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 61.1% as of Oct 17th.</li>
<li>The average A-H premium changed by 3.0ppt week-on-week, led by information technology, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences, China Southern Airlines.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.1% as of Oct 17th.
The average A-H premium changed by 3.0ppt week-on-week, led by information technology, real estate, materials.
We highlight weekly changes in A-H premium for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences, China Southern Airlines.


A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>New World Development is now warning of losses from impairments in HK and China</li>
<li>We have already seen this some weeks ago from China Vanke, conditions still weakening</li>
<li>Banks in Hong Kong and China face more bad loans, but also those with exposures in the regions, like HSBC, STAN and Singapore's banks</li>
</ul>


New World Development is now warning of losses from impairments in HK and China
We have already seen this some weeks ago from China Vanke, conditions still weakening
Banks in Hong Kong and China face more bad loans, but also those with exposures in the regions, like HSBC, STAN and Singapore's banks


Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back below HK$100bn a day this past week, but net buying was nearly HK$19bn, which is decent.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS and TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20.</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 section</a> of Smartkarma. The <strong><a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a></strong> and <strong><a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a></strong> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes back below HK$100bn a day this past week, but net buying was nearly HK$19bn, which is decent.
Among the top buys as a percentage of volume, FINANCIALS and TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20.
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.


Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources


China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Broad based weakness, less than ½ of optionable stocks were up on the week with the average size of losses larger than average size of gains.</li>
<li>Total single stock Put option volume the highest in the past 4 months pushing the Put/Call ratio to a local extreme. </li>
<li>Laggards from the rally holding on, rally leaders broadly weak.</li>
</ul>


Broad based weakness, less than ½ of optionable stocks were up on the week with the average size of losses larger than average size of gains.
Total single stock Put option volume the highest in the past 4 months pushing the Put/Call ratio to a local extreme. 
Laggards from the rally holding on, rally leaders broadly weak.


Hong Kong Single Stock Options Weekly (Feb 24 – 28): Broad Deterioration

China

China Vanke Co., Ltd. is a property development company.  The Company develops residential properties in Shenzhen, Shanghai, Beijing, Tianjin, Shenyang, Nanjing, and other big cities in China.

Price Gauge
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China Vanke (H) (2202 HK)

A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi...

Ke Yan, CFA, FRM

Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

This is relevant to new insight on HK banks with worsening HFD for LDR and real estate lending growth now at most negative rates in the HKMA...

Daniel Tabbush

Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

SOUTHBOUND volumes remain decent, if not overwhelming, but net buying was strong this past week at +HK$19bn. Telecoms and financials were bought....

Travis Lundy

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

This note is a weekly (Apr 11-17, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

Hong Kong Single Stock Options Weekly (Feb 24 – 28): Broad Deterioration

The market saw broad weakness with less than half of optionable stocks up for the week. Put option volumes at 4-month high, pushing Put/Call ratio...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi...

Ke Yan, CFA, FRM

Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

This is relevant to new insight on HK banks with worsening HFD for LDR and real estate lending growth now at most negative rates in the HKMA...

Daniel Tabbush

Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

SOUTHBOUND volumes remain decent, if not overwhelming, but net buying was strong this past week at +HK$19bn. Telecoms and financials were bought....

Travis Lundy

China Property Developers In Distress - Weekly News & Announcements Tracker | Apr 11-17, 2025

This note is a weekly (Apr 11-17, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

Hong Kong Single Stock Options Weekly (Feb 24 – 28): Broad Deterioration

​The market saw broad weakness with less than half of optionable stocks up for the week. Put option volumes at 4-month high, pushing Put/Call ratio...

John Ley

The market saw broad weakness with less than half of optionable stocks up for the week. Put option volumes at 4-month high, pushing Put/Call ratio...