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 November 7th.</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 Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.


HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.


Hong Kong Connect Flows (October): $792m Outflows from Healthcare

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Excluding an outlier, our coverage universe is expected to witness a 56.6% YoY earnings growth in 4Q25, rapidly accelerating from the previous quarter.</li>
<li>Stocks with the best growth are <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind (2208 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equip. (631 HK)</a>, <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a>, <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">CTG Duty Free (1880 HK)</a>, and <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy (1138 HK)</a>.. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">CNBM (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/sinotrans-limited-h" target="_blank" data-smartkarma-citation="entities:1321:1" rel="noopener">Sinotrans (598 HK)</a>, <a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods (2648 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-ports-ltd" target="_blank" data-smartkarma-citation="entities:360:1" rel="noopener">Cosco Shipping Ports (1199 HK)</a>, and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> may upgrade. </li>
</ul>


Excluding an outlier, our coverage universe is expected to witness a 56.6% YoY earnings growth in 4Q25, rapidly accelerating from the previous quarter.
Stocks with the best growth are Xinjiang Goldwind (2208 HK), Sany Heavy Equip. (631 HK), Dongfang Electric (1072 HK), CTG Duty Free (1880 HK), and Cosco Shipping Energy (1138 HK).. 

CICC (3908 HK), CNBM (3323 HK), Shanghai Electric (2727 HK), Sinotrans (598 HK), Anjoy Foods (2648 HK), Cosco Shipping Ports (1199 HK), and Haier Smart Home (6690 HK) may upgrade. 


China & HK Strategy: Stock Implications for 4Q25

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy Industry (6031 HK)</a> has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. </li>
<li>The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.</li>
<li>Even if it re-rates to a similar premium as <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, the upside is only 5.8%. The risks clearly outweigh the return.</li>
</ul>



Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. 
The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.


Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.</li>
<li>The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.
The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.
We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.


A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

China

Anjoy Foods Group Co. Ltd. operates as a food manufacturer. The Company produces and distributes individually packaged quick freezing seafood, meat, flour, rice, and other processed food products. Anjoy Foods Group mainly conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Anjoy Foods Group (2648 HK)

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

China & HK Strategy: Stock Implications for 4Q25

Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

Osbert Tang, CFA

Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...

Osbert Tang, CFA

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

China & HK Strategy: Stock Implications for 4Q25

​Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

Osbert Tang, CFA

Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

​Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...

Osbert Tang, CFA

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...