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 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The plunge in medical beauty sector last week was due to the industry-wide overhaul and investigation resulting from the increase in business bribery/tax evasion/medical malpractice/customer complaints.</li>
<li>We found an interesting phenomenon – Investors dare not buy biotech, opting instead for Traditional Chinese Medicine (TCM) companies, scientific research service companies and medical service companies.</li>
<li>If investors still want to trade CXO, here are two suggestions.</li>
</ul>


The plunge in medical beauty sector last week was due to the industry-wide overhaul and investigation resulting from the increase in business bribery/tax evasion/medical malpractice/customer complaints.
We found an interesting phenomenon – Investors dare not buy biotech, opting instead for Traditional Chinese Medicine (TCM) companies, scientific research service companies and medical service companies.
If investors still want to trade CXO, here are two suggestions.


China Healthcare Weekly (Sep.25) - CXO Trading Strategy, Plunge in Medical Beauty, Belief in Biotech

<ul>
<li>CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.</li>
<li>We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.</li>
<li>As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. </li>
</ul>


CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.
We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.
As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. 


About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

China Tourism Group Duty Free / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we talk about the deal pricing and the trading dynamics.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we talk about the deal pricing and the trading dynamics.


China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, China Tourism managed to price its IPO above the mid-point.</li>
<li>There were a host of placements and blocks this week across the region.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism managed to price its IPO above the mid-point.
There were a host of placements and blocks this week across the region.


ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

China

Asymchem Laboratories (Tianjin) Co., Ltd. operates as a pharmaceutical company. The Company researches, produces, and sells organic and inorganic chemicals, medicines, and other related products. Asymchem Laboratories serves customers worldwide.

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Asymchem Laboratories Tianjin (6821 HK)

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.25) - CXO Trading Strategy, Plunge in Medical Beauty, Belief in Biotech

If investor still want to trade CXO,here are two suggestions; The plunge in medical beauty sector last week was due to industry-wide...

Xinyao (Criss) Wang

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

CXO plunged after Biden signed the National Biotechnology and Biomanufacturing Initiative. As tensions between China and US escalate, it is no...

Xinyao (Criss) Wang

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158...

Sumeet Singh

ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)