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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 10th.</li>
<li>We estimate the weekly outflows to be US$1,078.3 million, led by information technology, industrials, and offset by consumer staples, communication services, real estate.</li>
<li>We highlight flows for BYD, Ping An Insurance, Eoptolink Technology, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 10th.
We estimate the weekly outflows to be US$1,078.3 million, led by information technology, industrials, and offset by consumer staples, communication services, real estate.
We highlight flows for BYD, Ping An Insurance, Eoptolink Technology, Zhongji Innolight.


Northbound Flows (Nov 10th): BYD, Ping An Insurance, Eoptolink Technology, Zhongji Innolight

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shenzhen Mindray Bio-Medical Electronics / Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.</li>
<li>NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.
NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.


Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

Guangzhou Automobile Group / Event-Driven

<ul>
<li>The New and Better (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Absolutely STONKING performance this past week - +1.62% Friday to Friday across 42 trades. Positive performance in every sector. Portfolio at new high. Southbound inflows. BigCapHighDiv SOE outflows.</li>
<li>Short sales this week now need 100% in the account for hedge funds. And the MSS claims some are short-selling or talking bearishly on stocks for political reasons.</li>
</ul>


The New and Better (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Absolutely STONKING performance this past week - +1.62% Friday to Friday across 42 trades. Positive performance in every sector. Portfolio at new high. Southbound inflows. BigCapHighDiv SOE outflows.
Short sales this week now need 100% in the account for hedge funds. And the MSS claims some are short-selling or talking bearishly on stocks for political reasons.


A/H Premium Tracker (To 3 Nov): Volatility Off, Spreads Jumpy, Short Sellers a NatSec Concern?

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. </li>
<li>We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. 
We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.


Northbound Flows Monthly (October): Three Months of Outflows

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

Northbound Flows (Nov 10th): BYD, Ping An Insurance, Eoptolink Technology, Zhongji Innolight

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BYD, Ping An Insurance, Eoptolink Technology Inc.,...

Ke Yan, CFA, FRM

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

Northbound Connect flows were positive for the first time in three months last week. Top stocks saw the same. Watch for more jawboning on short...

Travis Lundy

A/H Premium Tracker (To 3 Nov): Volatility Off, Spreads Jumpy, Short Sellers a NatSec Concern?

The Quiddity A/H Premium Monitor continues onward and upward. Stonking 13th week. Now at new highs. +3.8% perf for the three months. 5 new trades...

Travis Lundy

Northbound Flows Monthly (October): Three Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Moutai, CATL, Longi, Focus Media, Ping An Insurance.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)