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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.</li>
<li>The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.</li>
<li>We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.
The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.
We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.


A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

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>Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.</li>
<li>We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.</li>
<li>The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.</li>
</ul>


Nearly 90% through the review period, we see 6 potential adds and 5 potential deletes in June. However, there can be a maximum of 5 changes at a rebalance.
We estimate a one-way turnover of 5.07% at the June rebalance leading to a one-way trade of CNY 3.97bn. Index arb activity could add to the impact on the stocks.
The potential adds have outperformed the potential deletes by 17% over the last month and by 21% over the last two months.


SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> / <a href="https://www.smartkarma.com/entities/china-mobile-ltd-cca8f162-fa93-4d59-944e-86bad7251e5c" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.</li>
<li>
Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.</li>
<li>
Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.</li>
</ul>



China Mobile (941 HK) / China Mobile (600941 CH) will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.

Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.

Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.


China Mobile (941 HK) Results on 7 Aug: Low Volatility History Faces Test

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.
The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.
We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.


A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 87.8% as of Apr 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by health care, financials, energy and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Petrochemical, Datang Intl Power Gen, Beigene, Maanshan Iron &amp; Steel.


A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

China

China Telecom Corporation Limited offers wireline telecom services. The Company provides internet access, mobile communications connecting, and other services. China Telecom also offers information consulting services.

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China Telecom (601728 CH)

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun...

Ke Yan, CFA, FRM

SSE50 Index Rebalance Preview: BIG Outperformance Over the Last Month

There could be 5 changes for the SSE50 in June. Estimate one-way turnover is 5.07% and the one-way trade is CNY 3.97bn. The potential adds have...

Brian Freitas

China Mobile (941 HK) Results on 7 Aug: Low Volatility History Faces Test

Options markets remain calm ahead of results but price in a fat-tailed return distribution, indicating traders are hedging against potential...

Gaudenz Schneider

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 25th): Shanghai Petrochemical, Datang Intl Power Gen, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Petrochemical, Datang Intl Power Gen, Beigene,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)