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 weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</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 China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

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>Competition / In Depth: China intensifies war on toxic competition as economy suffers</li><li>IPOs /In Depth: China reopens the door for loss-making tech startups to go public</li><li>Energy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says</li></ul>

Competition / In Depth: China intensifies war on toxic competition as economy suffersIPOs /In Depth: China reopens the door for loss-making tech startups to go publicEnergy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers 

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  </li>
<li>The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. </li>
<li>
<a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> is trading at premium compared to its Chinese counterparts such as <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> , <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> and <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> .</li>
</ul>


Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  
The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. 

Tesla (TSLA US) is trading at premium compared to its Chinese counterparts such as BYD (1211 HK) , NIO (9866 HK) and XPeng (9868 HK) .


<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.</li>
<li>The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.


A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.


HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

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)

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers

Competition / In Depth: China intensifies war on toxic competition as economy suffers IPOs /In Depth: China reopens the door for loss-making tech...

Caixin Global

Tesla (TSLA): Go Short

Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...

Henry Soediarko

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers

Competition / In Depth: China intensifies war on toxic competition as economy suffers IPOs /In Depth: China reopens the door for loss-making tech...

Caixin Global

Tesla (TSLA): Go Short

​Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...

Henry Soediarko

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...