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 analyzed the latest HK SFC report for aggregate short position as of Sep 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 19th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.


HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 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 flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

TransThera Sciences (Nanjing) / Equity Bottom-Up

<ul>
<li>At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.</li>
<li>TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.</li>
<li>The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.</li>
</ul>


At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.


China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. BIG Net buying. Big BABA trading. </li>
<li>SOUTHBOUND investors traded US$9bn of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> in the week. Not shy. It was a big net buy as well (4 of 5 days was +US$500mm or more).</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. BIG Net buying. Big BABA trading. 
SOUTHBOUND investors traded US$9bn of Alibaba (9988 HK) in the week. Not shy. It was a big net buy as well (4 of 5 days was +US$500mm or more).
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.


HK Connect SOUTHBOUND Flows (To 12 Sep 2025); HUGE Single Stock Trading, ETFs Meh. Tech Bought Bigly

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

Price Gauge
52-week Range	0.00 - 0.00
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Akeso Biopharma Inc (9926 HK)

HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Sep 19th and highlight short interest changes in Pop Mart Intl, CSPC...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 12 Sep 2025); HUGE Single Stock Trading, ETFs Meh. Tech Bought Bigly

Another BIG week of SOUTHBOUND two-way trade flows in HK with a VERY big week of net buying. Alibaba was the big gross traded stock and net bought...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Sep 19th and highlight short interest changes in Pop Mart Intl, CSPC...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

​Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 12 Sep 2025); HUGE Single Stock Trading, ETFs Meh. Tech Bought Bigly

Another BIG week of SOUTHBOUND two-way trade flows in HK with a VERY big week of net buying. Alibaba was the big gross traded stock and net bought...

Travis Lundy

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...