Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. 
In this note, we talk about the positive aspects of the deal.


WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.</li>
<li>However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.</li>
<li>There is a fair bit of flow, but the obvious big name - <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> - has potential overhang. Watch <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. </li>
</ul>


The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.
However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.
There is a fair bit of flow, but the obvious big name - SenseTime Group (20 HK) - has potential overhang. Watch Haier Smart Home Co Ltd (6690 HK). 


Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 12th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight changes of short interest for Sunny Optical, Xpeng, and Hua Hong Semiconductor.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 12th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight changes of short interest for Sunny Optical, Xpeng, and Hua Hong Semiconductor.


HK Short Interest: Sunny Optical, Xpeng, and Hua Hong Semiconductor

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are no changes to the index names, but FAF and capping changes will lead to a one-way turnover of 4.5% and one-way flow of HK$3,287m.</li>
<li>An increase in the FAF from 3% to 40% will result in passive inflows of HK$1.18bn for <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> - that is over 5 days of ADV.</li>
<li>There are large shorts on some of the stocks that will have passive outflows and some of these positions could be covered on implementation day.</li>
</ul>


There are no changes to the index names, but FAF and capping changes will lead to a one-way turnover of 4.5% and one-way flow of HK$3,287m.
An increase in the FAF from 3% to 40% will result in passive inflows of HK$1.18bn for SenseTime Group (20 HK) - that is over 5 days of ADV.
There are large shorts on some of the stocks that will have passive outflows and some of these positions could be covered on implementation day.


Hang Seng TECH Index Rebalance: No Changes BUT Big Turnover

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 5th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short covers for Alibaba, AIA and Country Garden.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 5th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short covers for Alibaba, AIA and Country Garden.


HK Short Interest: Alibaba, AIA, Country Garden Short Covers

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiaomi (1810 HK)

WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

WM Motor Technology Co Ltd is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Sumeet Singh

Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

On Friday the the HS Tech Index review was announced. NO ADDs. NO DELETEs, but ~5% one-way turnover on capping and FAF/share flow. Sensetime is big...

Travis Lundy

HK Short Interest: Sunny Optical, Xpeng, and Hua Hong Semiconductor

We highlight changes of short interest for Sunny Optical, Xpeng, and Hua Hong Semiconductor based on the latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

Hang Seng TECH Index Rebalance: No Changes BUT Big Turnover

There are no add/deletes for the HSTECH, but FAF and capping changes will lead to a one-way turnover of 4.5% and one-way flow of HK$3,287m....

Brian Freitas

HK Short Interest: Alibaba, AIA, Country Garden Short Covers

We highlight week on week short covers for Alibaba, AIA and Country Garden based on latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)