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 October 31st.</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 CNOOC, SMIC, Alibaba, China Mobile, CSPC Pharma, Tencent, Meituan, Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CNOOC, SMIC, Alibaba, China Mobile, CSPC Pharma, Tencent, Meituan, Li Auto.


HK Connect Flows Weekly (Oct 31st): CNOOC, SMIC, Alibaba, China Mobile, CSPC Pharma, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.</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, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.
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, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.


HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.</li>
<li>Be long <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>. Be long <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>. Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.</li>
<li>Richard Li's <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> is in the crosshairs as FCC moves to expel the telco from U.S. networks. </li>
</ul>



Hang Seng Bank (11 HK) is trading tight  - perhaps too tight - to terms, as every punter views the deal as a term deposit.
Be long Welcia Holdings (3141 JP). Be long Tsuruha Holdings (3391 JP). Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.
Richard Li's HKT Ltd (6823 HK) is in the crosshairs as FCC moves to expel the telco from U.S. networks. 


Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

<ul>
<li>First it was the Li family's, via <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, investment in two Panama ports, which raised the ire of the U.S. government. And remains unresolved.</li>
<li>Now the U.S.'s Federal Communication Commission (FCC) has taken the initial step to “expel Hong Kong Telecom” - i.e. <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> - from the US telecommunication network.</li>
<li>The FCC order cites HKT's affiliation with black-listed <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a>. Unicom holds a 18.4% stake in <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW (8 HK)</a>, HKT's parent.  A stake it acquired twenty years ago.</li>
</ul>


First it was the Li family's, via CK Hutchison Holdings (1 HK), investment in two Panama ports, which raised the ire of the U.S. government. And remains unresolved.
Now the U.S.'s Federal Communication Commission (FCC) has taken the initial step to “expel Hong Kong Telecom” - i.e. HKT Ltd (6823 HK) - from the US telecommunication network.
The FCC order cites HKT's affiliation with black-listed China Unicom (762 HK). Unicom holds a 18.4% stake in PCCW (8 HK), HKT's parent.  A stake it acquired twenty years ago.


The Li Family's Latest U.S. Setback As The FCC Targets HKT

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Kingsoft Cloud Holdings / Equity Bottom-Up

<ul>
<li>Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.</li>
<li>Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> a BUY.
</li>
</ul>


Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.
Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.

Kingsoft Cloud Holdings (3896 HK) was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of CaoCao (2643 HK) a BUY.



BUY/SELL/HOLD: Hong Kong Market Update (October 5)

Hong Kong

China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China.  The Company's services include cellular, paging, long distance, data, and Internet services.

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China Unicom Hong Kong (762 HK)

HK Connect Flows Weekly (Oct 31st): CNOOC, SMIC, Alibaba, China Mobile, CSPC Pharma, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CNOOC, SMIC, Alibaba, China Mobile, CSPC Pharma, Tencent,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

The Li Family's Latest U.S. Setback As The FCC Targets HKT

PCCW should not trade at a massive premium. Unless PCCW or HKT is next in the cross-hairs. However this latest FCC development is unlikely to spur...

David Blennerhassett

BUY/SELL/HOLD: Hong Kong Market Update (October 5)

Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)