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 the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.</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 estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.


Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 17th 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 Great Wall Motor (2333 HK), Esr (1821 HK), Sunshine Paper (2002 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), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Esr (1821 HK), Sunshine Paper (2002 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), Great Wall Motor (2333 HK).


Hong Kong Buybacks Weekly (Feb 17th): Great Wall Motor, Esr, Sunshine Paper

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.</li><li>The strategic focus remains the smart EV business with launch schedule in 1H24E. Key takeaways included: 1) FY23E smartphone shipment to stay at FY22 level with potential upside on share gain. 2) EV business R&amp;D spending will increase to RMB 7.5- 8.0bn in FY23E (vs RMB 3bn in FY22). 3) AIoT overseas expansion remains key growth driver with more innovative SKUs. 4) Overseas internet revenue reached a new milestone, and expect gaming recovery due to policy relaxation and advertising headwinds due to macro weakness.</li><li>Looking ahead, we believe the worst is likely over for Xiaomi’s earnings decline, and we believe earnings recovery in 1H23E and EV upside will be major positive catalysts for the stock. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.The strategic focus remains the smart EV business with launch schedule in 1H24E. Key takeaways included: 1) FY23E smartphone shipment to stay at FY22 level with potential upside on share gain. 2) EV business R&amp;D spending will increase to RMB 7.5- 8.0bn in FY23E (vs RMB 3bn in FY22). 3) AIoT overseas expansion remains key growth driver with more innovative SKUs. 4) Overseas internet revenue reached a new milestone, and expect gaming recovery due to policy relaxation and advertising headwinds due to macro weakness.Looking ahead, we believe the worst is likely over for Xiaomi’s earnings decline, and we believe earnings recovery in 1H23E and EV upside will be major positive catalysts for the stock. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) – 2023 Investor Day: All eyes on profitability and smart EV business upside

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Bidu, Manulife, Mengniu Dairy, CDF, Tencent, Baba, Anta Sports, Wuxi Bio.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Bidu, Manulife, Mengniu Dairy, CDF, Tencent, Baba, Anta Sports, Wuxi Bio.


HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 10th 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 Aia (1299 HK), Esr (1821 HK), Sunshine Paper (2002 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), Esr (1821 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Esr (1821 HK), Sunshine Paper (2002 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), Esr (1821 HK).


Hong Kong Buybacks Weekly (Feb 10th): Aia, Esr, Sunshine Paper

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Xiaomi and outflows from Tencent.

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Feb 17th): Great Wall Motor, Esr, Sunshine Paper

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Great Wall Motor...

Ke Yan, CFA, FRM

Xiaomi (1810 HK) – 2023 Investor Day: All eyes on profitability and smart EV business upside

We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.

CMB International

HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics

We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd and highlight short interest changes in Bidu, Manulife, Mengniu...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Feb 10th): Aia, Esr, Sunshine Paper

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Esr...

Ke Yan, CFA, FRM

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