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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.</li>
<li>We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.</li>
<li>We highlight flows for stocks including Wuliangye, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.
We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.
We highlight flows for stocks including Wuliangye, China Merchants Bank.


Northbound Flows (Mar 28th): Wuliangye, CMB

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Contemporary Amperex Technology (CATL) / 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 with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 7.8bn of A-shares on decent volume after buying RMB 32.8bn the week before. This is a small sell vs 6 weeks of buying.</li>
<li>The volume now is still chasing momentum. CATL the big buy, and less passive-feeling than last week.</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 with which to play.
Last week saw NORTHBOUND net SELL RMB 7.8bn of A-shares on decent volume after buying RMB 32.8bn the week before. This is a small sell vs 6 weeks of buying.
The volume now is still chasing momentum. CATL the big buy, and less passive-feeling than last week.


Mainland Connect NORTHBOUND Flows (To 22 Mar 2024): NB Turns Net Seller, CATL the Big Buy

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.</li>
<li>We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.</li>
<li>We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.
We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.
We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.


Northbound Flows (Mar 22nd): CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software

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>WuXi AppTec reported revenue of RMB40.3bn in 2023, up 2.5% YoY, attributable recurring net income of RMB9.7bn, up 16.8% YoY, and attributable adjusted non-IFRS net income of RMB10.9bn, up 15.5% YoY.</li><li>Revenue was inline with Bloomberg consensus while attributable adjusted non-IFRS net income beat the consensus by 6.3%.</li><li>Excluding revenue from the COVID-19 commercial project, the Company delivered impressive revenue growth of 25.6% YoY in 2023, despite the challenging environment in global CXO industry. </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>

WuXi AppTec reported revenue of RMB40.3bn in 2023, up 2.5% YoY, attributable recurring net income of RMB9.7bn, up 16.8% YoY, and attributable adjusted non-IFRS net income of RMB10.9bn, up 15.5% YoY.Revenue was inline with Bloomberg consensus while attributable adjusted non-IFRS net income beat the consensus by 6.3%.Excluding revenue from the COVID-19 commercial project, the Company delivered impressive revenue growth of 25.6% YoY in 2023, despite the challenging environment in global CXO industry. 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.

WuXi AppTec (603259 CH) - Best Effort to Ensure Business Continuity

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.</li>
<li>We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.</li>
<li>We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.
We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.
We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.


Northbound Flows (Mar 15th): $5bn of Inflows Last Week

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (2359 HK)

Northbound Flows (Mar 28th): Wuliangye, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Wuliangye, China Merchants Bank.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 22 Mar 2024): NB Turns Net Seller, CATL the Big Buy

After nearly 100bn RMB of inflows over the last 7-8 weeks, a week of RMB 7+bn of outflows. Felt like trimming rather than hard selling. CATL was...

Travis Lundy

Northbound Flows (Mar 22nd): CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai,...

Ke Yan, CFA, FRM

WuXi AppTec (603259 CH) - Best Effort to Ensure Business Continuity

WuXi AppTec reported revenue of RMB40.3bn in 2023, up 2.5% YoY, attributable recurring net income of RMB9.7bn, up 16.8% YoY

CMB International

Northbound Flows (Mar 15th): $5bn of Inflows Last Week

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea, Wuxi...

Ke Yan, CFA, FRM

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