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 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.
We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.


A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in AIA, Wuxi Apptec, HSCEI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in AIA, Wuxi Apptec, HSCEI ETF.


HK Short Interest Weekly: AIA, Wuxi Apptec, HSCEI ETF

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

Index Rebalance

Double Medical Technology  / Index Rebalance

<ul>
<li>There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.</li>
<li>Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.</li>
</ul>


There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.
Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.
The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.


CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

MegaRobo Technologies / Equity Capital Markets

<ul>
<li>MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.</li>
<li>MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.</li>
<li>Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.</li>
</ul>


MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.
MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.
Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.


Pre-IPO MegaRobo Technologies - The Business and the Concerns

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)

A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Wuxi Apptec, HSCEI ETF

We analyzed the latest HK SFC report for aggregate short position as of Nov 7th and highlight short interest changes in AIA, Wuxi Apptec, HSCEI ETF.

Ke Yan, CFA, FRM

CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

There could be 6 changes for the index in Dec. Estimated one-way turnover is 6.9% and the round-trip trade is estimated at US$578m. There are 8...

Brian Freitas

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

Pre-IPO MegaRobo Technologies - The Business and the Concerns

MegaRobo has established a clear revenue structure and a sustainable business model, but will face competition from international giants/domestic...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)