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 analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.


CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods, China Vanke, Jinko Solar, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods, China Vanke, Jinko Solar, Xinjiang Daqo.


CSI 300 Index Earning Revision (Jul): Wuxi Apptec, Eoptolink Technology, Ping An Insurance

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.


CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<p style="text-align: justify;">There is a major difference in risk profile of China and US banks. We have discussed at length in our recent report, the significantly higher level of reserves at US banks during 1H20. For China's banks newly accumulated loan loss reserves (LLR) in the 1H20 is almost zero. US banks have seen a doubling of LLR and the ratio of LLR/loans has increased dramatically. This is wholly different to China banks. And this is not the only concern: China's banks have been lending more aggressively than most all others in Asia, while their hybrid capital is increasing as a proportion of total capital. </p>

There is a major difference in risk profile of China and US banks. We have discussed at length in our recent report, the significantly higher level of reserves at US banks during 1H20. For China's banks newly accumulated loan loss reserves (LLR) in the 1H20 is almost zero. US banks have seen a doubling of LLR and the ratio of LLR/loans has increased dramatically. This is wholly different to China banks. And this is not the only concern: China's banks have been lending more aggressively than most all others in Asia, while their hybrid capital is increasing as a proportion of total capital. 

China Banks – Subtle Risk Deterioration

China

Bank of Hangzhou Co.,Ltd offers banking services. The Company offers deposits, loans, settlement, currency trading, credit cards issuing, wealth management, and other banking services. Bank of Hangzhou also operates online banking businesses.

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Bank of Hangzhou (600926 CH)

CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

We analyzed CSI 300's consensus for Aug 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), BANK OF NANJING (601009 CH), BANK OF...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Jul): Wuxi Apptec, Eoptolink Technology, Ping An Insurance

We analyzed CSI 300's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods,...

Ke Yan, CFA, FRM

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM

China Banks – Subtle Risk Deterioration

There is a major difference in risk profile of China and US banks. Here we are specifically referring to the degree of accumulated loan loss...

Daniel Tabbush

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52-week Range

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