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 April 25th.</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, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 25th.
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, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi, China Mobile, Ping An Insurance, Zijin Mining.


HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia Technology (1070 HK)</a> are the prime beneficiaries of Trump's tariff exemption.</li>
<li>On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.</li>
<li>There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. </li>
</ul>



Lenovo (992 HK), AAC Technologies Holdings (2018 HK), BYD Electronics (285 HK), and Tcl Multimedia Technology (1070 HK) are the prime beneficiaries of Trump's tariff exemption.
On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.
There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. 


China & HK Strategy: Tariff Exemption Beneficiaries

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.</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 Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.


HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

<ul>
<li>Our list of HK-listed industrial companies indicated that the US generated an average of 22.9% of sales. With diversified production bases, higher tariffs may only affect ~10% of revenue.</li>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Holdings (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> are more exposed given their significant US sales yet most production is still in China. </li>
<li>While the US generated over 50% of the revenue of <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> and <a href="https://www.smartkarma.com/entities/nexteer-automotive-group-ltd" target="_blank" data-smartkarma-citation="entities:15483:1" rel="noopener">Nexteer Automotive (1316 HK)</a>, they are less exposed given their worldwide manufacturing presence. </li>
</ul>


Our list of HK-listed industrial companies indicated that the US generated an average of 22.9% of sales. With diversified production bases, higher tariffs may only affect ~10% of revenue.

Vesync (2148 HK), Chervon Holdings (2285 HK), and AAC Technologies Holdings (2018 HK) are more exposed given their significant US sales yet most production is still in China. 
While the US generated over 50% of the revenue of Techtronic Industries (669 HK) and Nexteer Automotive (1316 HK), they are less exposed given their worldwide manufacturing presence. 


China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 14th.</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, Guotai Junan Securities, Tencent, Kuaishou, Xiaomi, Geely Automobile, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 14th.
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, Guotai Junan Securities, Tencent, Kuaishou, Xiaomi, Geely Automobile, SMIC.


Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

Hong Kong

Crystal International Group Limited manufactures apparels. The Company produces casual clothes, jeans, personal under wears, sweaters, sports garments, and other products. Crystal International Group markets its products in Hong Kong.

Price Gauge
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Crystal International (2232 HK)

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

China & HK Strategy: Tariff Exemption Beneficiaries

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

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

Ke Yan, CFA, FRM

China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

With the Trump administration announcing global reciprocal tariffs, even companies with manufacturing presence in other countries will suffer...

Osbert Tang, CFA

Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Guotai Junan Securities, Tencent, Kuaishou,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Apr 25th): Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Meituan, Giant Biogene, Pop Mart Intl,...

Ke Yan, CFA, FRM

China & HK Strategy: Tariff Exemption Beneficiaries

​Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

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

Ke Yan, CFA, FRM

China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

With the Trump administration announcing global reciprocal tariffs, even companies with manufacturing presence in other countries will suffer...

Osbert Tang, CFA

Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Guotai Junan Securities, Tencent, Kuaishou,...

Ke Yan, CFA, FRM

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...