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 Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China Telecom, and outflows from Meituan, Tencent, CNOOC, Xiaomi, China Mobile. </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 Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China Telecom, and outflows from Meituan, Tencent, CNOOC, Xiaomi, China Mobile. 


Hong Kong Connect Flows (Sep): Weak Inflows Ex-Alibaba

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

LinkChem Technology / Equity Capital Markets

<ul>
<li>The sudden high growth in 2023 was benefited from the cooperation with related party Shandong LinkChem. Is the performance growth driven by LinkChem's reliance on related party transactions sustainable?</li>
<li>LinkChem relies heavily on limited number of customers to contribute performance but the customer stability is not strong.Due to “low voice” in front of customers, cash flow is under pressure.</li>
<li>The barrier of terbium chloride product is not high and LinkChem will face fierce competition in the future, leading to decreasing YoY growth revenue. Valuation should be lower than peers.</li>
</ul>


The sudden high growth in 2023 was benefited from the cooperation with related party Shandong LinkChem. Is the performance growth driven by LinkChem's reliance on related party transactions sustainable?
LinkChem relies heavily on limited number of customers to contribute performance but the customer stability is not strong.Due to “low voice” in front of customers, cash flow is under pressure.
The barrier of terbium chloride product is not high and LinkChem will face fierce competition in the future, leading to decreasing YoY growth revenue. Valuation should be lower than peers.


Pre-IPO LinkChem Technology - The Business and the Concerns Behind

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.</li>
</ul>



Midea Group Co Ltd A (000333 CH) one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.


Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.
The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.
We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.


A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.</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 Tencent (700 HK) , China Mobile (941 HK) .</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent (700 HK) , China Mobile (941 HK) .


Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

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)

Hong Kong Connect Flows (Sep): Weak Inflows Ex-Alibaba

We noted 12 months of inflows for Southbound connect stocks and highlighted inflows into Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China...

Ke Yan, CFA, FRM

Pre-IPO LinkChem Technology - The Business and the Concerns Behind

The sustainability of sudden growth in 2023 due to reliance on related party transactions and limited customer base is questionable. Due to future...

Xinyao (Criss) Wang

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 16th): Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK) , China Mobile (941 HK) .

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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