Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.
The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.


A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were 39 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in the first quarter of the calendar year. </li>
<li>Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.</li>
<li>Over US$15.5bn of cornerstone and pre-IPO shares will unlock in <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> on 9 July. The stock will then be added to Southbound Stock Connect in August.</li>
</ul>


There were 39 new listings on the Main Board of the HKEX (388 HK) in the first quarter of the calendar year. 
Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.
Over US$15.5bn of cornerstone and pre-IPO shares will unlock in MiniMax Group (100 HK) on 9 July. The stock will then be added to Southbound Stock Connect in August.


HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

<ul>
<li>We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 71.9% as of May 15th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by utilities, consumer staples, information technology and offset by communication services, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 71.9% as of May 15th.
The average A-H premium changed by 1.7ppt week-on-week, led by utilities, consumer staples, information technology and offset by communication services, consumer discretionary.
We highlight weekly changes in A-H premium for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power, China Telecom.


A-H Premium Weekly (May 15th): Datang Power, CIMC, Beone Medicines, Midea, Weichai Power

<ul>
<li>We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 70.1% as of May 8th.</li>
<li>The average A-H premium changed by 0.2ppt week-on-week, led by utilities, energy, communication services and offset by financials.</li>
<li>We highlight weekly changes in A-H premium for Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 70.1% as of May 8th.
The average A-H premium changed by 0.2ppt week-on-week, led by utilities, energy, communication services and offset by financials.
We highlight weekly changes in A-H premium for Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass.


A-H Premium Weekly (May 8th): Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Suzhou Tfc Optical Communi-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-tfc-optical-communi-a" target="_blank" data-smartkarma-citation="entities:25044:1" rel="noopener">Suzhou Tfc Optical Communi-A (300394 CH)</a> (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.</li>
<li>SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Tfc Optical Communi-A (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.
SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

China

Eastroc Beverage (Group) Co. Ltd. is a Chinese beverage company specializing in the research, development, production, and sale of a diverse range of healthy drinks. Its product portfolio includes energy drinks (e.g., Eastroc Super Drink), electrolyte drinks (e.g., Eastroc Water Boost), various tea-based beverages, coffee drinks, plant-based protein drinks, fruit and vegetable juices, and cocktails. The company is headquartered in Shenzhen, Guangdong, China, and was founded in 1987.

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Eastroc Beverage (9980 HK)

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

Announcement after market close tomorrow. There could be last-minute positioning next 2 weeks ahead of inclusion of the stocks in Stock Connect....

Brian Freitas

A-H Premium Weekly (May 15th): Datang Power, CIMC, Beone Medicines, Midea, Weichai Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power,...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 8th): Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, Eastroc, Montage Tech, China Life, Midea,...

Ke Yan, CFA, FRM

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

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