IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>'s latest monthly update suggests that the remaining pre-condition, the 25% Yashili acquisition, is entering the final stages towards being satisfied. </li>
<li>The wording “<em>in the course of processing the relevant application</em>” suggests that the government authorities will grant the new registration certificate, which should be received shortly.</li>
<li>The gross spread is 6.2%. The downside is low as both <a href="https://www.smartkarma.com/entities/danone-sa" target="_blank" data-smartkarma-citation="entities:21403:1" rel="noopener">Danone SA (BN FP)</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> can waive conditions to satisfy the pre-condition.</li>
</ul>



Yashili International Holdings (1230 HK)'s latest monthly update suggests that the remaining pre-condition, the 25% Yashili acquisition, is entering the final stages towards being satisfied. 
The wording “in the course of processing the relevant application” suggests that the government authorities will grant the new registration certificate, which should be received shortly.
The gross spread is 6.2%. The downside is low as both Danone SA (BN FP) and China Mengniu Dairy Co (2319 HK) can waive conditions to satisfy the pre-condition.


Yashili (1230 HK): Monthly Update Suggests that Pre-Condition Satisfaction in the Final Leg

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

<ul>
<li>Hang Seng Indexes has changed the index handling treatment for Secondary Listings and Dual Primary Listings from the next rebalance in March.</li>
<li>The changes could lead to an increase in the index weighting for <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a> and the inclusion of <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> at the March rebalance.</li>
<li>The improved rankings for the Secondary and Dual Primary listings will lead to other changes to the index in March.</li>
</ul>


Hang Seng Indexes has changed the index handling treatment for Secondary Listings and Dual Primary Listings from the next rebalance in March.
The changes could lead to an increase in the index weighting for Li Auto (2015 HK) and the inclusion of XPeng (9868 HK) at the March rebalance.
The improved rankings for the Secondary and Dual Primary listings will lead to other changes to the index in March.


HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 9th.</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 inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.


Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.


Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

China

China Feihe specializes in the development, production, and sale of infant formula milk, other dairy products, and nutritional supplements. The company offers a range of products including infant milk formula, adult milk powder, liquid milk, and health care products. Founded in 1962, its headquarters are in Beijing, China.

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China Feihe (6186 HK)

Yashili (1230 HK): Monthly Update Suggests that Pre-Condition Satisfaction in the Final Leg

The wording of the update suggests that the pre-condition should be satisfied soon. The downside is low as both Danone and Mengniu can waive...

Arun George

HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings

Hang Seng Indexes has changed the index handling for Secondary and Dual Primary Listings. Xpeng could be added to the HSCEI in March replacing...

Brian Freitas

Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan,...

Ke Yan, CFA, FRM

Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

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