA/9995 HK

Chinese BsAb ADC developer secures a license deal with Bristol-Myers Squibb. Luckin increases subsidies for franchisees during the winter. LGES...

Blue Lotus Research Institute

Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

Li Auto’s deliveries surged significantly since March 2023. Total revenue grew by 220% YoY in 2Q23 and 270% YoY in 3Q23. But we believe the stock...

Ming Lu

REPT BATTERO IPO Preview and Valuation Analysis: Burning Cash and Rising Debt Ahead of the IPO

Chinese Li-ion battery manufacturer REPT BATTERO filed to go public. I have a negative view of the IPO and expect the stock will underperform...

Andrei Zakharov

Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Shenzhen Senior Tech just launched its US$66m GDR offering. In the base deal, 6.34m GDRs are on offer, at US$9.46–$10.44 each, representing a...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Mainland Connect NORTHBOUND Flows (To 15 Dec 23): Mindray Consistently Bought, Midea Sold

NORTHBOUND Mainland Connect saw significant net outflows. It would have been a lot smaller but Friday mid-day saw a HUGE net buy day become a net...

Travis Lundy

[Blue Lotus Daily]：LKNCY/1211 HK/300750 CH/TSLA/9995 HK

​Chinese BsAb ADC developer secures a license deal with Bristol-Myers Squibb. Luckin increases subsidies for franchisees during the winter. LGES...

Blue Lotus Research Institute

Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

Li Auto’s deliveries surged significantly since March 2023. Total revenue grew by 220% YoY in 2Q23 and 270% YoY in 3Q23. But we believe the stock...

Ming Lu

REPT BATTERO IPO Preview and Valuation Analysis: Burning Cash and Rising Debt Ahead of the IPO

Chinese Li-ion battery manufacturer REPT BATTERO filed to go public. I have a negative view of the IPO and expect the stock will underperform...

Andrei Zakharov

Shenzhen Senior Tech GDR Listing - Early Look - Correction Leaves Its Valuation Palatable

Shenzhen Senior Tech just launched its US$66m GDR offering. In the base deal, 6.34m GDRs are on offer, at US$9.46–$10.44 each, representing a...

Clarence Chu

Chinese BsAb ADC developer secures a license deal with Bristol-Myers Squibb. Luckin increases subsidies for franchisees during the winter. LGES...