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 December 20th.</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 Alibaba, CCB, China Mobile, ICBC, Ping An Insurance, Meituan, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, China Mobile, ICBC, Ping An Insurance, Meituan, Tencent.


Hong Kong Connect Flows (Dec 20th): Alibaba, CCB, China Mobile, ICBC, Ping An Insurance, Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 13th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.


HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity fell 20% week-on-week this week. Net buying was a little stronger. </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 a net SOUTHBOUND sell this week for the first weekly sell since it became Southbound-eligible. Friday was the largest one-day sell in that period.</li>
<li>Tech is still on the sell side and financials are still being bought very bigly.</li>
</ul>


SOUTHBOUND gross trading activity fell 20% week-on-week this week. Net buying was a little stronger. 

Alibaba Group Holding (9988 HK) was a net SOUTHBOUND sell this week for the first weekly sell since it became Southbound-eligible. Friday was the largest one-day sell in that period.
Tech is still on the sell side and financials are still being bought very bigly.


HK Connect SOUTHBOUND Flows (To 20 Dec 2024); Financials and Telecoms Still Tops

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  </li>
<li>Chinese banks dominated the list with below-book A-shares. <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:16221:1" rel="noopener">China Everbright Bank (6818 HK)</a>, <a href="https://www.smartkarma.com/entities/china-citic-bank-corp-ltd-ea6c25fd-4b20-45cb-a4a6-df7a60136f03" target="_blank" data-smartkarma-citation="entities:653:1" rel="noopener">China Citic Bank H (998 HK)</a>, and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> are the prime beneficiaries.</li>
<li>Infrastructure construction companies <a href="https://www.smartkarma.com/entities/china-railway-construction-corp-limited" target="_blank" data-smartkarma-citation="entities:263:1" rel="noopener">China Railway Cons Corp (1186 HK)</a>, <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group H (390 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Comm Cons (1800 HK)</a> are also well-positioned to gain.</li>
</ul>


CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  
Chinese banks dominated the list with below-book A-shares. China Everbright Bank (6818 HK), China Citic Bank H (998 HK), and ICBC (H) (1398 HK) are the prime beneficiaries.
Infrastructure construction companies China Railway Cons Corp (1186 HK), China Railway Group H (390 HK), and China Comm Cons (1800 HK) are also well-positioned to gain.


China & HK Strategy: Names to Watch for Market Value Management

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Top Ten most active contracts for the week all traded on Monday. Most of the active contracts were Calls with December expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> makes the Top Ten non-Tencent most active contracts with both Puts and Call active – likely stock replacement and hedges following torrid run higher.</li>
<li>Tencent implied vols trading at their lowest levels of the past year.</li>
</ul>


Top Ten most active contracts for the week all traded on Monday. Most of the active contracts were Calls with December expiries.

Xiaomi Corp (1810 HK) makes the Top Ten non-Tencent most active contracts with both Puts and Call active – likely stock replacement and hedges following torrid run higher.
Tencent implied vols trading at their lowest levels of the past year.


EQD | Hong Kong Single Stock Options Weekly December 09 – 13

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

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

China Construction Bank H (939 HK)

Hong Kong Connect Flows (Dec 20th): Alibaba, CCB, China Mobile, ICBC, Ping An Insurance, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Ping An Insurance,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

We analyzed the latest HK SFC report for aggregate short position as of Dec 13th and highlight short interest changes in Hkex, Tracker Fund, Midea,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 20 Dec 2024); Financials and Telecoms Still Tops

SOUTHBOUND volumes fell this week vs last week, but the pace of net buying continues unabated. There is a LOT of financials and telecom buying...

Travis Lundy

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

EQD | Hong Kong Single Stock Options Weekly December 09 – 13

Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Dec 20th): Alibaba, CCB, China Mobile, ICBC, Ping An Insurance, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Ping An Insurance,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

We analyzed the latest HK SFC report for aggregate short position as of Dec 13th and highlight short interest changes in Hkex, Tracker Fund, Midea,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 20 Dec 2024); Financials and Telecoms Still Tops

SOUTHBOUND volumes fell this week vs last week, but the pace of net buying continues unabated. There is a LOT of financials and telecom buying...

Travis Lundy

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

EQD | Hong Kong Single Stock Options Weekly December 09 – 13

​Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...

John Ley

Top Ten most active contracts traded on Monday, mostly Calls with December expiries. Xiaomi Corp makes most active contracts list with Puts and...