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 June 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 CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi, CNOOC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 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 CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi, CNOOC, HKEx.


HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

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.

Equity Capital Markets

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD HK)</a> is a pan-Asia insurer that has filed its PHIP to raise around US$500 million. </li>
<li>FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions. </li>
<li>This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin. </li>
</ul>



FWD Group Holdings (FWD HK) is a pan-Asia insurer that has filed its PHIP to raise around US$500 million. 
FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions. 
This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin. 


<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.


HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Xiaomi, ICBC, China Life, CCB, Meituan, Smic, Beigene.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Xiaomi, ICBC, China Life, CCB, Meituan, Smic, Beigene.


HSCEI Index Earning Revision (May): Xiaomi, ICBC, China Life, CCB, Meituan, Smic, Beigene

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cosco Shipping Development / Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. <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> AH is negative now, maybe on HSTECH inclusion expectations.</li>
<li>I didn't expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.</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>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) AH is negative now, maybe on HSTECH inclusion expectations.
I didn't expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.
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.


A/H Premium Tracker (To 16 May 2025):  AH Premia Contract Small Again. BYD and CMB Go Negative.

China

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Company (2628 HK)

HK Connect Flows Weekly (Jun 20th): CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for CCB, Meituan, CMB, China Life, Ke, Tencent, Alibaba, Xiaomi,...

Ke Yan, CFA, FRM

FWD Group IPO: The Investment Case

This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the...

Arun George

HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

We analyzed HSI's consensus for May 2025 and highlighted changes of EPS in Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (May): Xiaomi, ICBC, China Life, CCB, Meituan, Smic, Beigene

We analyzed HSCEI's consensus for May 2025 and highlighted changes of EPS in Xiaomi - W, ICBC, China Life, CCB, Meituan - W, Smic, Beigene.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 16 May 2025): AH Premia Contract Small Again. BYD and CMB Go Negative.

AH Premia down small but CMB goes negative again, and BYD now joins it in negative territory, possibly on expectations of HSTECH inclusion,...

Travis Lundy

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