Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.


JD Industrials IPO Trading - Decent Pricing but Weakish Demand

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

Dawning Information Industry C / Index Rebalance

<ul>
<li>There are 4 constituent changes for the <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index (SSE50 INDEX)</a> that will be implemented at the close on 12 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/dawning-information-industry-c" target="_blank" data-smartkarma-citation="entities:25380:1" rel="noopener">Dawning Information Industry C (603019 CH)</a> is a surprise add given the upcoming merger with <a href="https://www.smartkarma.com/entities/hygon-information-technology-c" target="_blank" data-smartkarma-citation="entities:36366:1" rel="noopener">Hygon Information Technology C (688041 CH)</a>. </li>
<li>The <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> adds have underperformed the deletes over the last couple of months and there could be outperformance from here as positioning builds ahead of the implementation of the changes.</li>
</ul>


There are 4 constituent changes for the SSE50 Index (SSE50 INDEX) that will be implemented at the close on 12 December.

Dawning Information Industry C (603019 CH) is a surprise add given the upcoming merger with Hygon Information Technology C (688041 CH). 
The SSE50 Index adds have underperformed the deletes over the last couple of months and there could be outperformance from here as positioning builds ahead of the implementation of the changes.


SSE50 Index Rebalance: 4 Changes a Side & US$2.2bn Trade

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.</li>
<li>The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.
The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.
We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.


A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
HKEX Expands Weekly Options: Five new single-stock weeklies debut on 10 November, broadening Hong Kong’s fast-growing short-dated options market.</li>
<li>
Why It Matters: Weeklies let traders and investors hedge or speculate around key events with precision, lower premiums, and higher gamma exposure.</li>
<li>
Momentum: Trading volumes in existing weeklies have surged—up nearly fourfold since launch—underscoring rising investor adoption and liquidity.</li>
</ul>



HKEX Expands Weekly Options: Five new single-stock weeklies debut on 10 November, broadening Hong Kong’s fast-growing short-dated options market.

Why It Matters: Weeklies let traders and investors hedge or speculate around key events with precision, lower premiums, and higher gamma exposure.

Momentum: Trading volumes in existing weeklies have surged—up nearly fourfold since launch—underscoring rising investor adoption and liquidity.


HKEX Adds Five New Weekly Options on 10 Nov: AIA, China Mobile, Xiaomi Join Fast-Growing Line-Up

China Northern Rare Earth Group High-Tech / Index Rebalance

China Northern Rare Earth Group High-Tech

<ul>
<li>With the review period complete, there are 6 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone. However, as usual, there will be discretion used.</li>
<li>4 changes result in a one-way turnover of 4%, leading to a round-trip trade of CNY 17bn (US$2.4bn). Index arb balances will increase the impact on the stocks.</li>
<li>The index committee has used discretion in selecting the index adds and deletes and that could continue to be the case at this review too.</li>
</ul>


With the review period complete, there are 6 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone. However, as usual, there will be discretion used.
4 changes result in a one-way turnover of 4%, leading to a round-trip trade of CNY 17bn (US$2.4bn). Index arb balances will increase the impact on the stocks.
The index committee has used discretion in selecting the index adds and deletes and that could continue to be the case at this review too.


SSE50 Index Rebalance Preview: 4 Potential Changes in December

China

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers throughout the mainland of China and in Hong Kong.

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China Mobile (600941 CH)

JD Industrials IPO Trading - Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.

Sumeet Singh

SSE50 Index Rebalance: 4 Changes a Side & US$2.2bn Trade

There are 4 changes for the SSE50 Index in Dec. Dawning is the surprise addition and could move closer to the merger ratio implied price. Estimated...

Brian Freitas

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal...

Ke Yan, CFA, FRM

HKEX Adds Five New Weekly Options on 10 Nov: AIA, China Mobile, Xiaomi Join Fast-Growing Line-Up

Today, Weekly Options debut in Xiaomi (1810 HK), AIA Group (1299 HK), SMIC (981 HK), China Mobile (941 HK), and CNOOC (883 HK).

Gaudenz Schneider

SSE50 Index Rebalance Preview: 4 Potential Changes in December

There could be 4 changes for the index in Dec. The index committee has used discretion in the past and that is likely to continue. One-way turnover...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)