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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.</li>
<li>The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.
The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.
We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.


A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ali Health, CCB, Giant Biogene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ali Health, CCB, Giant Biogene.


HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.</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 Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.


HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


<ul>
<li>We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

Price Gauge
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Zijin Mining Group (601899 CH)

A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Central China Securities, China Energy Engineering, Guolian...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

We analyzed the latest HK SFC report for aggregate short position as of Jul 4th and highlight short interest changes in Ali Health, CCB, Giant...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba,...

Ke Yan, CFA, FRM

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)