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 Mar 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea.


HK Short Interest Weekly: Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> is looking to raise around US$450m via a primary placement in Hong Kong.</li>
<li>The shares haven’t done much this year or ever since they were listed.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.</li>
<li>We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.</li>
<li>Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.</li>
</ul>


Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.


A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>SCF /In Depth: Taming the Wild West of China’s supply chain finance</li><li>EVs /Chinese EV maker Neta on brink of collapse as $600 million funding round falls through</li><li>BYD tops Tesla: Chinese electric-vehicle (EV) giant BYD Co. Ltd. is on a roll, overtaking U.S. rival Tesla Inc. with revenue of 777 billion yuan ($107 billion) in 2024. </li></ul>

SCF /In Depth: Taming the Wild West of China’s supply chain financeEVs /Chinese EV maker Neta on brink of collapse as $600 million funding round falls throughBYD tops Tesla: Chinese electric-vehicle (EV) giant BYD Co. Ltd. is on a roll, overtaking U.S. rival Tesla Inc. with revenue of 777 billion yuan ($107 billion) in 2024. 

CX Daily: Taming the Wild West of China’s Supply Chain Finance 

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe the stock’s upside is very limited after two buy rating this year.</li>
<li>In 2024, total revenue grew by 29% and total automobile sales grew by 41%.</li>
<li>The gross margin of automobile improved more than one percentage point.</li>
</ul>


We believe the stock’s upside is very limited after two buy rating this year.
In 2024, total revenue grew by 29% and total automobile sales grew by 41%.
The gross margin of automobile improved more than one percentage point.


BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

HK Short Interest Weekly: Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea

We analyzed the latest HK SFC report for aggregate short position as of Mar 21st and highlight short interest changes in Trip.Com, Zto Express,...

Ke Yan, CFA, FRM

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

CX Daily: Taming the Wild West of China’s Supply Chain Finance

SCF /In Depth: Taming the Wild West of China’s supply chain finance EVs /Chinese EV maker Neta on brink of collapse as $600 million funding round...

Caixin Global

BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.

We believe the stock’s upside is very limited after two buy rating this year. In 2024, total revenue grew by 29%. The gross margin of automobile...

Ming Lu

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