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 Hong Kong Connect flows with our data engine for holding position as of February 2nd.</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 the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Feb 2nd): Tencent

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.

Thematic (Sector/Industry)

<ul>
<li>A series of policies on both the demand and financing side have been rolled out recently including purchase limit relaxation in Guangzhou, MOHURD’s financing coordination mechanism and PBOC/CBIRC’s loosening on operational property loans.</li>
<li>We believe the policy package should boost property sales after the CNY but only bring a ST positive effect on the sector’s stock performance given the core issues causing fundamental challenges remain unresolved: 1) residents’ purchasing power has not seen significant improvement, and 2) financial institutions’ unchanged risk assessment standards make it difficult for developers to obtain incremental financing.</li>
<li>Thus we think the key areas to watch are 1) macro economic recovery; and 2) whether regulators provide guidance on risk assessment standards for financial institutions or if there’s innovation in financing cooperation methods for developers. </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>


A series of policies on both the demand and financing side have been rolled out recently including purchase limit relaxation in Guangzhou, MOHURD’s financing coordination mechanism and PBOC/CBIRC’s loosening on operational property loans.
We believe the policy package should boost property sales after the CNY but only bring a ST positive effect on the sector’s stock performance given the core issues causing fundamental challenges remain unresolved: 1) residents’ purchasing power has not seen significant improvement, and 2) financial institutions’ unchanged risk assessment standards make it difficult for developers to obtain incremental financing.
Thus we think the key areas to watch are 1) macro economic recovery; and 2) whether regulators provide guidance on risk assessment standards for financial institutions or if there’s innovation in financing cooperation methods for developers. 

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.

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

<ul>
<li>In this note, we share highlights from our 12th annual China Property Outlook, the 2024 forecasts for China housing markets, and the core themes</li>
<li>The main 2024 scenarios: NBS national 'commercial residential' new home sales in GFA terms to decline by 3.5% (less negative vs -8.2% for 2023), new starts by 10%</li>
<li>The shift in demand from primary to secondary markets, the 'three major projects', greater divergence between cities, and support for developers, are our core themes for 2024</li>
</ul>


In this note, we share highlights from our 12th annual China Property Outlook, the 2024 forecasts for China housing markets, and the core themes
The main 2024 scenarios: NBS national 'commercial residential' new home sales in GFA terms to decline by 3.5% (less negative vs -8.2% for 2023), new starts by 10%
The shift in demand from primary to secondary markets, the 'three major projects', greater divergence between cities, and support for developers, are our core themes for 2024


Highlights from the 12th Annual China Property Outlook - 2024 Forecast

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 26th.</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 the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Jan 26th): Tencent

Macroeconomics

<ul>
<li>We look at the key annual macro-property data for 2011-2023 and review the past 'group forecasts' for new home sales in China in 2023 and 2022</li>
<li>The views in 2023 proved more in line with the actual than in 2022 but NBS revisions to 2022 new home sales data (Mar-Dec) add some complications</li>
<li>You can <a href="https://ref.kubrosearch.com/drawkits/index.html" target="_blank" rel="noopener">join this year's 'draw the line'</a> for new home sales, part of Real Estate Foresight's 12th Annual China Property Outlook</li>
</ul>


We look at the key annual macro-property data for 2011-2023 and review the past 'group forecasts' for new home sales in China in 2023 and 2022
The views in 2023 proved more in line with the actual than in 2022 but NBS revisions to 2022 new home sales data (Mar-Dec) add some complications
You can join this year's 'draw the line' for new home sales, part of Real Estate Foresight's 12th Annual China Property Outlook


China Property: In Hindsight On 2023 and 2022 Forecasts | "Draw The Line" 2024

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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Longfor Properties (960 HK)

Hong Kong Connect Flows (Feb 2nd): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

China Property Sector - 29 Jan 2024

The policy of operational property loans may favour developers with a higher proportion of investment properties like CR Land, Longfor, CMSK, and...

CMB International

Highlights from the 12th Annual China Property Outlook - 2024 Forecast

In this note, we share highlights from our 12th annual China Property Outlook, the 2024 forecasts for China housing markets, and the core themes.

Robert Ciemniak

Hong Kong Connect Flows (Jan 26th): Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight southbound Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

China Property: In Hindsight On 2023 and 2022 Forecasts | "Draw The Line" 2024

Before getting into the forecasts for 2024, reviewing how the past forecasts fared vs the actuals can be quite illuminating, here is the case for...

Robert Ciemniak

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