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 May 24th.</li>
<li>We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.</li>
<li>We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.
We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.
We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.


Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul>
<li>Making EV itself doesn't make money, which is why independents like Nio and XPeng are thinking alternative ways to breakeven;</li>
<li>Tesla envisioned to make money through scale, of which BYD bettered. Tesla also envisioned to make money from autonomous driving (ADS);</li>
<li>Nio plans to sell its battery swapping service while XPeng is selling ADS to Volkswagen. Both are experiments aiming at breakeven. Both also have new models to launch.</li>
</ul>


Making EV itself doesn't make money, which is why independents like Nio and XPeng are thinking alternative ways to breakeven;
Tesla envisioned to make money through scale, of which BYD bettered. Tesla also envisioned to make money from autonomous driving (ADS);
Nio plans to sell its battery swapping service while XPeng is selling ADS to Volkswagen. Both are experiments aiming at breakeven. Both also have new models to launch.


New Experiments in China's Crowded EV Space

Thematic (Sector/Industry)

<ul>
<li>BEKE US: Visiting volume surged in the first weekend after new stimulus, and transactions increased slightly.（+）</li>
<li>300274 SZ/1211 HK/300750 SZ/LI US/XPEV US/NIO US:  Except for electric vehicles, new energy exports in April were hardly positive, indicating that capturing consumers is the key to offsetting geopolitical restrictions(///////////)</li>
<li>BEKE US: Sluggish New Home Sales Prompt the PBOC to Introduce Further Stimulus Policies. (+)</li>
</ul>


BEKE US: Visiting volume surged in the first weekend after new stimulus, and transactions increased slightly.（+）
300274 SZ/1211 HK/300750 SZ/LI US/XPEV US/NIO US:  Except for electric vehicles, new energy exports in April were hardly positive, indicating that capturing consumers is the key to offsetting geopolitical restrictions(///////////)
BEKE US: Sluggish New Home Sales Prompt the PBOC to Introduce Further Stimulus Policies. (+)


[Blue Lotus Daily]:BEKE US/300274 SZ/1211 HK/300750 SZ/LI US/XPEV US/NIO US/1810 HK/BIDU US

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 17th.</li>
<li>We estimate the weekly inflows to be US$1,460.9 million, led by financials, information technology, industrials sectors, and offset by utilities, communication services, energy.</li>
<li>We highlight flows for Luxshare Precision, China Merchants Bank, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 17th.
We estimate the weekly inflows to be US$1,460.9 million, led by financials, information technology, industrials sectors, and offset by utilities, communication services, energy.
We highlight flows for Luxshare Precision, China Merchants Bank, Midea.


Northbound Flows (May 17th): Luxshare Precision, CMB, Midea

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The new energy vehicle producers’ ranks changed a lot in April.</li>
<li>GAC began to sell batteries to outside new energy vehicle producers.</li>
<li>Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.</li>
</ul>


The new energy vehicle producers’ ranks changed a lot in April.
GAC began to sell batteries to outside new energy vehicle producers.
Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.


China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

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)

Price Gauge
52-week Range	0.00 - 0.00
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Contemporary Amperex Technology (CATL) (300750 CH)

Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari...

Ke Yan, CFA, FRM

New Experiments in China's Crowded EV Space

Chinese EV makers are trying to breakeven by trying new business models and launching new cars. We believe they have challenges. Buying battery...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/300274 SZ/1211 HK/300750 SZ/LI US/XPEV US/NIO US/1810 HK/BIDU US

Visiting volume surges after stimulus, new energy exports struggle, PBOC introduces more stimulus for sluggish new home sales.

Blue Lotus Research Institute

Northbound Flows (May 17th): Luxshare Precision, CMB, Midea

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Luxshare Precision, CMB, Midea.

Ke Yan, CFA, FRM

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

The NEV producers’ ranks changed a lot in April. GAC began to sell batteries to outside new energy vehicle producers. Kuaishou’s GMV increased by...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari...

Ke Yan, CFA, FRM

New Experiments in China's Crowded EV Space

Chinese EV makers are trying to breakeven by trying new business models and launching new cars. We believe they have challenges. Buying battery...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/300274 SZ/1211 HK/300750 SZ/LI US/XPEV US/NIO US/1810 HK/BIDU US

​Visiting volume surges after stimulus, new energy exports struggle, PBOC introduces more stimulus for sluggish new home sales.

Blue Lotus Research Institute

Northbound Flows (May 17th): Luxshare Precision, CMB, Midea

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Luxshare Precision, CMB, Midea.

Ke Yan, CFA, FRM

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

The NEV producers’ ranks changed a lot in April. GAC began to sell batteries to outside new energy vehicle producers. Kuaishou’s GMV increased by...

Ming Lu

Visiting volume surges after stimulus, new energy exports struggle, PBOC introduces more stimulus for sluggish new home sales.