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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).


Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

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>The EU ended the direct purchase subsidies for EVs; that is a negative for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>.</li>
<li>Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. </li>
<li>It trades around 112x PER while historically around 25-35x PER and its competitor <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> is only trading at 20x. </li>
</ul>


The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Lens Technology A/H Listing - Pricing Looks Decent

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>TME proposed to acquire 100% shares of Ximalaya, a long audio app.</li>
<li>TME has been exploring the long audio market since 2020.</li>
<li>We believe Ximalaya has advantages in monthly active users and car radio.</li>
</ul>


TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.


Tencent Music (TME): Quick Note – Acquisition of Ximalaya

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <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> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (002594 CH)

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Samsung SDI (006400): Still a No

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Samsung SDI (006400): Still a No

​EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

​BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...