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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Sep 20th): Tencent, Meituan, AIA

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 13th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Meituan (3690 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 13th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Meituan (3690 HK).


Hong Kong Buybacks Weekly (Sep 13th): Tencent, Meituan, Aia

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.</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 (700 HK), Xiaomi Corporation (1810 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.
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 (700 HK), Xiaomi Corporation (1810 HK).


Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net seller this past week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.</li>
<li>Gross volumes remain very low. Net volumes de minimis. Very August-ish. No sectors stood out. </li>
<li>The largest net buy was <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> where the net buying was the same size as the fifth largest net sell (<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>) </li>
</ul>


SOUTHBOUND was a net seller this past week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.
Gross volumes remain very low. Net volumes de minimis. Very August-ish. No sectors stood out. 
The largest net buy was CSPC Pharmaceutical Group (1093 HK) where the net buying was the same size as the fifth largest net sell (Tencent (700 HK)) 


HK Connect SOUTHBOUND Flows (To 23 Aug 2024); Net Breaks the 28-Week Buying Streak on ETF Selling

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>Moderate growth in 1H24. In 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn, accounting for 46% and 45% of our previous full-year estimates.</li><li>For 2Q24, the total revenue was RMB5.99bn (-8.1% YoY, -20.8% QoQ) and the attributable net profit was RMB2.19bn (+42.2% YoY, +35.7% QoQ).</li><li>The net profit increase was mainly due to the reduced selling expenses in 2Q24, which decreased by 38.6% QoQ to RMB1.82bn. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Moderate growth in 1H24. In 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn, accounting for 46% and 45% of our previous full-year estimates.For 2Q24, the total revenue was RMB5.99bn (-8.1% YoY, -20.8% QoQ) and the attributable net profit was RMB2.19bn (+42.2% YoY, +35.7% QoQ).The net profit increase was mainly due to the reduced selling expenses in 2Q24, which decreased by 38.6% QoQ to RMB1.82bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - Legacy Products Faced Pricing Pressures

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CSPC Pharmaceutical Group (1093 HK)

Hong Kong Buybacks Weekly (Sep 20th): Tencent, Meituan, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Sep 13th): Tencent, Meituan, Aia

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 23 Aug 2024); Net Breaks the 28-Week Buying Streak on ETF Selling

SOUTHBOUND saw its first net sell week in 29 weeks last week. It turned out to be a large net sell of ETFs and small net buy of stocks, but net is...

Travis Lundy

CSPC Pharmaceutical (1093 HK) - Legacy Products Faced Pricing Pressures

n 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)