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 November 28th.</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, Kuaishou, CMB, Tencent, SMIC, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 28th.
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, Kuaishou, CMB, Tencent, SMIC, Xiaomi.


HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.</li>
<li>The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.
The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.
We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.


A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.</li>
<li>The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.</li>
<li>At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.</li>
</ul>


The Hong Kong Alpha portfolio's performance was -2.01% in October versus returns of -0.81 for the benchmark and -3.53 to  -8.62 for Hong Kong indexes.
The Hong Kong Alpha portfolio has captured most of the market gains and minimized drawdowns since inception. The portfolio's outperformance is more than 40% since inception in October 2024.
At month-end, we reduced materials and healthcare exposure.  We had already reduced the tech exposure earlier in the month.  We established positions in the utility, textile, and battery sectors.


HONG KONG ALPHA PORTFOLIO: (October 2025)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Agricultural Bank Of China / Event-Driven

<ul>
<li>Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.</li>
<li>There are nine new recos this week after a bunch of trades were closed last week.</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</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 14 Nov 2025):  Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

<ul>
<li>Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. </li>
<li>Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.</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</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. 
Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 7 Nov 2025):  Beautiful Skew Behaving Badly, CNOOC Better

China

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Price Gauge
52-week Range	0.00 - 0.00
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Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

HK Connect Flows Weekly (Nov 28th): Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Kuaishou, CMB, Tencent, SMIC, Xiaomi.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (October 2025)

We made mid-month adjustments to the portfolio due to sudden re-escalation of tensions with the US & concurrent sectoral de-rating. Several...

David Mudd

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

A/H Premium Tracker (Week to 7 Nov 2025): Beautiful Skew Behaving Badly, CNOOC Better

Hs rebound vs As in pairs where both trade. SOEs do well. Beautiful skew is not a thing anymore. Absent from the market for weeks, but value...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)