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 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.</li>
<li>The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.


A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

<ul>
<li>We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.</li>
</ul>


We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.
The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.
We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.


A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH premia bounce back last week but the "skew" of wide premia converging and narrow premia moving wider continues. It has paid to be long wide H discounts.</li>
<li>The previous week smelled like an RMB counter trade was being set up, "confirmed" by a Caixin article the weekend. The HKEX "confirmation" this past week, well, maybe wasn't one.</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 Monitor</a> are both there free for SK readers. Technical issue delayed this week's Monitor.</li>
</ul>


AH premia bounce back last week but the "skew" of wide premia converging and narrow premia moving wider continues. It has paid to be long wide H discounts.
The previous week smelled like an RMB counter trade was being set up, "confirmed" by a Caixin article the weekend. The HKEX "confirmation" this past week, well, maybe wasn't one.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week's Monitor.


A/H Premium Tracker (To 20 June 2025):  Skew Move Continues as SB Buys But AH Premia Rise

Guangzhou Automobile Group / Event-Driven

<ul>
<li>AH spreads are SHARPLY narrower. The effect is dramatic across the "skew" i.e. very wide AH premia contracted more than very narrow premia. BYD is on its own.</li>
<li>This smells very much like someone knows something. I expect RMB dual counters may be in the works. Caixin had an <a href="https://www.caixinglobal.com/2025-06-13/cx-briefing-yuan-trading-of-hong-kong-stocks-expected-for-mainland-investors-102330224.html" target="_blank" rel="noopener">article</a> Friday.</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 Monitor</a> are both there free for SK readers.</li>
</ul>


AH spreads are SHARPLY narrower. The effect is dramatic across the "skew" i.e. very wide AH premia contracted more than very narrow premia. BYD is on its own.
This smells very much like someone knows something. I expect RMB dual counters may be in the works. Caixin had an article Friday.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 13 June 2025):  HUGE H-Share Outperf Across The Board, "Beautiful Skew Move"

China

Aluminum Corporation of China Limited manufactures aluminum products. The Company offers aluminum ores, aluminum, bauxite, coal, and other products. Aluminum of China serves coal mining, logistics, and other businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aluminum of China (601600 CH)

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 20 June 2025): Skew Move Continues as SB Buys But AH Premia Rise

AH Premia bounced this past week to 20 June. Possible "sell the news" on the HK headline of RMB counters coming to Southbound. But "beautiful skew"...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 20 June 2025): Skew Move Continues as SB Buys But AH Premia Rise

AH Premia bounced this past week to 20 June. Possible "sell the news" on the HK headline of RMB counters coming to Southbound. But "beautiful skew"...

Travis Lundy

A/H Premium Tracker (To 13 June 2025): HUGE H-Share Outperf Across The Board, "Beautiful Skew Move"

H-shares outperform A-shares dramatically with "beautiful skew" as very wide AH premia shrink most, medium less, smallest premia the least. Feels...

Travis Lundy