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 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Xiamen Amoytop Biotech Co Ltd / Index Rebalance

<ul>
<li>The March 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th February 2025.</li>
<li>There will be 3 changes for the STAR 50 index and 6 changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1bn and US$356mn for the STAR 50 and STAR 100 index rebal events respectively.</li>
</ul>


The March 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th February 2025.
There will be 3 changes for the STAR 50 index and 6 changes for the STAR 100 index.
We expect one-way flows of approximately US$1bn and US$356mn for the STAR 50 and STAR 100 index rebal events respectively.


Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations

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

Shanghai Allist Pharmaceuticals / Index Rebalance

<ul>
<li>With the review period complete, we forecast 3 changes for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and 8 changes for the STAR100 Index. There are a few migrations between the indices.</li>
<li>We estimate turnover of 3.8% for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and 9.9% for the STAR100 Index. The estimated net round-trip trade is CNY 13bn (US$1.8bn).</li>
<li>The forecast adds to the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> have underperformed the forecast deletes. For the STAR100 Index outright changes, the forecast adds have outperformed the forecast deletes by a lot.</li>
</ul>


With the review period complete, we forecast 3 changes for the SSE STAR50 (STAR50 INDEX) and 8 changes for the STAR100 Index. There are a few migrations between the indices.
We estimate turnover of 3.8% for the SSE STAR50 (STAR50 INDEX) and 9.9% for the STAR100 Index. The estimated net round-trip trade is CNY 13bn (US$1.8bn).
The forecast adds to the STAR50 INDEX have underperformed the forecast deletes. For the STAR100 Index outright changes, the forecast adds have outperformed the forecast deletes by a lot.


STAR50/STAR100 Index Rebalance Preview: One Is Meh; The Other Is👍

China

Fortior Technology (Shenzhen) Co., Ltd. operates as a motor driver integrated circuit technology company. The Company provides driver and control integrated circuit chips research, design, and development, motor technology consulting, and other related services. Fortior Technology (Shenzhen) markets its products worldwide.

Fortior Technology (Shenzhen) (688279 CH)

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Fortior Technology (Shenzhen) (688279 CH)

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations

Most of the changes were in line with expectations. The STAR 50 ADDs and DELs have multiple days of volume to trade but it is important to note the...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance Preview: One Is Meh; The Other Is👍

Over the last 3 weeks, the outright adds to the STAR50 and STAR100 indices have underperformed the outright deletes by 6.36% in both cases....

Brian Freitas

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