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 analyzed the latest HK SFC report for aggregate short position as of Nov 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou, Li Ning, China Shenhua, BYD Electronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 4th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou, Li Ning, China Shenhua, BYD Electronic.


HK Short Interest Weekly: Kuaishou, Li Ning, China Shenhua, BYD Electronic

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We on Kuaishou’s long-term share gain and margin improvement, despite ST ads headwinds.</li><li>3Q22 mixed, in which ecommerce &amp; livestreaming remained resilient but ads experienced slower recovery on epidemic resurgence. We expect better-than-feared margin in 3Q22E for more disciplined S&amp;M. </li><li>Domestic biz positive OP kept intact in 3Q22E. As majority of headwinds priced in, we believe downside risk is limited, and expect multiple catalysts to boost its rebound</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We on Kuaishou’s long-term share gain and margin improvement, despite ST ads headwinds.3Q22 mixed, in which ecommerce &amp; livestreaming remained resilient but ads experienced slower recovery on epidemic resurgence. We expect better-than-feared margin in 3Q22E for more disciplined S&amp;M. Domestic biz positive OP kept intact in 3Q22E. As majority of headwinds priced in, we believe downside risk is limited, and expect multiple catalysts to boost its reboundContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Share gain intact with enhanced ecosystem

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Tencent and Alibaba are rumored to be acquired by state-owned companies.</li>
<li>Tencent charges for originally free function and JD.com re-organized to cut cost.</li>
<li>Autohome’s revenue stopped declining in 3Q22 and it is time to accumulate.</li>
</ul>


Tencent and Alibaba are rumored to be acquired by state-owned companies.
Tencent charges for originally free function and JD.com re-organized to cut cost.
Autohome’s revenue stopped declining in 3Q22 and it is time to accumulate.


China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 4th.</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 inflows into Tencent, Meituan, Wuxi Biologics, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 4th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Ning.


Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.


Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

HK Short Interest Weekly: Kuaishou, Li Ning, China Shenhua, BYD Electronic

We analyzed the latest HK SFC report for aggregate short position as of Nov 4th and highlight short interest changes in Kuaishou, Li Ning, China...

Ke Yan, CFA, FRM

China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom

Tencent and Alibaba are rumored to be acquired by state-owned companies. Tencent charges for more functions and JD.com re-organized to cut cost....

Ming Lu

Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Ning.

Ke Yan, CFA, FRM

Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

Giant Biogene (GB) raised around US$70m by pricing its HK IPO at the low-end. In this note we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Kuaishou, Li Ning, China Shenhua, BYD Electronic

We analyzed the latest HK SFC report for aggregate short position as of Nov 4th and highlight short interest changes in Kuaishou, Li Ning, China...

Ke Yan, CFA, FRM

Kuaishou (1024 HK) – Share gain intact with enhanced ecosystem

We on Kuaishou’s long-term share gain and margin improvement, despite ST ads headwinds. 3Q22 mixed, in which ecommerce & livestreaming remained...

CMB International

China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom

Tencent and Alibaba are rumored to be acquired by state-owned companies. Tencent charges for more functions and JD.com re-organized to cut cost....

Ming Lu

Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Ning.

Ke Yan, CFA, FRM

Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

Giant Biogene (GB) raised around US$70m by pricing its HK IPO at the low-end. In this note we talk about the trading dynamics.

Sumeet Singh