Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>BYD’s deliveries grew by 68% YoY in November 2024, which provides a positive signal for the whole NEV (New Energy Vehicle) industry.</li>
<li>In November, Seres' sales volume increased by 27% YoY with NEV up by 55% YoY.</li>
<li>Arawana, the top cooking oil producer, finished acquiring 11% of Lihua's stock.</li>
</ul>


BYD’s deliveries grew by 68% YoY in November 2024, which provides a positive signal for the whole NEV (New Energy Vehicle) industry.
In November, Seres' sales volume increased by 27% YoY with NEV up by 55% YoY.
Arawana, the top cooking oil producer, finished acquiring 11% of Lihua's stock.


China Consumption Weekly (9 Dec 2024): BYD, Geely, Li Auto, Seres, Xiaomi, Arawana

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.</li>
<li>The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.</li>
<li>China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.</li>
</ul>


Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.
The first leg of China's retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.
China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be "interesting times.


A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

<ul>
<li>SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> was again the top buy and EV names <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> were bought, but tech as a whole was sold.</li>
<li>I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. </li>
</ul>


SOUTHBOUND gross trading activity rebounded about 20% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK remain weak.

Alibaba Group Holding (9988 HK) was again the top buy and EV names XPeng (9868 HK) and BYD (1211 HK) were bought, but tech as a whole was sold.
I continue to expect HK-listed tech to see ongoing buying. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. 


HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 102.8% as of Dec 6th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by utilities, consumer discretionary, health care and offset by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for ZOOMLION, CanSinoBIO, GAC Group, Asymchem.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 102.8% as of Dec 6th.
The average A-H premium changed by -0.5ppt week-on-week, led by utilities, consumer discretionary, health care and offset by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for ZOOMLION, CanSinoBIO, GAC Group, Asymchem.


A-H Premium Weekly (Dec 6th):ZOOMLION, CanSinoBIO, GAC Group, Asymchem

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB, Fi2 Csop Hsi.


HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

China Consumption Weekly (9 Dec 2024): BYD, Geely, Li Auto, Seres, Xiaomi, Arawana

BYD’s deliveries grew by 68% YoY in November 2024,. In November, Seres sales volume increased by 27% YoY with NEV up by 55% YoY. Arawana finished...

Ming Lu

A/H Premium Tracker (To 6 Dec 2024): AH Premia Lower, Markets Up, Tech Weaker, Materials Up

AH Premia fell this week as narrow premia pairs saw Hs outperform, wide premia pairs saw Hs underperform. The book had alpha despite that. Brokers...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 6 Dec 2024); SB Trading Volumes Up, US/China Trade Volleys Up Too

Connect SOUTHBOUND volumes were +20%wow, Net buying continued though tech flows slower. Markets up. China first retaliation in trade is...

Travis Lundy

A-H Premium Weekly (Dec 6th):ZOOMLION, CanSinoBIO, GAC Group, Asymchem

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZOOMLION, CanSinoBIO, GAC Group, Asymchem.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Anta Sports, Trip.Com, Baba, Tracker Fund, Tencent, BOC, BYD, CCB

We analyzed the latest HK SFC report for aggregate short position as of Nov 29th and highlight short interest changes in Anta Sports, Trip.Com,...

Ke Yan, CFA, FRM

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