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 analyzed the changes in foreign holdings of KRX Stocks as of May 3rd which has an aggregated holding worth USD529.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,168mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Celltrion (068270 KS), Sk Hynix (000660 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 3rd which has an aggregated holding worth USD529.7bn.
We estimate that foreign flows to be inflows of USD1,168mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Celltrion (068270 KS), Sk Hynix (000660 KS).


KRX Foreign Holding Weekly (May 3rd): Celltrion, Sk Hynix

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Based on the latest closing prices, the potential INs/OUTs are as follows. INs: Soulbrain &amp; Enchem / OUTs: Chunbo &amp; Solus Advanced Materials</li>
<li>While the overall market liquidity constraints due to the short-selling ban could exacerbate the price impact on the rebalancing day, it may reduce the flexibility of our Long-Short setup strategies.</li>
<li>While Chunbo carries single-stock futures, its liquidity may not be sufficient. So, a more creative Long-Short approach is required, taking into account these factors.</li>
</ul>


Based on the latest closing prices, the potential INs/OUTs are as follows. INs: Soulbrain &amp; Enchem / OUTs: Chunbo &amp; Solus Advanced Materials
While the overall market liquidity constraints due to the short-selling ban could exacerbate the price impact on the rebalancing day, it may reduce the flexibility of our Long-Short setup strategies.
While Chunbo carries single-stock futures, its liquidity may not be sufficient. So, a more creative Long-Short approach is required, taking into account these factors.


TIGER Battery Material ETF Rebal in December: Notable Changes in Constituent Screening

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>We discuss the end of the mandatory lock-up periods for 54 stocks in Korea in May 2024, among which 4 are in KOSPI and 50 are in KOSDAQ.</li>
<li>These 54 stocks on average could be subject to further selling pressures in May and could underperform relative to the market.</li>
<li>The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in May include EcoPro Materials, Enchem, and Gaonchips. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 54 stocks in Korea in May 2024, among which 4 are in KOSPI and 50 are in KOSDAQ.
These 54 stocks on average could be subject to further selling pressures in May and could underperform relative to the market.
The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in May include EcoPro Materials, Enchem, and Gaonchips. 


End of Mandatory Lock-Up Periods for 54 Companies in Korea in May 2024

Cross Asset Strategy

<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.


KRX Short Interest Weekly (Mar 8th): Enchem, Hmm

South Korea

ENCHEM Co.,Ltd. produces and sells electrolyte and functional additives. The Company develops, manufactures and markets lithium rechargeable batteries electrolytes, polymer batteries electrolytes, high functionality additives, and other products. ENCHEM markets its products primarily throughout Korea with limited overseas.

Enchem (348370 KS)

KRX Foreign Holding Weekly (May 3rd): Celltrion, Sk Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Celltrion (068270 KS), Sk Hynix (000660 KS).

Ke Yan, CFA, FRM

TIGER Battery Material ETF Rebal in December: Notable Changes in Constituent Screening

This post explores the latest screening outcomes of the TIGER Secondary Battery Materials ETF rebalancing in December, highlighting significant...

Sanghyun Park

End of Mandatory Lock-Up Periods for 54 Companies in Korea in May 2024

We discuss the end of the mandatory lock-up periods for 54 stocks in Korea in May 2024, among which 4 are in KOSPI and 50 are in KOSDAQ.

Douglas Kim

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

KRX Short Interest Weekly (Mar 8th): Enchem, Hmm

We analyzed KRX short interest report for the past week and highlighted short interest changes in Enchem Co Ltd, and Hmm Co Ltd.

Ke Yan, CFA, FRM