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 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 inflows into Tencent, SMIC, ICBC, China Mobile, Xiaomi and outflows from Meituan.</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 inflows into Tencent, SMIC, ICBC, China Mobile, Xiaomi and outflows from Meituan.


Hong Kong Connect Flows (January): $18.1bn Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity was not stronger per day than the previous two weeks. But SB Net Buying was HUGE. The biggest week since global index deletions in January 2021.</li>
<li>The story was similar. On Tuesday in the US, Tencent was put on a DoD list leading to a possible CMC list appearance (which would lead to index deletions).</li>
<li>Tencent saw US$4bn of SOUTHBOUND net buying. SMIC, Xiaomi, and China Mobile were another $1bn.</li>
</ul>


SOUTHBOUND gross trading activity was not stronger per day than the previous two weeks. But SB Net Buying was HUGE. The biggest week since global index deletions in January 2021.
The story was similar. On Tuesday in the US, Tencent was put on a DoD list leading to a possible CMC list appearance (which would lead to index deletions).
Tencent saw US$4bn of SOUTHBOUND net buying. SMIC, Xiaomi, and China Mobile were another $1bn.


HK Connect SOUTHBOUND Flows (To 10 Jan 2025); YUUUUGE Net Buying by SB, $4bn on Tencent

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

CSSC (Hong Kong) Shipping Co Ltd / Equity Bottom-Up

<ul>
<li>Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.</li>
<li>
<a href="https://www.smartkarma.com/entities/cssc-hong-kong-shipping-co-l" target="_blank" data-smartkarma-citation="entities:28068:1" rel="noopener">CSSC (Hong Kong) Shipping Co Ltd (3877 HK)</a> was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.
</li>
<li><a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.</li>
</ul>


Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK) was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.

Bosideng International Holdings (3998 HK) has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.


BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 3rd 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 Tencent (700 HK), Anta Sports Products (2020 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Anta Sports Products (2020 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta Sports Products (2020 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Anta Sports Products (2020 HK).


Hong Kong Buybacks Weekly (Jan 3rd): Tencent, Anta Sports Products, AIA

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.


HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Hong Kong Connect Flows (January): $18.1bn Inflows

We analyzed the Hong Kong Connect Scheme for January and highlighted flows for Tencent, SMIC, ICBC, China Mobile, Xiaomi and Meituan.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 10 Jan 2025); YUUUUGE Net Buying by SB, $4bn on Tencent

Gross SOUTHBOUND flows were not larger this week on a daily basis than over the holiday weeks, but SOUTHBOUND bought Tencent with a vengeance as it...

Travis Lundy

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

Hong Kong Buybacks Weekly (Jan 3rd): Tencent, Anta Sports Products, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

We analyzed the latest HK SFC report for aggregate short position as of Dec 20th and highlight short interest changes in Tencent, Weimob, AIA, Jd,...

Ke Yan, CFA, FRM

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52-week Range

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