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 Aug 8th 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 HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 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), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 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), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.</li>
<li>These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.</li>
<li>Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  </li>
</ul>


Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.
These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.
Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  


Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their lockup soon.</li>
<li>After a hesitant start, the shares are now trading well above the listing price, leaving its pre-IPO and cornerstone investors well in the money.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their lockup soon.
After a hesitant start, the shares are now trading well above the listing price, leaving its pre-IPO and cornerstone investors well in the money.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. </li>
<li>The best growth rates are at <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital Intl Airport (694 HK)</a>, <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel (780 HK)</a>, and <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC Intl (1308 HK)</a>. </li>
<li>The worst ones are <a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel Intl (308 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transp (1138 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">CTG Duty Free (1880 HK)</a>, and <a href="https://www.smartkarma.com/entities/pacific-basin-shipping-ltd" target="_blank" data-smartkarma-citation="entities:929:1" rel="noopener">Pacific Basin (2343 HK)</a>. </li>
</ul>


For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. 
The best growth rates are at China National Building Material (3323 HK), CICC (3908 HK), Beijing Capital Intl Airport (694 HK), Tongcheng Travel (780 HK), and SITC Intl (1308 HK). 
The worst ones are China Travel Intl (308 HK), Cosco Shipping Energy Transp (1138 HK), China Southern Airlines (1055 HK), CTG Duty Free (1880 HK), and Pacific Basin (2343 HK). 


China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is set to release Q2 earnings on 13 April 2025. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.</li>
<li>
Highlights: Recent option trades show a mix of bullish and bearish sentiment. Calendar Spreads, Strangles, and Spreads using weekly options are explored.</li>
<li>
Why Read: This review offers real-market insight into how sophisticated participants are positioning around Tencent’s earnings — providing actionable reference points for structuring trades or assessing market expectations.</li>
</ul>



Context: Tencent (700 HK) is set to release Q2 earnings on 13 April 2025. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.

Highlights: Recent option trades show a mix of bullish and bearish sentiment. Calendar Spreads, Strangles, and Spreads using weekly options are explored.

Why Read: This review offers real-market insight into how sophisticated participants are positioning around Tencent’s earnings — providing actionable reference points for structuring trades or assessing market expectations.


Tencent (700 HK): How Traders Are Positioning Into Earnings

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
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Tencent (700 HK)

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

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

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their...

Sumeet Singh

China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

The companies under our coverage are expected to report 16.8% earnings growth for 1H25, with 2Q25 accelerating to 30.8%. Top performers include...

Osbert Tang, CFA

Tencent (700 HK): How Traders Are Positioning Into Earnings

An in-depth review of recent option trades on Tencent (700 HK), revealing how market participants are positioning ahead of the Q2 earnings...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

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

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

​Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their...

Sumeet Singh

China & HK Strategy: 1H25 Preview - Where Are the Upside and Downside Surprises?

The companies under our coverage are expected to report 16.8% earnings growth for 1H25, with 2Q25 accelerating to 30.8%. Top performers include...

Osbert Tang, CFA

Tencent (700 HK): How Traders Are Positioning Into Earnings

​An in-depth review of recent option trades on Tencent (700 HK), revealing how market participants are positioning ahead of the Q2 earnings...

Gaudenz Schneider

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

An in-depth review of recent option trades on Tencent (700 HK), revealing how market participants are positioning ahead of the Q2 earnings...