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 May 16th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in AIA, Sinopec, Bilibili, Jd, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 16th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in AIA, Sinopec, Bilibili, Jd, HSBC.


HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.</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 CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.


HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes averaged more than HK$100bn a day this past week, which gets us back above halfway to the peak earlier this spring. Net flows were negative HK$8bn+.</li>
<li>Among the top buys as a percentage of volume, financials, utilities, and energy REALLY stand out. Among top sells, industrials, info tech, and consumer discretionary are tops.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes averaged more than HK$100bn a day this past week, which gets us back above halfway to the peak earlier this spring. Net flows were negative HK$8bn+.
Among the top buys as a percentage of volume, financials, utilities, and energy REALLY stand out. Among top sells, industrials, info tech, and consumer discretionary are tops.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 16 May 2025); Volumes Pick Up, Net Flows Drop; Banks Still Strong

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 16th.</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 CCB, BOC, CMB, China Shenhua Energy, CNOOC, Tencent, Xiaomi, SMIC, Cosco Shipping.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, BOC, CMB, China Shenhua Energy, CNOOC, Tencent, Xiaomi, SMIC, Cosco Shipping.


HK Connect Flows Weekly (May 16th): Biggest Weekly Outflows in a Year

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We had <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International (9992 HK)</a> at the cusp of index inclusion. An increase in <a href="https://www.smartkarma.com/entities/postal-savings-bank-of-china-c-2a9047eb-af5e-4621-85c4-3cac677a1d13" target="_blank" data-smartkarma-citation="entities:22848:1" rel="noopener">Postal Savings Bank of China (1658 HK)</a>'s FAF led to <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a> missing out.</li>
<li>Estimated one-way turnover at the rebalance is 3.18% leading to a round-trip trade of HK$3.8bn (US$489m).</li>
<li>There are large inflows for <a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> due to a FAF methodology change for Secondary Listings.</li>
</ul>


We had Pop Mart International (9992 HK) at the cusp of index inclusion. An increase in Postal Savings Bank of China (1658 HK)'s FAF led to Pop Mart missing out.
Estimated one-way turnover at the rebalance is 3.18% leading to a round-trip trade of HK$3.8bn (US$489m).
There are large inflows for NetEase (9999 HK), Trip.com Group (9961 HK) and Baidu (9888 HK) due to a FAF methodology change for Secondary Listings.


HSCEI Index Rebalance: Why Did Pop Mart (9992 HK) Miss?

China

China Construction Bank Corporation provides banking services. The Company offers deposits, loans, fund management, foreign exchange, and other services. China Construction Bank provides its services to individuals, enterprises, and other clients.

Price Gauge
52-week Range	0.00 - 0.00
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China Construction Bank (601939 CH)

HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC

We analyzed the latest HK SFC report for aggregate short position as of May 16th and highlight short interest changes in AIA, Sinopec, Bilibili,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 16 May 2025); Volumes Pick Up, Net Flows Drop; Banks Still Strong

SOUTHBOUND volumes pick up. Net flows drop into negative territory again for only the second week in a few months. Banks saw strong inflows. Tech...

Travis Lundy

HK Connect Flows Weekly (May 16th): Biggest Weekly Outflows in a Year

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, BOC, CMB, China Shenhua Energy, CNOOC, Tencent,...

Ke Yan, CFA, FRM

HSCEI Index Rebalance: Why Did Pop Mart (9992 HK) Miss?

Pop Mart misses inclusion due to a float increase for a different stock. Estimated turnover is 3.18% and trade is HK$3.8bn. NetEase, Trip.com,...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)