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 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>China approved the first self-developed COVID-19 oral drug (Azivudine), but there are controversies about efficacy and safety profile on it, which could increase the unpredictability of domestic innovative drugs approval.</li>
<li>Due to the VBP, fierce competition, uncertainties in the COVID-19 prevention/control policies and decreasing demand, the commercialization performance and outlook of Azivudine could be lower-then-expected in China and overseas markets.</li>
<li>The approval of Azivudine wouldn’t change the zero-COVID policy. Until President Xi’s third term appointment is confirmed, there’s no reason to expect China to deviate from this policy.</li>
</ul>


China approved the first self-developed COVID-19 oral drug (Azivudine), but there are controversies about efficacy and safety profile on it, which could increase the unpredictability of domestic innovative drugs approval.
Due to the VBP, fierce competition, uncertainties in the COVID-19 prevention/control policies and decreasing demand, the commercialization performance and outlook of Azivudine could be lower-then-expected in China and overseas markets.
The approval of Azivudine wouldn’t change the zero-COVID policy. Until President Xi’s third term appointment is confirmed, there’s no reason to expect China to deviate from this policy.


Will the Approval of Genuine Biotech's COVID-19 Oral Drug Change China's Zero-COVID Policy?

<ul>
<li>We analyse the changes of A/H premium on 141 stocks over the last week. The average A/H premium changed by -1.7ppt over the past one week.</li>
<li>A-H Premium decline was led by consumer discretionary, consumer staples, and real estates, offset by the A-H premium increase of health care sector.</li>
<li>We highlight changes in A-H premium for Angang Steel, Chongqing Ireon, China Merchants Securities, COSCO Ship Eng, Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem.</li>
</ul>


We analyse the changes of A/H premium on 141 stocks over the last week. The average A/H premium changed by -1.7ppt over the past one week.
A-H Premium decline was led by consumer discretionary, consumer staples, and real estates, offset by the A-H premium increase of health care sector.
We highlight changes in A-H premium for Angang Steel, Chongqing Ireon, China Merchants Securities, COSCO Ship Eng, Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem.


A-H Premium Weekly: Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine. We estimated that inflows to HK market were USD 1.7bn in July.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors. Inflows were driven by real estate, industrials, and communication services.</li>
<li>We highlight monthly flows of Tencent, Li Auto, GCL, Xiaomi, Meituan, GWM, Wuxi Biologics, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine. We estimated that inflows to HK market were USD 1.7bn in July.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors. Inflows were driven by real estate, industrials, and communication services.
We highlight monthly flows of Tencent, Li Auto, GCL, Xiaomi, Meituan, GWM, Wuxi Biologics, HKEx.


Hong Kong Connect Flows Monthly (July): Tencent, Li Auto, GCL

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.</li>
<li>We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.
We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. 


Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

China

Shandong Xinhua Pharmaceutical Company Limited develops, manufactures, and markets bulk pharmaceuticals, preparations, and chemical products.  Bulk pharmaceutical products include antipyretic, analgesic, antiseptic, and central nervous system medicines.

Shandong Xinhua Pharmaceutical Company (719 HK)

Price Gauge
52-week Range	0.00 - 0.00
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Shandong Xinhua Pharmaceutical Company (719 HK)

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

Will the Approval of Genuine Biotech's COVID-19 Oral Drug Change China's Zero-COVID Policy?

Due to VBP/fierce competition/weak demand, Azivudine's outlook is challenging.Until President Xi’s 3rd term appointment is confirmed,there’s no...

Xinyao (Criss) Wang

A-H Premium Weekly: Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem

A-H premium declined by 1.7ppt last week. We highlight changes in A-H premium for Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly (July): Tencent, Li Auto, GCL

Southbound HK Connect recorded the sixth month of inflows in July. We highlight monthly flows of Tencent, Li Auto, GCL, Xiaomi, Meituan, GWM, Wuxi...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)