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 Mar 24th 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 Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 24th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 10th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc.


HK Short Interest Weekly: Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 17th 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 Aia (1299 HK), Swire Pacific (19 HK), Swire Pacific (87 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Swire Pacific (19 HK), Swire Pacific (87 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 17th): Aia, Swire Pacific, Swire Pacific

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>AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.</li><li>The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.</li><li>During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. </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>

AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. 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.

AIA Group Ltd. (1299 HK) – 2H22 recovery in line; Upbeat trend in HK and China in 2M23

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining.


HK Short Interest Weekly: Tencent, Meituan, Hsbc, Bidu, Hkelectric, Goldwind, Zijin Mining

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)

Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Ck...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc

We analyzed the latest HK SFC report for aggregate short position as of Mar 10th and highlight short interest changes in Xpeng, Byd Company, Icbc,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Mar 17th): Aia, Swire Pacific, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM